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: 9/3/2020

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

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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


Photograph of Listing Agent

David Valletto, SIOR

Beck Partners CRE, LLC Gulf Coast CMLS Member
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