Value Add, Multi-Tenant, 3 Story Bldg in Downtown Crestview

Retail-Commercial for Sale
Also listed as Office
Catylist Listing ID: 30499010
Property Subtypes: Mixed Use, Street Retail, Other
Building Size (RSF): 11,732 SF
Gross Land Area: 0.17 Acres
Sale Price: $765,000
Unit Price: $65.21 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Elegant View Event Center/ Fred Astaire Dance Studio
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 50
Last Updated: 10/10/2019

Overview / Comments

Nearly 12,000 square feet available for purchase across from the new Okaloosa County Court House in Downtown Crestview's CRA District. Currently income producing with Elegant Vue Event Center and Fred Astaire Dance Studio occupying the first two floors. Opportunity to create executive offices or apartments for FAMU Pharmacy students just two blocks down from this site. The 3rd floor is accessible via private entrance to the left of the 1st floor entrance. The exterior rear has also been upgraded and includes a private patio/ courtyard oasis for the tenants. Great restaurants surrounding with new businesses coming into the Downtown.

Attachments & Media

Financials

Finance Data Year 2019
Tax Value Land $45,404
Tax Value Improvements $225,943
Assessed Value - Total($) $271,347 (Annual)
Gross Operating Income $52,200 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Elegant Vue Event Center/ Fred Astaire Dance Studio
Is Renting? Yes
Suite Number 1, 2
SF of Space Occupied 6,732 SF
Lease Expiration 5/2023
Escalations $1,800 Annually

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Taxing Authority: Okaloosa County, City of Crestview
Tax ID/APN: 17-3N-23-2490-0050-00E0
Zoning: MIXED USE COMMERCIAL BUSINESS DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: Okaloosa County Court House and Pine St.
Property Visibility: Excellent
Largest Nearby Street: Hwy 85
Feet of Frontage: 50
Airports: Crestview Industrial Airport, Northwest Florida Regional Airport
Site Description: Located directly across from the new Okaloosa County Courthouse. 3rd Floor views of the North side of Downtown and easy access to Downtown local shops and business owners such as Casbah Coffee Company, Fred Astaire Dance Studio, Fruitables, Hair Salons/ Barbershops, Hub City BBQ and more.
Area Description: The Downtown District is located at the nexus of two major highways (Hwy 85 N/S and Hwy 90 E/W), and only 3 miles north of I-10 E/W which makes Crestview's Historic Downtown the perfect location to access the panhandle in any direction.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Average
Year Built: 1930
Year Renovated: 2015
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: All Brick 3 story building with double door entrance to the first two floors and private single door access to the 3rd floor offices. The rear of the property is fenced and a paved patio offers a retreat that cannot be found anywhere else in the Downtown.
Parking Description: Downtown Parking
Passenger Elevators: 1
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System, Window Unit
Internet Access: Cable, Satellite
Lot Frontage: 50
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: CRESTVIEW N 50 FT OF S 100 FT BLK 50

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,270 25,116 36,327
Median Age: 33.66 34.51 35
Households: 1,752 9,309 13,339

Contact

Photograph of Listing Agent

Melissa Glyptis Simpson

Coldwell Banker Commercial NRT Pensacola
Gulf Coast CMLS Member
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