Freestanding Restaurant
For Sale
$2,500,000
2502 Hwy 87 S, Navarre, FL 32566
Restaurant improvements include a commercial kitchen, dining space, bar, restrooms, and an enclosed patio.
Property Size6,140 SF
Lot Size2.03 Acres
Price / SF$407.17
Days on Market229
Property Features for 2502 Hwy 87 S
General Information
Standard status
Active
Size
6,140 SF
Total Parking Spaces
79
Lot size
2.03 Acres
Property subtype
COMMERCIAL
Zoning
HCD
Site & Location
Traffic Count
23,500 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Patio
Yes
Building Details
Year Built
2025
Buildings
1
Building Size
6,140 SF
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
Susan De Leon · License #BK3059404
Source:
Luckypalmsrealty
Added: Mar 13
Changed: Oct 27
Last Checked: Oct 27 at 3:17AM
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 COLDWELL BANKER REALTY
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Investment Insights
Based on property information with market context.
Built in 2025, this 6,140+- SF freestanding property on 2.03+- acres has restaurant-oriented improvements, including a commercial kitchen, walk-in coolers and freezer, dining areas, a bar, restrooms, and an enclosed patio. The paved site provides approximately 79 parking spaces, and the property is zoned HCD (Highway Commercial District), with commercial uses subject to applicable approvals.
The property has 369+- feet of frontage on Hwy 87 and exposure to 23,500 vehicles daily. It is approximately 1.5 miles north of Hwy 98 in Navarre, with access to the Navarre Beach, Hurlburt Field, Eglin AFB, and Pensacola-Fort Walton Beach/Destin areas.
An additional area of approximately 80' x 80' is identified for potential development. A conceptual plan depicts a 3,300+- SF freestanding building; dimensions and development concepts require buyer verification and are subject to site feasibility and governmental approvals.
The property has 369+- feet of frontage on Hwy 87 and exposure to 23,500 vehicles daily. It is approximately 1.5 miles north of Hwy 98 in Navarre, with access to the Navarre Beach, Hurlburt Field, Eglin AFB, and Pensacola-Fort Walton Beach/Destin areas.
An additional area of approximately 80' x 80' is identified for potential development. A conceptual plan depicts a 3,300+- SF freestanding building; dimensions and development concepts require buyer verification and are subject to site feasibility and governmental approvals.
Key Highlights
- 2025‑built, 6,140+- SF freestanding restaurant property
- 2.03+- acres with approximately 79 parking spaces
- 369+- feet of frontage on Hwy 87; exposure to 23,500 vehicles daily
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,112
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,622,240
$1.6M
Cap Rate 7%
$1,158,743
$1.2M
Cap Rate 9%
$901,244
$901.2K
Market Conditions
NOI Build-Up for 6,140 SF
Gross rent
$116.4K $18.96/SF
− Vacancy
−$8.3K −$1.35/SF
EGI
$108.1K $17.61/SF
− OpEx
−$27.0K −$4.40/SF
NOI
$81.1K $13.21/SF
Area
Santa Rosa County, FL
Vacancy
7.10%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,622,240
Cap Rate 7%
$1,158,743
Cap Rate 9%
$901,244
Alternative Uses
Best Use
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $81,112 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,834 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
23,500 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
1k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Tires Plus
Shops & Services
1,054 visits/mo
0.1 miles
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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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant improvements include a commercial kitchen, dining space, bar, restrooms, and an enclosed patio.
Where is this conventional restaurant located?
The property is located at 2502 Hwy 87 S Navarre, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 2025‑built, 6,140+- SF freestanding restaurant property; 2.03+- acres with approximately 79 parking spaces; 369+- feet of frontage on Hwy 87; exposure to 23,500 vehicles daily
