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 Building Area: See Agent
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: 2/15/2021

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
Zoning: COMMERCIAL
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

View FullscreenMap

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

Contact

Photograph of Listing Agent

David Valletto, SIOR

Beck Partners CRE, LLC Gulf Coast CMLS Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.