3206 De Soto StPensacola, FL 32503

Property Details for 3206 De Soto St

Year built

2014

Construction

TYPE NOT SPECIFIED

Lot size

0.24 AC

Property size (Sq ft)

3,261 SF

Zone code

R-NC

Property type

Retail properties

Property subtype

Turn key restaurants

APN

05-2S-29-5905-010-037

APU

052S295905010037

Description

This exceptional investment opportunity encompasses two adjacent properties totaling 5,832 square feet in Pensacola, Florida. The package includes the thriving Agapi Bistro & Garden restaurant and Nancy's Catering, both fully operational and boasting combined 2024 sales (through September) of $1,830,000. Agapi Bistro, a 2,865 sq ft establishment located at 555 Scenic Hwy, features a full bar (with liquor license), updated kitchen, indoor/outdoor dining, and a recently renovated space. Key improvements include a new roof (2020), a 7.5-ton HVAC system (2024), and a seal-coated and restriped parking lot. The outdoor area is ideal for events, with outdoor cooking facilities and ample space. Nancy's Catering, situated at 3206 E De Soto St, occupies a 2,964 sq ft metal building (built 2014, renovated 2023) with an 18-foot ceiling, offering substantial storage, a walk-in cooler/freezer, and office space. Included are a delivery van, box truck, and catering supplies for up to 400 guests. The properties are situated on a 0.62-acre lot with ample parking, benefiting from high visibility on a busy corner of Scenic Highway and DeSoto Street. The asking price is $1,950,000, representing a $334.36/sq ft price and an attractive 11.54% cap rate with a current NOI of $225,000. The property is zoned R-NC and offers significant value-add potential, such as expanding lunch service. The current owner is retiring, presenting a seamless transition opportunity, with the executive chef available for a handover period. The property is a Class B building, built in 2014 and extensively renovated in 2023. The occupancy date is October 7, 2024.

• CAP approach

  CAP return

  Valuation

  6%

  $649,229

  6.5%

  $599,288

  7%

  $556,482

• Comparable approach

  Method

  Valuation

  Relative Method

  $556,191

  Geo Method

  $584,198

• Alternative Use

  Use

  Valuation

  Residential

  $505,522

  Hospitality

  $463,056

  Educational

  $385,257

  Medical

  $398,506

  Retail

  $599,288

Location Insight

City

Pensacola

County

Escambia

State

Florida

Latitude

30.4272

Longitude

-87.178

CBSA code

37860

CBSA name

PENSACOLA-FERRY PASS-BRENT, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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