Mixed Use Redevelopment Opportunity

Retail-Commercial for Sale
Also listed as Multi-Family
Catylist Listing ID: 30499010
Property Subtypes: Mixed Use, Street Retail, Other
Building Size (RSF): 11,732 SF
Gross Land Area: 0.10 Acres
Sale Price: $550,000
Unit Price: $46.88 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: 11/5/2020

Overview / Comments

11,732 sq ft available for purchase across from the new Okaloosa County Court House in Downtown Crestview's CRA District. Opportunity to create executive offices or apartments for FAMU Pharmacy students (located 2 blocks down from this site). The 3rd floor is accessible via private entrance to the left of the 1st floor entrance.

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
Highway Access: Located one street to the west of SR 85/ Ferdon Blvd. & US 90 Intersection.
Airports: Crestview Industrial Airport, Northwest Florida Regional Airport
Site Description: Located in a CRA District and directly across from the new Okaloosa County Courthouse. HVAC and Roof replace in 2014
Area Description: Located at the nexus of two major highways (SR 85 and US-90) and 3 miles to I-10. Demographics within a 5 mile radius, as reported by esri, show a Total Population of 44,346, Median House Hold Income of $63,468, Median Age of 36.2
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.
Parking Type: Surface
Parking Description: Downtown Public Parking
Passenger Elevators: 1
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System, Window Unit
Internet Access: Cable, Satellite
Interior Description: 1st & 2nd floor remodeled in 2015. The official use recorded with the City of Crestview for the 3rd floor is Office. Can be converted to residential apartment units to accommodate the housing shortage for the Military, FAMU Pharmacy Students and local population. Private entry with elevator and stairs that take you up to the 3rd floor. Hallway leads you to existing units on both sides of the hall.
Lot Frontage: 50
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: CRESTVIEW COM SE COR BLK 50 NLY ALG R/W 52FT TO POB CONT NLY 52FT SWLY AT 90 DEG ANGLE 81FT SELY AT 90 DEG ANGLE 50FT NELY AT 90 DEG ANGLE 95.5FT TO POB

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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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