Catylist ID:
#30623085
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 |
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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