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This 20,100 square foot center is conveniently located in the town
of Freeport approximately one mile south of Highway 20 on Highway
331. It features 5,000 square feet of office and 5,040 square feet
of self storage in addition to the 10,080 square foot retail space.
Built in 2005, this center is an excellent investment opportunity.
| OWNER |
R&G Partners, LLC |
| LOCATION |
The property is located near Destin on the east side of Highway
331 South, one mile south of Highway 20 in the City of Freeport,
approximately 17 miles south of Interstate 10 and approximately
10 miles north of Highway 98 which is the principal east/west
artery of the Emerald Coast. |
| TOTAL LAND AREA |
126,760 square feet, 2.91 Acres |
| ZONING |
C1 – General Commercial District |
| TAX ID |
23.15.19.23000.001.0022 |
| YEAR BUILT |
2005 |
| PROPERTY TAXES |
2005 - $6,765.61
2006 - $9,668.16 |
| BUILDING SIZE |
10,080 sf - Retail
4,980 sf – Office/Warehouse
5,040 sf – Storage
20,100 Gross Total SF |
| FLOOD ZONE |
Outside 100 year floor Hazard Area |
| ROAD FRONTAGE |
215 feet frontage Highway U.S. 331 South |
| TOPOGRAPHICAL |
Level and slightly above grade of street (rectangular) |
| UTILITIES |
Electricity: Gulf Power
Natural Gas: Okaloosa County Gas
Telephone: Sprint/ITC Delta Com
Refuse Removal: South Walton Utility Co. |
| DESCRIPTION OF IMPROVEMENTS |
Windows are insulated/double pane, steel. Doors – steel
insulated with glass inserts. |
| FOUNDATION |
Concrete slabs 4"; 3000 lb PSI with wire mesh reinforcement. |
| ROOF |
Metal tresses with a standing seam metal roof. |
| NEW EXPANSION OF HIGHWAY |
Highway 331 South is currently being widened to five (5) lanes.
Mr. Tommie Speights, District 3 Public Information Director
for the Florida Department of Transportation, said that the
new highway will shift westerly and tie into the existing roadbed.
The Freeport shopping Center should not be affected in any way
by this roadwork. |
| NEIGHBORHOOD DESCRIPTION |
The City of Freeport and this site is on the primary north/south
path to the Gulf Tourist District from Interstate 10. The area
is best described as suburban/tourism. |
| SELLING PRICE |
$2,800,000 All Cash |
| CURRENT NOI/SELLING CAP |
$197,310
7.0% |
| STABILIZED NOI/SELLING CAP |
$240,285
8.6% |
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Executive Summary
