28 Perry Ave SE
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28 Perry Ave SE
3,727 SF Office Building Fort Walton Beach, FL 32548 $725,000 ($195/SF) 7.20% Cap Rate
Investment Highlights
- Long standing national tenant with 30-year track record
- Attractive 7% CAP Rate offering price
- Freestanding all-brick building with a durable metal roof
Executive Summary
28 Perry Avenue is home to the Hanger Clinic. This unique medical user specializes in Prosthetics and Orthotics and has been in this location since 1997. This freestanding 3432 SF building is occupied by a national company that has over 900 locations. The medical office is a brick, single story facility with a standing seam metal roof, efficient layout consisting of reception area, 5 exam rooms, 3 restrooms, kitchen area and light manufacturing area. The long standing tenant has an existing lease that currently runs thru April 30, 2027 with 2 additional option terms thereafter. The current Net Operating Income is $52,193 and is being offered at a 7.2% CAP rate.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$68,497
|
$18.38
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$68,497
|
$18.38
|
| Taxes |
$7,179
|
$1.93
|
| Operating Expenses |
$9,124
|
$2.45
|
| Total Expenses |
$16,303
|
$4.37
|
| Net Operating Income |
$52,194
|
$14.00
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $68,497 |
| Annual Per SF | $18.38 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $68,497 |
| Annual Per SF | $18.38 |
| Taxes | |
|---|---|
| Annual | $7,179 |
| Annual Per SF | $1.93 |
| Operating Expenses | |
|---|---|
| Annual | $9,124 |
| Annual Per SF | $2.45 |
| Total Expenses | |
|---|---|
| Annual | $16,303 |
| Annual Per SF | $4.37 |
| Net Operating Income | |
|---|---|
| Annual | $52,194 |
| Annual Per SF | $14.00 |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
3,727 SF
Building Class
B
Year Built/Renovated
1986/1996
Price
$725,000
Price Per SF
$195
Cap Rate
7.20%
NOI
$52,193
Tenancy
Single
Building Height
1 Story
Typical Floor Size
3,727 SF
Building FAR
0.19
Lot Size
0.45 AC
Parking
19 Spaces (5.1 Spaces per 1,000 SF Leased)
Amenities
- Signage
1 of 1
Walk Score ®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 13-2S-24-1910-0378-0000 | Total Assessment | $536,368 |
| Land Assessment | $190,209 | Annual Taxes | $7,179 ($1.93/SF) |
| Improvements Assessment | $346,159 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
13-2S-24-1910-0378-0000
Land Assessment
$190,209
Improvements Assessment
$346,159
Total Assessment
$536,368
Annual Taxes
$7,179 ($1.93/SF)
Tax Year
2023
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28 Perry Ave SE
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