726 Us-331 DeFuniak Springs, FL 32435

Property Details for 726 Us-331

Year built

1998

Lot size

0.83 lot acres

Property size

10,350 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional redevelopment opportunity presents a 10,350-square-foot storefront building situated on a 0.83-acre lot in DeFuniak Springs, Florida. Currently occupied by Aaron's Furniture under a modified gross lease expiring March 31, 2025, this single-tenant property offers significant upside potential. The building, constructed in 1998, features a loading dock and boasts 120 feet of frontage on US-331, a major highway with over 31,500 vehicles passing daily. Its strategic location is less than two miles from I-10 and close to downtown DeFuniak Springs, benefiting from the area's robust growth. The property's current Net Operating Income (NOI) is $43,300, with the existing lease significantly below market rent ($5.88/SF). The absence of lease options allows for immediate repositioning, whether through lease restructuring to achieve market rates (estimated at $15-$20/SF NNN) or by re-tenanting. The surrounding area is experiencing substantial development, including new residential homes, townhomes, and commercial projects, further enhancing the property's value. DeFuniak Springs' status as the Walton County seat ensures economic stability, complemented by nearby Eglin Air Force Base and Northwest Florida State College. The property's proximity to two international airports adds to its appeal. This is a compelling value-add investment in a rapidly growing market. The property's Parcel Number (APN) is 34-3N-19-19000-027-0000. The permitted zoning is Commercial. Additional income is generated from approximately 750 square feet of storage space. The asking price is $1,100,000.