Free Standing Retail on Restaurant Row

Retail-Commercial for Sale
Catylist Listing ID: 30528270
Property Subtypes: Free-Standing Building
Building Size (RSF): 6,090 SF
Gross Land Area: 0.68 Acres
Sale Price: $1,400,000
Unit Price: $229.89 PSF
Ceiling: 10 ft.
Property Use Type: Vacant/Owner-User
Usable Size (USF): 6,090 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/12/2020

Overview / Comments

Freestanding 6,090 square foot building on "Restaurant Row" with unobstructed views of Pensacola Bay. Located at the corner of E. Gregory St and 14th Avenue, the corner AADT totals 20800. Market Demographics within a five mile radius of this site include; Total Population of 96,460 with a Median House Hold Income of $42,033. The larges income bracket group found within this five mile radius makes between $50,000-74,999. Locals, commuters and tourists frequent restaurant row due to its proximity to the interstate (0.5 miles to I-110, 7 miles to I-10) major destinations such as Historic Downtown Pensacola (1.3 miles) Cordova Mall (5.4 miles) and Pensacola Beach (7.4 miles). A Drive-Time Radius of 10 minutes to the site revealed a Total Population of 53,287 with over $65 million spent on "Food Away From Home", with the average house hold spending $2,932.26 annually. This property is also available for Lease.

Attachments & Media

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Taxing Authority: PENSACOLA CITY LIMITS
Tax ID/APN: 000S009025006037
Zoning: GATEWAY REDEVELOPMENT DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: E. Gregory, N. 14th Ave, and E Heinberg
Property Visibility: Excellent
Largest Nearby Street: Gregory St
Feet of Frontage: 190
Traffic/Vehicle Count: 20,800
Highway Access: Direct Ingress and Egress onto E. Gregory St. with immediate access to I-110 or Hwy 98
Airports: Pensacola International Airport and Pensacola Naval Air Station
Site Description: Slab on grade single story steal and block building sit on a .68 acre lot with surface parking that includes three points of access (E. Gregory, N. 14th, E. Heinberg). GRD Street Setbacks: for Gregory St. are Ten (10) feet from right-of-way line. GRD Building Height: shall not exceed a maximum height of one hundred (100) feet. GRD Utility Services: ALL NEW building construction or additions of floor areas to existing structures along Gregory St shall be required to install underground utilities GRD Lot Coverage: The total coverage of all development sites within the Gateway Redevelopment District, including all structures, parking areas, driveways and all other impervious surfaces, shall not exceed seventy-five (75) percent. This location also falls in The Pensacola Inner City Community Redevelopment Area.
Area Description: Restaurant Market Potential as reported by esri showed 71.4% of the population went to a family restaurant in the last 6 months. 25.8% went to a family restaurant 4+ times per month with over 21.3% spending between $51.00-$200.00 per visit. 42% of the visits were for Dinner with the weekend visits hitting 36,8% and the weekday at 29.6%. Located in the heart of restaurant row, immediate surroundings include Richie's East Liquors, Saltgrass Steakhouse, Ticket Sports Bar, Taste of India, Another Broken Egg Cafe, Rodizio Steakhouse, Franco's Italian, Wendy's, Jimmy Johns, Starbucks, Melting Pot, Whataburger, Waffle House, Broussards Bayou Grill, McGuires Irish Pub, and the Courtyard Mariott.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 6,090 SF
Property Condition: Fair
Year Built: 1968
Year Renovated: 1970
Roof Type: Flat
Construction/Siding: Block
Exterior Description: Stucco Over Block. Sign is also located on the grounds for use by the new owner.
Total Parking Spaces: 58
Parking Type: Surface
Parking Description: Paved and lined parking lot with three means of ingress and egress (E. Gregory, N. 14th, E. Heinberg). Additional street parking available on Heinberg.
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable, Satellite
Interior Description: Kitchen includes the three tier sink, hand washing station, 20 foot hood vent and walk in freezer. Rear entrance capabilities for employees as well as additional prep space in the back.
Zoning Description: Purpose of district. The Gateway Redevelopment District is established to promote the orderly redevelopment of the southern gateway to the city in order to enhance its visual appearance, preserve a unique shoreline vista, improve traffic safety, and encourage a high quality of site planning and architectural design. USES PERMITTED: (a) Single-family residential (attached or detached) at a maximum density of seventeen and four-tenths (17.4) units per acre. Multi-family residential at a maximum density of one hundred (100) dwelling units per acre. (b) Home occupations, subject to regulations in section 12-2-13. (c) Offices. (d) Adult entertainment establishments subject to the requirements of Chapter 7-3 of this Code when located within the dense business area as defined in Chapter 12-14, Definitions. (e) All commercial uses permitted in the C-2A zone, with no outside storage or repair work allowed, with the exception: 1. Mortuaries and funeral parlors. 2. Appliance and repair shops. 3. Public parking lots and parking garages. 4. New car lots or used car lots. 5. Public utility plants, transmission and generating stations, including radio and television broadcasting stations. 6. Car or truck rental agencies or storage facilities. (f) Family day care homes licensed by the Florida Department of Children and Family Services as defined in the Florida Statutes.
Lot Frontage: 190
Lot Depth: 156
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: LTS 6 THRU 10 BLK 37 NEW CITY TRACT OR 2878 P 276 OR 5837 P 1758 CA 47

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,856 40,345 115,126
Median Age: 41.14 41.27 38.6
Households: 2,777 17,287 44,814

Contact

Photograph of Listing Agent

Melissa Glyptis Simpson

Coldwell Banker Commercial NRT Pensacola
Gulf Coast CMLS Member
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