1688 Scenic Gulf Dr Miramar Beach, FL 32550-6937

Property Details for 1688 Scenic Gulf Dr

Year built

1974

Construction

STEEL FRAME

Lot size

0.45 lot acres

Property size

8,726 SF

Property type

Community centers

APN

32-2S-21-42260-000-0231

APU

322S21422600000231

Description

This exceptional retail property, located at 1688 Scenic Gulf Drive in Miramar Beach, Florida, presents a lucrative investment opportunity. The 8,726 square foot building boasts a prime location directly across from the Gulf of Mexico, ensuring high visibility and significant foot traffic from tourists and residents alike. Currently operating at 100% occupancy with a diverse tenant mix including a national franchise (Dairy Queen), a real estate agency (Emerald Coast Beach Home Realty), and a local restaurant (Pascali Kitchen), the property generates a substantial annual rental income of $248,814. The current leases are nearing their end, providing a potential for significant rental increases. The primary tenant occupies 4,574 square feet and pays below-market rent, offering further upside potential. Annual CAM charges are $34,639.35. The asking price is $8,650,000, representing a 5.00% cap rate. The property is offered as a free-standing building with the possibility of redevelopment up to three stories. The seller is also willing to sell the existing inventory and may consider remaining as a tenant. This presents a unique opportunity to acquire a high-performing retail complex in a highly desirable location. A package deal including two additional properties is also available for a total price of $18,999,999. The remaining lease term on the current tenants is two years. The property is classified as multi-tenancy with a gross lease type.