Shalimar, FL Office/Investment Opportunity
Retail-Commercial
for Sale
| Catylist Listing ID: |
30623085 |
| Property Subtypes: |
Free-Standing Building, Mixed Use, Other
|
| Building Size (RSF): |
23,336 SF
|
| Gross Building Area: |
See Agent |
| Gross Land Area: |
2.37 Acres
|
| Sale Price: |
$2,790,000 |
| Unit Price: |
$119.56 PSF |
| Property Use Type: |
Investment |
| Sale Terms: |
Undisclosed |
| Cap Rate: |
8.01% |
| Last Updated: |
6/29/2020 |
Overview / Comments
Strategically located in a Northwest Florida corridor that services the booming tourism industry along with the sprawling military influence this multi-tenant complex offers opportunities for existing cash flow as well as long term redevelopment possibilities. The property consists of 22,803sf with multiple tenants and an upside for potential rent increases on existing tenants which improve the NOI. 2.37+/- acres located at the north end of Shalimar and entry to Eglin Air Force Base.
Redevelopment could include hotels, retail or new office space including medical facilities. The outlook for the region is continued stability & this investment, in its current configuration, should provide consistent growth moving forward in this market. Potential rent increases &/or future development provides for a unique opportunity on a sound investment. Current NOI is $223,597 with an 8.01% Cap Rate & Proforma NOI $224,487 with an 8.04% rate. Current income/expenses available upon request and signing of Confidentiality Agreement.
|
Additional Details
| Nearest MSA: |
Crestview-Fort Walton Beach-Destin |
| County: |
Okaloosa |
| Tax ID/APN: |
05-2S-23-2080-0121-0010 |
| Zoning: |
COMMERCIAL |
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 |
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