Aaron's | Repositioning Opportunity 726 Us Highway 331 S

Graystone Capital Advisors is pleased to present the exclusive offering of 726 US Highway 331 S in DeFuniak Springs, Florida. The Offering consists of a 10,350 square foot building with a loading dock, positioned on an 0.83 Acre Parcel.
There is 120 square feet of frontage on US 331, a major highway running North to South through Florida connecting DeFuniak Springs to Freeport and Santa Rosa Beach, home to the world famous beaches of 30A. Over 31,500 vehicles pass the site daily. The site is also less than a mile to Downtown DeFuniak Springs drawing traffic to the site. It is also less than two miles to the on and off ramp of I-10, the major East to West Interstate through Northern Florida that has an average daily traffic count of 72,000.
Santa Rosa Beach is geographically the largest beach neighborhood in Walton County, having over 5.3 Million annually with an economic impact of $7.2 Billion. As such, surrounding communities such as DeFuniak Springs are growing rapidly requiring an abundance of residential and commercial development, along with growth of the hospitality sector. Within proximity to the site are 180 Residential Homes under construction, with a total of 400 available lots along with 120 Town Homes under construction. Additionally, a Verteran’s Lodge community is underway nearby as well along with a 7 Acre Commercial site being developed to include a Tractor Supply Company. Other new developments include a Dollar General, Chick Fil A, Del Taco, and popular vineyard.
Additionally, DeFuniak Springs is the County Seat of Walton County ensuring economic stability. Other positive nearby economic drivers include Eglin Air Force Base, home to 74,000 jobs and a $9 Billion Annual impact, Northwest Florida State College (8,334 Students), and DeFuniak Springs Municipal Airport. The site is also nearly equidistant from two international airports, Destin-Fort Walton Beach Airport (34 Miles) and Northwest Florida Beaches International Airport (45 Miles).
Currently the Offering is occupied by Aarons who has been operating at the site since 2013. Additionally ancillary income comes from 750 square feet of storage space. Both leases are up early 2025, allowing a new investor various opportunities to reposition. Aaron’s current rent per square foot is significantly below market at $5.25 with a current NOI of $37,300. Given there are no further options, a new investor can restructure the lease to be fully NNN and increase rents to market rent, which is estimated at $15 to $20 NNN. There is also significant tenant demand in the area due to DeFuniak Springs rapid growth. Therefore, the possibility to re-tenant or redevelop is also a lucrative strategy for an investor.