Catylist ID:
#30623085
Stabilized Gulf Coast Investment Opportunity
Retail-Commercial
for Sale
Sale Pending
| Catylist Listing ID: | 30623085 |
| Property Subtypes: | Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other |
| Status: | Pending |
| 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: | 4/19/2021 |
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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