9.8% Cap Rate on Pensacola, FL Investment Property

Office for Sale
Catylist Listing ID: 30766077
Property Subtypes: Flex Space, Office Building
Building Size (RSF): 21,680 SF
Gross Building Area: See Agent
Gross Land Area: 1.27 Acres
Sale Price: $1,499,000
Unit Price: $69.14 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Undisclosed
Cap Rate: 9.8%
Last Updated: 10/14/2021

Overview / Comments

Office space continuously leased since 2007 with the current term through July 2027. 3% annual increases. High barrier to tenant relocation. 11,680 SF gross leased to Metro Treatment of Florida, LP which operates a methadone outpatient treatment service at this location. 10,000+/- SF available space currently occupied by the owner is available for upside potential.

-21,680+/- SF office building on 1.27+/- acres located in Pensacola, FL metro area

-11,680+/- SF suite grossed leased to long term tenant

-5+ year remaining lease term with 3% annual rent increases (every January 1st)

-2022 annual gross rental income of $177,397

-9.8% Cap Rate at listed price

-5-year option to renew effective July 2027

-Leased to Metro Treatment of Florida, LP since 2007 (Currently 5 centers in Florida)

-Managing Partner is;
COLONIAL GP, L.P.
87TH MAIN STREET 2ND FLOOR
NEW CANAAN, CT 06840

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Taxing Authority: Escambia County, FL
Tax ID/APN: 201N303401008001
Zoning: HC/LI
Highway Access: Hwy 29
Airports: Pensacola International Airport (PNS)
Year Built: 1968
Zoning Description: HC/LI
Legal Description: BEG AT SW COR OF SE1/4 OF SEC E ALG S LI OF SEC 112 FT 85 DEG 28 MIN 30 SEC LEFT 229 1/10 FT TO POINT ON ELY R/W...

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,834 33,520 76,874
Median Age: 39.61 39.58 37.89
Households: 3,283 13,048 30,398

Contact

Photograph of Listing Agent

Donald Neal, CCIM, SIOR

Neal & Company, LLC Gulf Coast CMLS Member
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