Address: 749 Beal Pkwy NW, Fort Walton Beach, Florida, United States 32547
Type: Net Leased Car Wash
Cap Rate: 7.00%
Lease Type: Triple Net (NNN)
Annual Rent: $291,000
Net Operating Income: $291,000
Lease Term Remaining: 20 Years
Rental Increases: 1.50% Annually
Options: Four (4), Five (5) Year Option Periods
Rentable Sq/Ft: 3,648 SF
Rent Sq/Ft: $79.77
Price Sq/Ft: $1140
Lot Size: 1.25
Marcus & Millichap is pleased to present the exclusive listing for a Caliber Car Wash located at 749 Beal Pkwy NW, Fort Walton Beach, FL 32547. The property consists of 3,648 square feet of building space and is situated on approximately 1.25 acres of land. The tenant will enter into a brand new, 20-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the close of escrow. The lease will call for 1.50% rental increases annually that will continue through the base term and into the four, five-year tenant renewal options. The lease will carry a personal guaranty for the first five years of the lease which then converts to a corporate guaranty from Caliber Car Wash. Caliber Car Wash currently has two locations operational and is in the process of developing 15 more car washes across the southeastern United States.
This Caliber Car Wash property is located at 794 Beal Parkway in Fort Walton, Florida. Fort Walton is located in Southern Okaloosa County and is the principal city of the Fort Walton Beach−Destin Metropolitan Statistical Area. Fort Walton Beach, located about 30 miles from Pensacola, is a year-round fishing and beach resort community.
SURROUNDING RETAIL & POINTS OF INTEREST This property is strategically located on an easily accessible and visible parcel that is adjacent to several major traffic generators for the area including Lowes, Walmart, Winn Dixie, Kohls and Sam’s Club. Other major national tenants in the surrounding area include CVS, Taco Bell, Chick-fil-A, Hardee’s, Family Dollar and Exxon. Highway 20 nearby provides for easy transportation access to nearby cities including Pensacola and Tallahassee. Fort Walton Beach Medical Center is located less than a mile away from this Caliber Car Wash and boasts 257 beds and 200 physicians. Additionally the property has several academic institutions within a two-mile radius, including Northwest Florida State College and Okaloosa Technical College where enrollment exceeds 17,000 students.
TRAFFIC COUNTS & DEMOGRAPHICS
The subject property has approximately 53,000 individuals residing within a three-mile radius and 75,000 individuals within a five-mile radius. This Caliber Car Wash is located on Beal Parkway, which experiences an average daily traffic count of 41,000 vehicles. Beal Parkway intersects Racetrack Road NW, which brings an additional 36,000 vehicles per day to the immediate area.
Located in Florida’s panhandle, Pensacola is surrounded by 50-plus miles of coastline which includes the emerald-green Gulf of Mexico waters and crystal-clear bay areas. This makes Pensacola the perfect combination of a relaxed beach town and bustling metropolitan center. The temperate climate and friendly community that is driven toward success present an unparalleled quality of life. There is no shortage of entertainment, and Pensacola prides itself on its diverse and emerging cultures. Annual festivals, events and performances display the region’s greatest musicians, food, shows and vendors that captivate the heart and history of the area. Residents benefit from an abundance of resources, from the more than 40 primary and secondary schools which boast some of the highest standardized test scores in the state, to area hospitals and retirement homes which have won numerous awards and continuously rank among the best in the state. Pensacola’s heritage includes a mix of many different cultures, making it the ideal place to learn, grow, work and play. The variety of opportunities available in Pensacola attracts people from all backgrounds to the region. From military personnel to snowbirds, the area is rich in life, commerce and southern culture.
Broker of Record: Ryan Nee License #BK3154667