NNN Leased Office Building ~ 9% CAP ~ Crestview, FL

Office for Sale
Catylist Listing ID: 30581606
Property Subtypes: Business Park, Net Leased, Office Building
Building Size (RSF): 38,500 SF
Gross Land Area: 7.43 Acres
Sale Price: $3,600,000
Unit Price: $93.51 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: IQOR
Class of Space: Class A
Usable Size (USF): 38,500 SF
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Last Updated: 3/9/2020

Overview / Comments

38,500 SF building has been leased to the same entities for the last 18 years. A new lease renewal will extend this agreement until July 31, 2023. Per the renewal, the annual net rent is $325,325. The building is leased to IQOR (occupies 2/3) and ASURION (occupies 1/3). Both entities operate a large volume call centers and employ roughly 500 people. The facility has 3 large cubicle areas (north, central, south) along with common break rooms for both companies. Additionally, there are 4 large training rooms and multiple banks of restrooms scattered throughout. IQOR employs a facilities director to maintain a very clean & professional work environment for its large staff.

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 03-3N-23-0000-0001-0030
Zoning: INDUSTRIAL
Property Located Between: Bob Sikes Airport & Airport Road
Property Visibility: Excellent
Highway Access: Highway 85 is approximately 1.5 miles to the west; Highway 90 is approximately 1 mile to the south
Airports: Bob Sikes Airport
Year Built: 1987
Year Renovated: 2005
Roof Type: Flat
Parking Type: Surface
Sprinklers: Wet
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,107 17,634 35,944
Median Age: 41.44 37.12 35.79
Households: 1,187 6,645 12,793

Contact

Photograph of Listing Agent

Brett Stuart

Taylor Allen Properties LLC Gulf Coast CMLS Member
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