1652 Highway 98Mary Esther, FL 32569

Property Details for 1652 Highway 98

Year built

1962

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.74 AC

Property size (Sq ft)

5,178 SF

Property type

Retail properties

Property subtype

Retail space

APN

14-2S-25-0000-0050-0020

APU

142S25000000500020

Description

This exceptional mixed-use property, located at 1652 Highway 98 in Mary Esther, Florida (32569), presents a compelling investment opportunity. The 32,234 square foot lot houses a single, 1-story building, constructed in 1962 and renovated in 2020, offering 5,178 net rentable square feet. Currently boasting 100% occupancy with two tenants, this Class C property generates a strong NOI of $63,000, resulting in a 7% cap rate. The asking price is $900,000, or $450,000 per unit, making it an attractive value-add investment under a NNN lease structure. Its prime location on Highway 98 ensures high visibility and accessibility, benefiting from proximity to Hurlburt Field and Eglin Air Force Base, driving consistent traffic. The property features ample parking and is situated within a bustling retail corridor, offering excellent potential for growth and strong returns. The permitted mixed-use zoning allows for diverse business applications, capitalizing on the area's thriving economy and robust tourism. This is a 1031 exchange eligible property.

Location Insight

City

Mary Esther

County

Okaloosa

State

Florida

Latitude

30.4123

Longitude

-86.7282

CBSA code

18880

CBSA name

CRESTVIEW-FORT WALTON BEACH-DESTIN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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