555 Scenic Highway Cir, Pensacola, FL 32503

Property Details for 555 Scenic Highway Cir

Year built

1955

Lot size

0.39 lot acres

Property type

Retail properties & Spaces

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.

Location Insight

City

Pensacola

County

Escambia

State

Florida

Longitude

-87.1785

Latitude

30.4268