Investment Restaurant Properties

Retail-Commercial for Sale
Catylist Listing ID: 30830093
Property Subtypes: Restaurant
Building Size (RSF): 2,664 SF
Gross Building Area: 5,035 SF
Sale Price: $3,338,485
Unit Price: $1,253 PSF
Property Use Type: Investment
Building Name: Zaxby's & Juno's
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Last Updated: 3/1/2024

Overview / Comments

Desirable investment opportunity in the Fort Walton Beah Market with an attractive 5% cap rate. Centrally located in Fort Walton Beach’s main retail corridor, the fully occupied property consists of +/- 1.12 acres and +/- 5,035 sf of leasable space. The property features two freestanding, fully leased restaurant buildings. Building A is a +/- 2,664 SF triple net leased Zaxby’s restaurant situated on +/- .55 acres. Zaxby’s original lease extended a 10-year term commencing July 22, 2010. They have extended their original lease through the first five-year option period beginning April 1, 2021, with an annual 3% increase from previous year's rent. Zaxby’s has the option to extend their lease an additional five years. Building B consists of one +/- .27 acre vacant commercial lot and a +/- 2,371 SF triple net leased Juno’s restaurant. Juno’s original lease extended a 10-year term commencing April 15, 2009. They have extended their original lease through the first eight-year option period beginning June 1, 2019. Juno’s has no option to extend the term of their lease. Building A has a 19-space private parking lot. Building B has a 29-space private parking lot. Both buildings share 13 parking spaces located between the two units. The site has excellent access, visibility, and exposure on the main arterial in Fort Walton Beach, Eglin Pkwy, which experiences over 41,500 vehicles per day. The site is located just minutes from Eglin Air Force Base, the 300,000 SF Uptown Station shopping center, retailers, restaurants, and beaches.

Attachments & Media

Current Tenants

Tenant Business Name Zaxby's
Is Renting? Yes
SF of Space Occupied 2,664 SF
Current Rent $45 PSF (Annual)
Lease Expiration 3/0031
Escalations 3% annually
Options Zaxby’s has the option to extend their lease an additional 5 years.
Tenant Business Name Juno's Sushi-Steak and Seafood
Is Renting? Yes
SF of Space Occupied 2,371 SF
Current Rent $21 PSF (Annual)
Lease Expiration 5/0031
Escalations 3% annually
Options Juno's is exercising their last option per the original lease.

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 13-2S-24-1880-0001-0080
Retail Clientele: Business
Property Visibility: Excellent
Largest Nearby Street: Eglin Pkwy
Traffic/Vehicle Count: 41,500
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Excellent
Parking Description: Building A - 19 Building B - 29 Shared Parking - 13

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,250 52,607 65,566
Median Age: 42.27 39.76 39.06
Households: 4,520 22,973 28,011

Contact

Photograph of Listing Agent

Harry Bell

Bellcore Commercial LLC Gulf Coast CMLS Member
© Copyright 2001-2023 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Moody's assume any liability for errors or omissions.