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 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 |
| 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 |
| © 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. |
