7.5% CAP RATE | NNN Investment Property

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30365165
Property Subtypes: Free-Standing Building, Restaurant, Retail-Pad
Status: Pending
Building Size (RSF): 9,391 SF
Gross Building Area: See Agent
Gross Land Area: 1.41 Acres
Sale Price: $3,200,373
Unit Price: $340.79 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Other
Cap Rate: 7.5%
Last Updated: 9/15/2019

Overview / Comments

Amazing Investment Opportunity in Downtown Pensacola's Restaurant Row. This retail investment property features a 3 tenant building with long term NNN leases.

This property is located at the foot of I-110 southbound off ramp positioned at the intersection of 9th Avenue (16,100 cars per day) and Chase St.(14,500 cars per day). The property is located among a strip of restaurants known as "Restaurant Row". Included in the strip of restaurants is McGuires Irish Pub, Carrabba's, The Melting Pot, Starbucks, Jimmie Johns, Rodizio Grill, Saltgrass Steakhouse, Another Broken Egg, Wantaburger, and Wendy's. In addition to these restaurants this property is surrounded by the majority of Downtown Pensacola's limited hospitality locations that include the Pensacola Grand Hotel, Residence inn and Courtyard by Marriott.

Current Tenants

Tenant Business Name Fusion Wine and Spirts
SF of Space Occupied 5,316 SF
Lease Expiration 9/0030
Tenant Business Name Paris Nails
SF of Space Occupied 1,740 SF
Lease Expiration 5/0031
Tenant Business Name Steak Burger
SF of Space Occupied 1,740 SF
Lease Expiration 11/0009

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Tax ID/APN: 000S009025010025
Zoning: GDR
Retail Clientele: General, Family, Business, Traveler, Tourist, Convention
Property Located Between: Chase and Gregory St
Property Visibility: Excellent
Largest Nearby Street: Gregory St.
Traffic/Vehicle Count: 50,500
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 1999
Year Renovated: 2019
Total Parking Spaces: 100
Parking Type: Surface
Zoning Description: GDR
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,681 41,278 118,677
Median Age: 41.41 40.82 38.5
Households: 3,171 17,624 46,232

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