Building Details

Building Size 3,445 SF

Listing Agency: Bellcore Commercial LLC

Listed By: Melissa Simpson, CCIM · License #FL #BK3338591 Show Phone

Source: Bellcorecommercial

Added: Aug 21 Changed: Oct 6 Last Checked: Oct 5 at 5:01PM

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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 Bellcore Commercial LLC

Investment Insights

Based on property information with market context.

This freestanding storefront property features a newly installed roof and sits along US Highway 90 in Pace, Florida. The building occupies the first structure on the eastbound side as motorists enter Pace, providing a prominent position along the corridor.

Access is supported by a full median cut on US Highway 90, with 150 feet of highway frontage. The property is positioned just beyond the US Highway 90 and Woodbine Road intersection and benefits from reported average annual daily traffic of 37,500. Demographic data identifies a total population of 49,073 within 5 miles.

Key Highlights

• Freestanding storefront building in Pace, FL
• New roof
• 150 Ft of Hwy Rd Frontage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,510

Cap Rate

5.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$910,200 $910.2K

Cap Rate 7%

$650,143 $650.1K

Cap Rate 9%

$505,667 $505.7K

Market Conditions

NOI Build-Up for 3,445 SF

Gross rent

$65.3K $18.96/SF

− Vacancy

−$4.6K −$1.35/SF

EGI

$60.7K $17.61/SF

− OpEx

−$15.2K −$4.40/SF

NOI

$45.5K $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%

$910,200

Cap Rate 7%

$650,143

Cap Rate 9%

$505,667

Alternative Uses

Best Use

Specialty Retail

$650.1K

$568.9K – $758.5K (±1% cap)

NOI $45,510 @ 7.0% cap · market cap 5.35%

Second Best

Retail

$529.6K

$463.4K – $617.8K (±1% cap)

NOI $37,070 @ 7.0% cap · market cap 4.36%

Theoretical Best

Office A

$848.3K

$742.3K – $989.7K (±1% cap)

NOI $59,381 @ 7.0% cap · market cap 6.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Parking Lot & Garage Grocery & Convenience Store Bakery HVAC Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

358

Businesses Nearby

46k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 56% Shops & Services 25% Apparel 18%

McDonald's Dining

19,214 visits/mo 0.1 miles

Raceway Shops & Services

9,123 visits/mo 0.0 miles

Goodwill Apparel

8,427 visits/mo 0.4 miles

Waffle House Dining

6,603 visits/mo 0.1 miles

Zips Car Wash Shops & Services

2,589 visits/mo 0.1 miles

Demographics for 32571, FL

38,885

Population

15,041

Households

2.6

Avg Household Size

39

Median Age

33%

College-Educated

93%

High-School Grad

112.6 sq mi

ZIP Area

345

Density / Sq Mi

$89,137

Median Household Income

$46,400

Median Earnings

$1,186

Median Rent

$281,600

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Freestanding commercial building with a new roof and access from US Highway 90.

Where is this storefront property located?

The property is located at 3601 Highway 90 Pace, FL.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: Freestanding storefront building in Pace, FL; New roof; 150 Ft of Hwy Rd Frontage