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: 0.17 Acres
Sale Price: $699,000
Unit Price: $59.58 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: 9/6/2020

Overview / Comments

11,732 sq ft 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 (located 2 blocks down from this site). The 3rd floor is accessible via private entrance to the left of the 1st floor entrance. Upgrades to the exterior including a privacy fenced courtyard for the tenants.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $4,432 (Annual)
Tax Value Land $45,404
Tax Value Improvements $225,943
Assessed Value - Total($) $271,347 (Annual)
Gross Operating Income $54,000 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Elegant Vue Event Center/ Fred Astaire Dance Studio
Is Renting? Yes
Annual Revenue $54,000 (Annual)
Suite Number 1, 2
SF of Space Occupied 6,732 SF
Lease Expiration 5/2023
Escalations $1,800 Annually
Options Two- one year options

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. The rear of the property is fenced and a paved patio offers a retreat that cannot be found anywhere else in the Downtown.
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: 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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