JV Opportunity in Pace 11.11 Acres HCD

Retail-Commercial for Sale
Also listed as Vacant Land
Catylist Listing ID: 30377847
Property Subtypes: Car Wash, Convenience Store, Free-Standing Building, Garden Center, Mixed Use, Restaurant, Service Station/Gas Station, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 34,610 SF
Gross Building Area: See Agent
Gross Land Area: 11.11 Acres
Sale Price: $2,900,000
Unit Price: $83.79 PSF
Property Use Type: Investment
Building Name: Pea Ridge Flea Market
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/7/2019

Overview / Comments

Joint Venture Redevelopment Opportunity in Pace.
Pea Ridge Flea Market, Pea Ridge Mini Warehouses and The Market Antiques Retail Shop with 11.11 acres zoned HCD on Hwy 90 in Pace across from Lowes. Extensive improvements to the property, completed in 2002 with the addition of the 8 mini warehouses. Each mini warehouse is a total of 3200 square feet separated from the Flea Market by a 6 ft. security fence. The 183 storage units include 79 - 10x20 units, 88 - 10x10 units, and 16 - 5x10 units The Mini Storage Units have electrical conduit run for lighting and additional improvements of gutters, fire extinguishers, fire hydrant and gravel drive throughout. 1.86 acres of cleared land enclosed within the 6 ft privacy fence in the rear for additional improvements if desired. Currently it is income producing as yard storage by the foot. The Flea Market includes 74 total units with additional income produced by Table Units rented per day and 2 vending machines on the grounds. The Market Antiques has a new roof which was placed on the Retail Shop in January of 2019.

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Santa Rosa
Taxing Authority: Santa Rosa County
Tax ID/APN: 12-1N-29-0000-00801-0000 and 12-1N-29-0000-01200-0000
Zoning: HCD
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: Us Hwy 90 and Evelyn St.
Property Visibility: Excellent
Largest Nearby Street: US Hwy 90
Feet of Frontage: 329
Traffic/Vehicle Count: 31,500
Highway Access: Direct Ingress and Egress onto US Hwy 90
Airports: Pensacola International Airport, Naval Air Station Whiting Field
Site Description: The Flea market includes over 74 units at various rates with 8x8 roll up doors and electrical conduit run throughout for lighting and security system, 2 large covered patio spaces for table vendors, 6 individual sheds/units with power and window a/c units, concrete pad, and dumpster pad. The 183 Mini Warehouses include 5x10, 10x10 and 10x20 units and are accessible through the security gate by the gravel drive. Two additional 3200 square foot mini warehouses can be added to the location, with one of the spots having the concrete slab in place for immediate build out.
Area Description: Located inside the highly sought after Pea Ridge location, this Pace property is within the immediate vicinity of major retail chains including, Lowes, McDonald's, Chick Fil A, Home Depot, Dick's Sporting Goods, Michael's, Ulta, Publix, Ruby Tuesdays, Target, Walmart and several others. Avalon Blvd is 2.2 miles and only 7 miles to I-10.
Tenancy: Multiple Tenants
Total Number of Buildings: 13
Number of Stories: 1
Typical SF / Floor: 3,200 SF
Property Condition: Good
Year Renovated: 2002
Parking Type: Surface
Parking Description: on site gravel parking
Sprinklers: None
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Window Unit
Zoning Description: This district is designed to provide for a wide range of uses in appropriate and easily accessible locations adjacent to major transportation corridors and having access to a wide market area. This district is intended to be situated along selected segments of major thoroughfares in the vicinity of major intersections.
Lot Frontage: 329
Lot Depth: 1463
Water Service: Municipal
Sewer Type: Septic
Land Ownership: Owned
Legal Description: COM AT SW CORN OF E2 OF E2 OF SE4 OF SW4 TH N 0*09'03" W 100.06 FT TO N R/W OF HWY 90 &POB TH CONT 1463.43 FT TO S R/W OF EDWIN ST TH N 89*47'30" E 328.65 FT TH S 0*09'03" E 1271.84 FT TH N 89*49'16" W 109.06 FT TH S 0*22'42" E 193.85 FT TO N R/W OF HWY 90 TH N 89*48'52" W ALONG R/W 220.37 FT TO POB AS DES IN OR 1569 PG 946 and TH E 104 FT OF TH S 294 FT OF TH SW4 OF SEC LESS & EXCEPT TH SLY 100.00 FTLYING IN THE R/W OF US 90 ALSO DES AS: BEG AT TH SE COR OF TH SE4 OF TH SW4 OF SEC THN N 294 FT THN W 104 FT THN S 294 FT THN E 104 FT TO POB LESS THAT PORT LYING NLY & WITHIN 100 FT OF THE SURVEY LI OF ST RD 10, SEC 5801 ALL AS DES IN OR 3118 PG 271

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,993 28,746 52,507
Median Age: 36.77 37.36 38.67
Households: 1,810 10,832 20,194

Contact

Photograph of Listing Agent

Melissa Glyptis Simpson

Coldwell Banker Commercial NRT Pensacola
Gulf Coast CMLS Member
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