Investment Opportunity - Neighborhood Center

Shopping Center for Sale
Sale Pending
Catylist Listing ID: 30868540
Property Subtypes: Neighborhood Center
Status: Pending
Building Size (RSF): 35,630 SF
Gross Building Area: See Agent
Gross Land Area: 2.45 Acres
Sale Price: $1,600,000
Unit Price: $44.91 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Average Occupancy Rate: 75
Last Updated: 4/15/2024

Overview / Comments

Westgate Village presents a prime investment opportunity for discerning investors. This 35,630 square foot strip center is strategically situated on a key travel route to the Cordova Business and Medical corridor. Comprising 28 units of mixed-use space, the property has undergone significant capital enhancements, including
new roofing, roof coating of metal awnings, and a freshly painted exterior.

Westgate Village is a 28-unit center that boasts a diverse tenant base consisting of business and retail professionals. Their service-oriented business models contribute to a synergistic environment within the center.

Current NOI is $118,823. There is potential to enhance net operating income by leasing up vacant units and gradually adjusting inline rents.

Financials

Finance Data Year 2023
Net Operating Income $118,823 (Annual)

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Tax ID/APN: 431S301101004001
Zoning: HCD
Retail Clientele: General, Family, Business, Traveler
Property Located Between: Michigan Avenue
Property Visibility: Excellent
Largest Nearby Street: Michigan Avenue
Feet of Frontage: 320
Traffic/Vehicle Count: 32,500
Airports: Pensacola International Airport
Site Description: Large rectangular parcel with four buildings in a U shaped pattern lining the perimeter of the lot.
Area Description: The subject property is surrounded by a dense population base and commercial buisnesses. Michigan Avenue offers quick access to the Interstate and is a primary travel corridor to the Cordova Business district, area hospitals and education centers.
Total Number of Buildings: 4
Number of Stories: 1
Property Condition: Good
Year Built: 1986
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Attractive wood frame and brick veneer buildings. Recent capital improvements include: new roof, new coated metal awnings, and a freshly painted exterior
Parking Type: Surface
Parking Description: Nicely maintained 107 stall parking lot. The median cut on Michigan Avenue allows easy access into the center with the parking lot designed for opti-mum use and traffic flow.
Total Parking Spaces: 107
Heat Type: Electricity
Heat Source: Central
Lot Frontage: 320
Lot Depth: 331
Legal Description: in file

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,351 74,178 161,219
Median Age: 39.6 36.27 36.97
Households: 2,226 28,034 64,005

Contact

Photograph of Listing Agent

Cameron Cauley, SIOR MiCP CCA

NAI Pensacola Gulf Coast CMLS Member
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