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.
|
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 |
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 |
|
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