6,969 SqFt
6,969 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 6,969 sqft
Price per Sqft $124
MLS Listing ID 1015407
Lot Size 6,969 Sqft
Acres 0.16
Lot Dimensions 138x53x139x53
Source Emerald Coast Association of REALTORS®
Property Description
The building has 11 income producing offices plus shared common areas: a conference room, reception, kitchen, 4 ADA restrooms and 14 parking spaces. Everything was replaced in the 2025 renovation, including both AC units and the water heater.
Six of the 11 units are leased on 12-month terms that renew automatically unless a tenant gives 30 days' notice. They bring in $5,500/month (about 55% occupancy). Fully leased, rent rises to $10,050/month, or $120,600 a year.
Operating costs are low: about $17,800 a year for insurance, property taxes, electric, water, internet and cleaning, or roughly 15% of rent. Fully leased, with a 5% vacancy allowance, the pro forma shows an 11.2% cap rate. With 20% down at 8% over 20 years, that's about $2,250/month in cash flow after the loan payment, a 15.6% cash-on-cash return. The rent roll and pro forma are in the MLS documents.
Available downtown office space keeps getting harder to find. Lease up the vacant suites, or move your own business in and let the other tenants help cover the mortgage.
Location
State FL
County Walton
Area 23 - North Walton County
Zoning C-1
Direction Heading north on Hwy 331, take a right onto Hwy 90 East (E Nelson Avenue). Property will be on the right on the corner of Hwy 90 and S 11th Street.
Exterior
Garage No
Building
Faces Heading north on Hwy 331, take a right onto Hwy 90 East (E Nelson Avenue). Property will be on the right on the corner of Hwy 90 and S 11th Street.
New Construction No
Others
Pets Allowed No
Tax ID 25-3N-19-19070-000-7480
NEARBY SCHOOLS & PROPERTIES
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