Catylist ID:
#30790487
| Catylist Listing ID: | 30790487 |
| Property Subtypes: | Office Building |
| Building Size (RSF): | 12,000 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $1,975,000 |
| Unit Price: | $164.58 PSF |
| Property Use Type: | Investment |
| Class of Space: | Class B |
| Sale Terms: | Undisclosed |
| Cap Rate: | 7.82% |
| Last Updated: | 4/28/2022 |
Overview / Comments
|
Multi-Tenant Investment Offering located in the dynamic Crestview, Florida market. Crestview has experienced tremendous growth over the last several years and office vacancy rates are at all time lows. Unemployment in the area is well below the national average at 2.8% and job growth has consistently outpaced national averages. Premier Plaza Office Park consists of 12,000sf of office space, which is divided into nine units. The property is in excellent condition as it was constructed in 2011. Lakeview Center Inc. (Baptist Hospital) occupies the majority of the complex leasing 7,500sf, while Edward Jones Financial Services and Foundations Title each lease a 1500sf unit. The seller will leaseback the one remaining unit for two years. The acquisition CAP is approximately 7.8%. Investors will enjoy average cash on cash returns of approximately 11.8%. It’s a great opportunity to invest in a stable office project within an active market. Sales price of $1,975,000 7.8% CAP Credit Tenants in Place 11.8% Cash on Cash Return |
Attachments & Media
Additional Details
| Nearest MSA: | Crestview-Fort Walton Beach-Destin |
| County: | Okaloosa |
| Tax ID/APN: | 17-3N-23-2497-0000-0050 |
| Zoning: | COMMERCIAL |
| Year Built: | 2011 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 6,723 | 25,116 | 36,327 |
| Median Age: | 32.85 | 34.51 | 35 |
| Households: | 2,491 | 9,309 | 13,339 |
Contact
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