Stabilized Gulf Coast Investment Opportunity

Retail-Commercial for Sale
Catylist Listing ID: 30623085
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 22,803 SF
Gross Land Area: 2.37 Acres
Sale Price: $2,670,000
Unit Price: $117.09 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: 9.11%
Average Occupancy Rate: 94
Last Updated: 7/13/2021

Overview / Comments

Reduced price + increased income = stabilized Gulf Coast Investment Opportunity.

• Strategic location in the Northwest Florida Corridor, serving nearby Gulf of Mexico tourist destinations and the extensive military presence across the Northwest Florida.
• Near 100% occupancy including market rates for 77% of leased spaces with multi-year terms.
• This multi-tenant, mixed-use complex offers steady existing cash flow from committed tenants plus future redevelopment opportunities.
• Regional outlook is for continued stability from the diverse local economy
• Redevelopment possibilities include hotel, retail, office and medical facilities.
• Financial info available upon signing of Confidentiality Agreement
•Reliable current returns and a strong upside creates a desirable long-term investment

*CAP rate is a reflection of the five year average for Net Operating Income beginning in 2021.

Attachments & Media

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 05-2S-23-2080-0121-0010
Retail Clientele: General, Business, Traveler, Tourist
Property Located Between: I-10 Crestview & Fort Walton Beach
Property Visibility: Excellent
Largest Nearby Street: Eglin Pkwy
Feet of Frontage: 269
Traffic/Vehicle Count: 49,000
Airports: Destin - Fort Walton Beach Airport
Site Description: High visibility with road frontage of 269' on 2.37 acres. Multiple builidings comprise the complex.
Area Description: Shalimar abuts Eglin Air Force base to the north & east with Fort Walton Beach/Destin to the south. Located at the gateway to the Gulf Coast in Okaloosa County.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Good
Year Built: 1940
Year Renovated: 1995
Construction/Siding: Wood Frame
Total Parking Spaces: 122
Parking Type: Surface
Parking Description: Paved. No charge.
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Interior Description: Multiple offices in varying layouts.
Zoning Description: C-3. City of Shalimar
Lot Frontage: 269
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Property ID - 05-2S-23-2080-0121-0010 + 06-2S-23-0000-0001-0030

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,666 35,876 71,176
Median Age: 41.21 40.43 39.03
Households: 3,255 15,364 30,034


Photograph of Listing Agent

David Valletto, SIOR

Beck Partners CRE, LLC Gulf Coast CMLS Member
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