NNN Leased Office Investment Property

Office for Sale
Catylist Listing ID: 30639559
Property Subtypes: Mixed Use, Net Leased, Office Building
Building Size (RSF): 3,825 SF
Gross Building Area: See Agent
Gross Land Area: 0.35 Acres
Sale Price: $901,908
Unit Price: $235.79 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class C
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Last Updated: 8/25/2020

Overview / Comments

Excellent absolute NNN office investment opportunity in a income tax free state. The Tenant, TSA Consulting Group, Inc., is operating on an 10-year lease with +/-2.5 years remaining on the initial term of the lease. The tenant is currently paying $81,171/year with 3% annual bumps during the initial term and option terms of the lease. The tenant has 3 x 5-year renewal options remaining. The property is situated on .35 acres in the heart of Fort Walton Beach and is located in the core retail trade area for the market. Adjacent to the property an additional building leased by the same tenant which is also available. The properties share a parking lot which is used by TSA Consulting. The properties can be purchased as a portfolio sale consisting of 3 properties with the same lease terms or each property can be purchase individually. The property is within minutes to numerous national retailers, restaurants, and other businesses which include Ross Dress For Less, Ulta, Five Below, West Marine, Winn-Dixie, Party City, Buffalo Wild Wings, Five Guys, Starbucks, Firehouse Subs, and many more.

Highlights:
-NNN-Leased Office Investment Property; No Landlord responsibilities
-Located in an income tax free state; ideally located in the heart of Fort Walton Beach
-3% annual increases; 2.5 years remaining on the initial lease term with 3x5-year renewal options
-Located near Eglin Pkwy, the main thoroughfare, which experiences over 45,000 vehicles per day
- Seller has 2 other net-leased assets that can be purchased as a portfolio or individually

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Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 13-2S-24-1910-0290-0000
Property Visibility: Excellent
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1989

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,039 44,411 65,566
Median Age: 41.33 39.57 39.06
Households: 4,137 19,460 28,011
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