Entitled Hotel Development
For Sale
Contact for pricing
1905 Elevate Avenue, Navarre, FL 32566
Fee simple interest in a shovel-ready 117-room Holiday Inn Express & Suites development site.
Property Size54,681 SF
Price / SF$54.86
Days on Market146
Property Features for 1905 Elevate Avenue
General Information
Standard status
Active
Size
54,681 SF
Property subtype
Hospitality
Zoning
HCD, Highway Commercial Development
Building Details
Stories
4
Listing Agency:
Cushman & Wakefield - Boca Raton, Florida
Listed By:
Jesse Lastofsky · License #SL 3549179
Source:
Crexi
Added: May 28
Changed: Oct 18
Last Checked: Oct 19 at 3:31AM
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
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Investment Insights
Based on property information with market context.
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.
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.
Key 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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$161,685
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,233,700
$3.2M
Cap Rate 7%
$2,309,786
$2.3M
Cap Rate 9%
$1,796,500
$1.8M
Market Conditions
NOI Build-Up for 54,681 SF
Gross rent
$820.2K $15.00/SF
− Vacancy
−$479.8K −$8.78/SF
EGI
$340.4K $6.23/SF
− OpEx
−$178.7K −$3.27/SF
NOI
$161.7K $2.96/SF
Area
Santa Rosa County, FL
Vacancy
58.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,233,700
Cap Rate 7%
$2,309,786
Cap Rate 9%
$1,796,500
Alternative Uses
Best Use
Hotel Hospitality
$2.31M
$2.02M – $2.69M
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
NOI $942,525 @ 7.0% cap · market cap 31.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 32566, FL
44,434
Population
17,893
Households
2.5
Avg Household Size
38
Median Age
33%
College-Educated
95%
High-School Grad
39.2 sq mi
ZIP Area
1,134
Density / Sq Mi
$99,501
Median Household Income
$46,035
Median Earnings
$1,782
Median Rent
$361,000
Median Home Value
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Frequently Asked Questions
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
