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28 Perry Ave SE

3,727 SF Office Building Fort Walton Beach, FL 32548 £576,752 (£155/SF) 7.20% Net Initial Yield

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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.

Hanger Bldg - Larger Marketing Flyer

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	£54,491	£14.62
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	£54,491	£14.62
Taxes	£5,711	£1.53
Operating Expenses	£7,258	£1.95
Total Expenses	£12,969	£3.48
Net Operating Income	£41,521	£11.14

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	£54,491
Annual Per SF	£14.62

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	£54,491
Annual Per SF	£14.62

Taxes
Annual	£5,711
Annual Per SF	£1.53

Operating Expenses
Annual	£7,258
Annual Per SF	£1.95

Total Expenses
Annual	£12,969
Annual Per SF	£3.48

Net Operating Income
Annual	£41,521
Annual Per SF	£11.14

Property Facts

Sale Type

Investment

Property Type

Office

Property Subtype

Medical

Building Size

3,727 SF

Building Class

Year Built/Renovated

1986/1996

Price

£576,752

Price Per SF

£155

Net Initial Yield

7.20%

NOI

£41,521

Tenancy

Single

Number of Floors

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)

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PROPERTY TAXES

Parcel Number	13-2S-24-1910-0378-0000	Total Assessment	£422,041
Land Assessment	£149,666	Annual Taxes	£5,711 (£1.53/sf)
Improvements Assessment	£272,375	Tax Year	2023