Navarre Beach Multi-Use Building
Special Purpose
for Sale
| Catylist Listing ID: |
30877104 |
| Building Size (RSF): |
2,392 SF
|
| Gross Building Area: |
See Agent |
| Sale Price: |
$1,100,000 |
| Property Use Type: |
Business |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
9/5/2024 |
Overview / Comments
|
Well maintained commercial building on Navarre Beach currently holding 3 separate rental options. The first floor is occupied by a property management company with a consistent, long-term record of income and a lease up for renewal in November. The second floor currently comprised of two short or long term rental units, nicely updated and furnished with a record of consistent rental income. The building itself is the only commercial building currently available on Navarre Beach and has been updated with a significant investment in decking, stucco repair, roof rerolled within past 5 years and updates to accommodate property management company. The three separate units provide over $100,000 in gross rental income annually.
|
Financials
| Finance Data Year |
2023 |
| Real Estate Taxes - Annual($) |
$7,456 (Annual) |
| Tax Value Land |
$296,125 |
| Gross Operating Income |
$111,003 (Annual) |
| Net Operating Income |
$65,775 (Annual) |
| Actual or Proforma Year |
Actual |
| Loan Amount |
$268,521 |
| Annual Debt Service |
$30,300 (Annual) |
| Amortization Period |
15 |
Current Tenants
| Tenant Business Name |
Paradise Beach Homes |
| Contact Name |
Marla Crum |
| Contact Title |
General Manager Navarre Office |
| Is Renting? |
Yes |
| Annual Revenue |
$60,000 (Annual) |
| Current Rent |
$5,000 PSF (Annual) |
| Tenant Notes |
Tenants have been in place since prior to seller's ownership of building and has plans to stay. |
Additional Details
| Nearest MSA: |
Pensacola-Ferry Pass-Brent |
| County: |
Santa Rosa |
| Tax ID/APN: |
28-2S-26-0000-00900-0000 |
| Property Visibility: |
Excellent |
| Largest Nearby Street: |
Gulf Boulevard |
| Feet of Frontage: |
54 |
| Highway Access: |
Highway 98 is right over the Navarre Beach Bridge for easy access. |
| Airports: |
Fort Walton Beach/Destin and Pensacola Airports all within easy driving distance |
| Site Description: |
Well manicured lawn with easy access to the beach across the street from the building. |
| Area Description: |
Navarre is a rapidly growing community with a large military presence. Navarre Beach used to be Florida's best kept little secret, but the secret is out! Navarre Beach has become a very popular tourist destination with its peaceful, family-oriented beaches and popular dining and nighlife activities. |
| Total Number of Buildings: |
1 |
| Number of Stories: |
2 |
| Typical SF / Floor: |
1,200 SF |
| Property Condition: |
Excellent |
| Year Built: |
1988 |
| Year Renovated: |
2019 |
| Roof Type: |
Flat |
| Construction/Siding: |
Stucco |
| Exterior Description: |
Both upstairs units have private balconies. |
| Parking Type: |
Surface |
| Sprinklers: |
Wet |
| Heat Type: |
Electricity |
| Heat Source: |
Central |
| Air Conditioning: |
Package Unit |
| Interior Description: |
Updated and nicely furnished with a modern appeal |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Land Ownership: |
Leasehold |
| Legal Description: |
COM NE COR OF LOT 20 1ST ADDT NAVARRE BEACH (PB 5 PG 95) OF SECTION 28 TOWNSHIP 2 SOUTH RANGE 26 WEST THN N10 49'27''W 120 FT TO NLY R/W LI GULF BLVD THN N79 10'33''E ALG R/W 250 FT TO POB THN CONT 50 FT THN N10 49'27''W 160 FT THN S79 10'33''W 50 FT THN S10 49'27''E 160 FT TO POB TOG/W AN EXCL ESMNT ALL AS DES IN OR 3825 PG 411 |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
13,103 |
28,525 |
| Median Age: |
35.36 |
36.09 |
| Households: |
4,941 |
10,726 |
|
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The information presented herein is provided as is, without warranty of any kind.
Neither Gulf Coast CMLS nor
Moody's assume any liability for errors or omissions.
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