1460 Hwy 98, Mary Esther, FL 32569 (MLS# 780504)

1460 Hwy 98, Mary Esther, FL 32569

$2,650,000

Property Type: Commercial for Sale Lot Size (sq. ft.): 161,172 Status: Sold

Current Price: $2,650,000 List Date: 8/01/2017 Last Modified: 10/12/2024

Overview

Description

Incredible investment opportunity at 8% CAP rate! The property is the showroom/warehouse facility of Sunrise Marine boat dealership. It is under a long-term NNN lease with a national company that owns and operates top marine dealerships across North America (it acquired Sunrise Marine in 2016). Two parcels are included in sale totaling 3.7 acres with approximately 535 ft of Hwy 98 frontage. The showroom, office, and warehouse building is 9245 sqft. There is also an income producing billboard on the property. Total NOI is $216,000. The property was appraised for $2.7 million in June, 2016.

Listing Details MLS# 780504

Status Change Info

Under Contract Date: 2017-09-08
Sold Date: 2017-12-01

Contract Info

Listing Board: Emerald Coast

Location Tax and Legal

Area: 12 - Fort Walton Beach
Street #: 1460
Street Name: Hwy 98
State: FL
Zip Code: 32569
County: Okaloosa
Parcel ID: 14-2S-25-0000-0006-0000

General Property Info

Listed on GCCMLS: Yes
Vacant: No
Acreage: 3.7
Lot SqFt: 535
Zoning: C3-GC

Income Producing

Building SqFt: 9245
Net Operating Income: 216000
Cap Rate: 8

More Information

Location, Tax and Legal

Sub Area: 1212 - Mary Esther/West of Hurlburt
Legal Description: BEG SE COR OF RUSH PARCK WEST S/D W 236.98 FT S 299.73 FT E 237.77 FT N 299.91 FT TO POB

Listing Info, Tax & Legal

As Is: Yes

Remarks & Misc

Remarks: Incredible investment opportunity at 8% CAP rate! The property is the showroom/warehouse facility of Sunrise Marine boat dealership. It is under a long-term NNN lease with a national company that owns and operates top marine dealerships across North America (it acquired Sunrise Marine in 2016). Two parcels are included in sale totaling 3.7 acres with approximately 535 ft of Hwy 98 frontage. The showroom, office, and warehouse building is 9245 sqft. There is also an income producing billboard on the property. Total NOI is $216,000. The property was appraised for $2.7 million in June, 2016.

Class

Income Producing: Yes

Construction Status

Existing: Yes

Property Features

Class: Income Producing Construction Status: Existing

Listing Office: OxanaSol Real Estate

Last Updated: October - 12 - 2024

All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2026 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.