Investment Overview

Marcus & Millichap is pleased to present 3065 Adora Teal Way, a 4.99-acre entitled self-storage and RV/boat storage development site in Crestview, Florida. The site carries an approved Development Order for 92,700 square feet across five enclosed storage buildings and a covered RV/boat canopy, with civil engineering complete, permits active, and site work already commenced by the seller. This is not raw land. The entitlement package, approved site plan, completed civil engineering and commenced grading represent an estimated $400,000 to $900,000 of embedded value and remove 12 to 24 months from a typical development timeline. The next developer inherits a shovel-ready position in a market where new supply has been constrained by financing conditions. Crestview is the fastest-growing city in Okaloosa County and the seat of a county anchored by Eglin Air Force Base and Hurlburt Field. The Williams International gas-turbine plant — a $1.04 billion investment at Shoal River Ranch — completes its 250,000 SF first phase in December 2026 and scales toward one million square feet by 2035. StorageCafe ranks Crestview #2 nationally for self-storage rental income per capita. There is no competing storage facility within one mile of the subject. Eleven facilities operate within five miles, and only one offers covered RV and boat storage — a product type with the lowest construction cost per square foot in the storage sector and, in this market, the least competition. The offering is presented on a two-option basis: $2,000,000 for the full 8.24-acre assemblage, or $1,400,000 for the entitled 4.99-acre site on its own. The financial section that follows presents a full development program — unit mix, construction budget, operating statement and ten-year cash flow — built from current market rents and 2026 construction pricing, so that a purchaser can underwrite the site against their own cost basis and capital structure rather than a promoted return.