Prime Corner Retail in Pea Ridge

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30871701
Property Subtypes: Free-Standing Building, Street Retail, Other
Status: Pending/Contingent
Building Size (RSF): 3,239 SF
Gross Land Area: 0.40 Acres
Sale Price: $699,000
Unit Price: $215.81 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 5/17/2024

Overview / Comments

Exceptional retail/office building in the heart of the highly sought-after Pace/Milton area!

This single story retail/office center offers a great opportunity for an investor or owner-user looking for an exceptional location in the Pace/Pea Ridge/Milton market. The 3,239 sf property sits at the lighted corner of School Lane/Bell Lane and Highway 90. The building has great visibility from Highway 90 with the ease of access from School Lane.

Zoned HCD (Highway Commercial Development), it allows for a variety of uses in the retail or office arena. The brick building is currently used by a single tenant but could be divided into 4 units. It is currently 100% occupied, which demonstrates its strong appeal. The current tenant has a lease in place through November which will provide an opportunity for an owner-user to occupy or for an investor to adjust to market-rate rents and increase income potential.

The property is located within a half mile of major retailers, such as Walmart and Lowe's, as well as national brands like Starbuck's, Chick-Fil-A, and Firestone.

One of the standout features of this property is its proximity to major transportation arteries. Traffic count on Highway 90 is already more than 33,000 vehicles per day and there is development planned for Bell Lane that will continue to bring more vehicles to this location. The center is only a short 15-minute drive to the vibrant and bustling North Pensacola area and 25 minutes to Pensacola International Airport.

Please do not disturb the tenant. Contact listing agents for showing instructions and access.

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Santa Rosa
Taxing Authority: Santa Rosa County
Tax ID/APN: 12-1N-29-2390-00000-00B1
Retail Clientele: General, Family, Business, Recreation
Property Located Between: Pace and Milton
Property Visibility: Excellent
Largest Nearby Street: Hwy 90
Feet of Frontage: 100
Traffic/Vehicle Count: 33,000
Highway Access: Located at the intersection of School Ln and Hwy 90. Minutes to I-10 and other state highways.
Airports: PNS - Pensacola International Airport
Site Description: Fully Developed lot with 3239 sf building and asphalt parking lot. Landscaping is well maintained.
Area Description: The area is considered to be prime for retail, office, and service oriented businesses. The "Pea Ridge" cooridor between Pace, FL and Milton, FL is highly sought out and Santa Rosa County is one of the fasted growning ine State of Florida.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,239 SF
Property Condition: Good
Year Built: 2006
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Clean lines with awnings over storefront glass and a brick facade.
Total Parking Spaces: 17
Parking Type: Surface
Parking Description: Well maintained asphalt lot with entrance from School Ln (side street).
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: Currently built out as a fitness center.
Zoning Description: HCD- Highway Commercial District
Lot Frontage: 100
Lot Depth: 176
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Corporate
Legal Description: BEG SE CORN OF LT B METRON ES-TATES THN S89*36'42"E 100 FTTHN N 176 FT THN N89*36'42"W100 FT THN S 176 FT TO POB ASDES IN OR 2330 PG 1307

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,993 28,817 55,651
Median Age: 36.77 37.87 38.54
Households: 1,810 10,873 21,456


Photograph of Listing Agent

Michael Mangrum

Coldwell Banker Commercial Realty Gulf Coast CMLS Member
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