555 Scenic Highway Cir Pensacola, FL 32503

Property Details for 555 Scenic Highway Cir

Year built

1955

Lot size

0.39 lot acres

Property size

2,868 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional opportunity presents the acquisition of Agapi Bistro and Garden, a fully renovated, 2,868 square foot restaurant located at 555 Scenic Highway, Pensacola, Florida 32503. The property, built in 1955 and extensively renovated in 2020, boasts a prime corner location with excellent visibility and ample parking (40 spaces). The building sits on a 0.39-acre lot and features a drive-thru window, a full bar with a liquor license, and a fully equipped commercial kitchen. Recent upgrades include a new roof (2020), a 7.5-ton HVAC system (2024), and a recently seal-coated and re-striped parking lot. The interior includes dining areas, event spaces, and a beautifully landscaped outdoor area perfect for private events. This outdoor space features outdoor cooking facilities, a wet counter, a champagne wall, a photo area, and a dance floor. The property currently generates a Net Operating Income (NOI) of $225,000, with a 13.85% cap rate and an asking price of $1,625,000 ($566.60/sq ft). The current occupancy is vacant, with an occupancy date of October 7, 2024. The property is zoned R-NC and includes all furniture, fixtures, and equipment (FF&E). Significant value-add potential exists by expanding operating hours (currently closed Sundays and Mondays, no lunch service) and leveraging the existing wine club (100+ members with a waiting list). The chef is available for training during the transition, if desired. This is a truly unique opportunity to acquire a well-established restaurant with a strong reputation in a desirable Pensacola location.