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Office

45 Eglin Parkway NE

45 Eglin Pkwy NE, Fort Walton Beach, FL 32548

Listing Price: $9,850,000

Cap Rate
7.75%
Gross SF
30,334
Rentable SF
30,334
Price/Gross SF
$324.72
Lot Size
1.69 acres
Year Built
2009

Investment Overview

Marcus & Millichap is pleased to present Forty-Five Eglin Professional Centre which is Class-A, three-story office building located in Fort Walton Beach,
Florida. This property is comprised of three condominium units that will be converted to fee simple ownership upon a sale. This asset was constructed in
2009, spans over 30,000 SF of rentable building area, and includes high-quality office finishes for its respective tenants. The subject property is 100 percent occupied and is anchored by Merrill Lynch Pierce Fenner & Smith Inc which boasts an A+ credit rating according to S&P Global Ratings and Warren Averett which is the fifth largest CPA firm in the Southeast Region (800 employees in 15 total offices and featured on the Forbes 2021 list as one of the best accounting firms in the United States).

Warren Averett occupies units 3 & 4 within the subject property which accounts for 51 percent of the RBA and operates under a desirable NN lease structure. Warren Averett has remained in its respective suite since the buildings original construction in 2009 along with Merrill Lynch Pierce Fenner & Smith which accounts for 25 percent of the RBA and operates under a NN lease structure as well. Ownership spent $60k on updating the flooring and other interior improvements for Merrill Lynchs suite at the end of 2019. The property includes four total tenants and the two remaining tenants are Coldwell Banker and M.E. Wilson Company LLC d/b/a Waldorff Insurance and Bonding that make up the outstanding 25 percent of RBA.

The Forty-Five Eglin Professional Centre is the premier multi-tenant office building within the Fort Walton Beach, FL submarket with limited competition of similar-like office properties in the immediate area. This investment offering provides a prospective investor the unique opportunity to acquire a stabilized office-building with three tenants who have a long-standing operating history at the subject property which speaks to their success and commitment to the location. The staggered lease terms mitigate rollover risk for a future investor and the net lease structure makes this opportunity more passive and shields the future investor from a potential rise in operating expenses. The property is strategically positioned off the intersection of Eglin Parkway and Staff Drive, a heavily trafficked thoroughfare that has more than 42,500 vehicles per day and is one mile from State Road 98 which is the major roadway throughout the Florida panhandle beach communities. Fort Walton is located between Pensacola and Panama City. There are over 73,000 people who live within a five-mile radius of the property and an average household income of over $75,000 which is higher than the US national average. Additionally, the Eglin Air Force Base resides 6 miles northeast of the subject property and is known as one of the largest air force bases in the United States.

Investment Highlights

  • Class-A office building with the ability to achieve double-digit cash on cash returns
  • Three of the four tenants have remained in their suites since the original 2009
  • Strategically situated off the intersection of Eglin Parkway & Staff Drive
  • Florida is an income tax-free state

Exclusively Listed By

Broker of Record

  • Ryan Nee

    First Vice President / District Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

Listing Price: $9,850,000

Cap Rate
7.75%
Gross SF
30,334
Rentable SF
30,334
Price/Gross SF
$324.72
Lot Size
1.69 acres
Year Built
2009

Investment Highlights

  • Class-A office building with the ability to achieve double-digit cash on cash returns
  • Three of the four tenants have remained in their suites since the original 2009
  • Strategically situated off the intersection of Eglin Parkway & Staff Drive
  • Florida is an income tax-free state

Investment Overview

Marcus & Millichap is pleased to present Forty-Five Eglin Professional Centre which is Class-A, three-story office building located in Fort Walton Beach,
Florida. This property is comprised of three condominium units that will be converted to fee simple ownership upon a sale. This asset was constructed in
2009, spans over 30,000 SF of rentable building area, and includes high-quality office finishes for its respective tenants. The subject property is 100 percent occupied and is anchored by Merrill Lynch Pierce Fenner & Smith Inc which boasts an A+ credit rating according to S&P Global Ratings and Warren Averett which is the fifth largest CPA firm in the Southeast Region (800 employees in 15 total offices and featured on the Forbes 2021 list as one of the best accounting firms in the United States).

Warren Averett occupies units 3 & 4 within the subject property which accounts for 51 percent of the RBA and operates under a desirable NN lease structure. Warren Averett has remained in its respective suite since the buildings original construction in 2009 along with Merrill Lynch Pierce Fenner & Smith which accounts for 25 percent of the RBA and operates under a NN lease structure as well. Ownership spent $60k on updating the flooring and other interior improvements for Merrill Lynchs suite at the end of 2019. The property includes four total tenants and the two remaining tenants are Coldwell Banker and M.E. Wilson Company LLC d/b/a Waldorff Insurance and Bonding that make up the outstanding 25 percent of RBA.

The Forty-Five Eglin Professional Centre is the premier multi-tenant office building within the Fort Walton Beach, FL submarket with limited competition of similar-like office properties in the immediate area. This investment offering provides a prospective investor the unique opportunity to acquire a stabilized office-building with three tenants who have a long-standing operating history at the subject property which speaks to their success and commitment to the location. The staggered lease terms mitigate rollover risk for a future investor and the net lease structure makes this opportunity more passive and shields the future investor from a potential rise in operating expenses. The property is strategically positioned off the intersection of Eglin Parkway and Staff Drive, a heavily trafficked thoroughfare that has more than 42,500 vehicles per day and is one mile from State Road 98 which is the major roadway throughout the Florida panhandle beach communities. Fort Walton is located between Pensacola and Panama City. There are over 73,000 people who live within a five-mile radius of the property and an average household income of over $75,000 which is higher than the US national average. Additionally, the Eglin Air Force Base resides 6 miles northeast of the subject property and is known as one of the largest air force bases in the United States.

Exclusively Listed By

Broker of Record

  • Ryan Nee

    First Vice President / District Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

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