Income Producing Waterfront Office Building

Office for Sale
Catylist Listing ID: 29934720
Property Subtypes: Office Building
Condo? Yes
Building Size (RSF): 11,093 SF
Gross Building Area: 12,652 SF
Sale Price: $1,100,000
Property Use Type: Investment
Building Name: Paradise Village Office Park
Class of Space: Class B
Usable Size (USF): 11,093 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/3/2017

Overview / Comments

Paradise Village is an Office/ Retail waterfront development that was built in 1989 located in Fort Walton Beach Fl. Offered for sale are office condos 14 through 18 which are located at the south west corner of the development, over looking the Fort Walton Beach Sound and Okaloosa Island. The offices are currently 74.6% occupied with a net income of $71,568 and a potential net income of $106,368. This property is currently leased to a mix of Tenants including Government Defense Contractors, Medical Providers and other Professionals.

Financials

Finance Data Year 2015
Real Estate Taxes - Annual($) $8,564 (Annual)
Potential Rental Income $153,000 (Annual)
Net Operating Income $81,168 (Annual)
Gross Operating Income $114,600 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Suite 15
Is Renting? Yes
SF of Space Occupied 1,590 SF
Current Rent $1,650 PSF (Annual)
Lease Expiration 9/0020
Tenant Business Name Suite 17/18
Is Renting? Yes
SF of Space Occupied 1,777 SF
Current Rent $2,200 PSF (Annual)
Lease Expiration 12/2018
Options Two one year options.
Tenant Business Name suite 14/15
Is Renting? Yes
SF of Space Occupied 1,837 SF
Current Rent $2,100 PSF (Annual)
Lease Expiration 2/2021
Tenant Business Name Suite 16-18A
Is Renting? Yes
Suite Number 16-18A
SF of Space Occupied 3,082 SF
Current Rent $3,600 PSF (Annual)
Lease Expiration 6/2016
Options Two one year options.

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Taxing Authority: Okaloosa County
Tax ID/APN: 23-2S-24-506A-0000-0140/ 23-2S-24-506A-0000-0180
Is Condo?: Yes
Zoning: COMMERCIAL
Property Located Between: Hurlburt Field AFB and Destin Fl
Property Visibility: Good
Highway Access: Paradise Village Office Park is located directly on Hwy 98 (Miracle Strip Parkway) which has traffic counts of approximately 36,000 per day.
Airports: VPS
Site Description: Waterfront Office Park located close to Hurlburt Field AFB and Eglin AFB
Area Description: Fort Walton Beach is located in North West Florida. The main economic industries are the local Air Force Bases/ Defense Contractors and tourism/ retail.
Total Number of Buildings: 1
Number of Stories: 3
Year Built: 1989
Roof Type: Gable
Construction/Siding: Block, Wood Siding
Parking Ratio: 4 (per 1000 SF)
Parking Type: Surface
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Legal Description: HARBOURTOWN SHOPPING VILLG LOT 14- 18

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,200 42,089 67,641
Median Age: 41.73 39.28 38.76
Households: 2,726 18,205 28,603

Contact

Photograph of Listing Agent

Jennifer Knaepple

Taylor Allen Properties LLC Gulf Coast CMLS Member
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