Retail Investment - Fully Leased

Shopping Center for Sale
Catylist Listing ID: 30770096
Property Subtypes: Strip Center
Building Size (RSF): 9,000 SF
Gross Building Area: See Agent
Sale Price: $2,343,000
Unit Price: $260.33 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: First City Shops
Sale Terms: Cash to Seller
Cap Rate: 6.25%
Last Updated: 11/5/2021

Overview / Comments

This beautiful strip center is located in the heart of Pensacola's retail and healthcare business district. The property has been well-maintained with recent improvements to the property including a new monument sign, resurfacing the parking lot, and exterior refinish and paint.

The building was constructed with six units, each with approximately 1,500 square feet. One tenant occupies two units, so there is a total of five tenants in the fully-leased center.

The tenants include:
The Leisure Club - Coffee and Cafe, locally owned
Benjamin Edwards - Financial Planning, national tenant
Option Care Health - Infusion Therapy/Medical, national tenant
Osteostrong - Skeletal Strength and conditioning, national franchise
Tiger Rock Martial Arts - Martial Arts Academy, national franchise (2 units)

There is ample parking with a total of 45 spaces. A portion of the parking lot in the rear of the building belongs to this property.

Neighboring businesses include Encompass Health, a 5-acre rehabilitation facility, Bere Jewelers, Bonefish Grill, and Covenant Hospice headquarters.

Rent and expense information is available with signed NDA/confidentiality agreement. Note that the building is situated on two parcels.

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Taxing Authority: Escambia County
Tax ID/APN: 331S307120001004 and 331S307101032001
Zoning: C-2
Retail Clientele: General, Family, Business
Property Visibility: Good
Property Condition: Excellent
Year Built: 2009

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,374 69,686 147,518
Median Age: 40.15 39.05 38.35
Households: 2,919 28,505 61,366

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