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    Entitled Hotel Development Site Title is generated by Realmo AI

    1905 Elevate Avenue, Navarre, FL 32566

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    Fee simple interest in a shovel-ready 117-room Holiday Inn Express & Suites development site.

    Type:Hospitality
    Property size:
    54,681 SF
    Price / SF:
    $54/SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 3:57 am

    Property Features for 1905 Elevate Avenue

    General Information

    Standard status
    Active
    Size
    54,681 SF
    Property subtype
    Hospitality

    We can help!

    Listing Contact
    Jesse Lastofsky
    Jesse Lastofsky

    Listing agent Jesse Lastofsky License #SL 3549179

    Listing office Cushman & Wakefield - Boca Raton, Florida

    Listing date May 28, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield - Boca Raton, Florida

    HighLights

    • Fee simple interest in a shovel‑ready 117‑room Holiday Inn Express & Suites development site
    • Major approvals are in place for immediate development execution
    • Approved for a 117‑room, IHG‑branded Holiday Inn Express & Suites hotel
    • Located in Navarre, Florida (Northwest Florida coastal market)

    Overview

    Cushman & Wakefield’s Hospitality Group is offering for sale the fee simple interest in a Holiday Inn Express & Suites development site featuring plans for a 117-room, IHG-affiliated select-service hotel. The project is presented as fully entitled with major approvals in place, positioned for immediate development execution under the Holiday Inn Express & Suites brand. The offering is for the development site only, with the intent to deliver the approved hotel program.

    The property is located at 1905 Elevate Avenue in Navarre, Florida, within Northwest Florida’s coastal market. The remarks note the site’s positioning to serve year-round demand from leisure, military, and business travelers. The development site is described as being near Navarre Beach and supported by regional employment drivers and major transportation corridors.

    For investors and developers, this is a shovel-ready, approved site opportunity for an IHG branded hotel in Navarre. Because the deal is structured as fee simple ownership of a fully entitled development site, an operator or capital partner can focus on moving directly into execution for the planned 117-room Holiday Inn Express & Suites project.

    Local Financial Insights For Hotel Hospitality

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $820.2k $15.00
    − Vacancy −$479.8k −$8.78
    EGI $340.4k $6.23
    − OpEx −$178.7k −$3.27
    NOI $161.7k $2.96
    54,681 SF · lease $15.00/SF/yr · vacancy 58.50% · expense 52.50%

    Alternative Uses

    Best Use
    Hotel Hospitality
    $2.31M
    $2.02M – $2.69M (±1% cap)
    NOI $161,685 @ 7.0% cap · market cap 5.39%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $13.46M
    $11.78M – $15.71M (±1% cap)
    NOI $942,525 @ 7.0% cap · market cap 31.42%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Navarre
    County
    Santa Rosa
    State
    Florida
    Longitude
    -86.8762
    Latitude
    30.5228

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    FAQs

    What type of property is this?
    Hotel - Fee simple interest in a shovel-ready 117-room Holiday Inn Express & Suites development site.
    Where is this hotel located?
    The property is located at 1905 Elevate Avenue Navarre, FL.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: Fee simple interest in a shovel‑ready 117‑room Holiday Inn Express & Suites development site; Major approvals are in place for immediate development execution; Approved for a 117‑room, IHG‑branded Holiday Inn Express & Suites hotel
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jesse Lastofsky
    Jesse Lastofsky
    Real Estate License ID: SL 3549179
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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