Mixed Use Redevelopment Opportunity
Retail-Commercial
for Sale
Sale Pending/Contingent
Also listed as Multi-Family
| Catylist Listing ID: |
30499010 |
| Property Subtypes: |
Mixed Use, Street Retail, Other
|
| Status: |
Pending/Contingent |
| Building Size (RSF): |
11,732 SF
|
| Gross Land Area: |
0.17 Acres
|
| Sale Price: |
$699,000 |
| Unit Price: |
$59.58 PSF |
| Property Use Type: |
Net Leased Investment (NNN) |
| Building Name: |
Elegant View Event Center/ Fred Astaire Dance Studio |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Average Occupancy Rate: |
50 |
| Last Updated: |
7/9/2020 |
Overview / Comments
|
11,732 sq ft available for purchase across from the new Okaloosa County Court House in Downtown Crestview's CRA District. Currently income producing with Elegant Vue Event Center and Fred Astaire Dance Studio occupying the first two floors. Opportunity to create executive offices or apartments for FAMU Pharmacy students (located 2 blocks down from this site). The 3rd floor is accessible via private entrance to the left of the 1st floor entrance. Upgrades to the exterior including a privacy fenced courtyard for the tenants.
|
Financials
| Finance Data Year |
2020 |
| Real Estate Taxes - Annual($) |
$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 |
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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