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: |
5/15/2023 |
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.
|
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 |
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 |
|
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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.
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