Current Use by Public Records
- Circle K / Gas Station
Property Details for 5720 Highway 85
- Year built
- 2023
- Lot size
- 1.58 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a newly constructed, 5,200 square foot Circle K convenience store located at 5720 Hwy 85 N, Crestview, FL 32536. Boasting a 15-year absolute NNN lease (commencing October 1, 2023, and expiring October 1, 2038) with a credit-rated tenant, this property offers a secure and stable income stream. The lease includes 5% rent bumps every five years and eight 5-year renewal options. Situated on a 1.58-acre lot with 29 parking spaces, the property benefits from its prime location across from a high-performing Publix-anchored shopping center (ranking in the top 87th percentile nationwide). This strategic placement ensures significant cross-traffic and exposure. The property's proximity to Crestview Marketplace, a Winn-Dixie anchored center, and nearby residential developments further enhances its desirability. The strong local demographics, including a growing population and high average household income (exceeding $101,184 within a 1-mile radius), contribute to the property's exceptional investment potential. The property also benefits from its adjacency to Davidson Middle School. With a 4.74% cap rate and a net operating income (NOI) of $97,200, this Circle K presents a compelling investment opportunity with a strong return. The asking price is $2,050,000. The property features one single-story building built in 2023, and sits on a ground lease. The property's APN is 33-4N-23-0000-0057-0050.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Crestview
- County
- Okaloosa
- State
- Florida
- Longitude
- -86.5578
- Latitude
- 30.7953
