Mixed-Use Opportunity: Spanish Trace includes two retail units, totaling over 6,000 SF, to diversify the income stream for new ownership. One of the retail spaces is vacant, allowing for a lease-up opportunity to increase NOI.
Additional Land To Develop: The offering includes a neighboring 0.85 acres that has been zoned for multifamily use with up to 33 units. New ownership will have the opportunity to develop this land.
Potential to Convert Retail to Multifamily: New ownership will have the option to convert the two retail spaces into four 3 bed units to potentially increase income and consolidate operations fully into multifamily.
Low Turnover with Constrained Supply: Turnover has historically been very low at the property and in the market as a whole. 7 of the tenants have been at the property since 2021 or longer and the property has a continuous waiting list. Okaloosa County population has grown by 17.1% since 2010, contributing to supply pressure.
High-Quality School System: Tenants at Spanish Trace will have access to one of Niceville’s best school districts, all within 1.5 mile, including Niceville Senior HS, C.W. Ruckel Middle School, and Lula J. Edge Elementary. All schools are rated 7/10 according to greatschools.org.
Proximity To Nearby Demand Drivers: Spanish Trace offers tenants quick access to area demand drivers, including:
Major Employers: Okaloosa County is home to many large employers in the area including:
Eglin Air Force Base: Eglin Air Force Base is the largest Air Force Base in the world, has an economic impact in the region over $2.93 billion, and provides jobs for over 20,000 military & civilians.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Spanish Trace") located in Niceville, Florida.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Niceville, Florida and known as Spanish Trace (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: