182 E Us Hwy 90, Defuniak Springs, FL 32435

Property Description

Completely renovated top to bottom in 2025, this 3,600 SF (heated + cooled) concrete-and-stucco office building sits on a corner lot at Hwy 90 and S 11th St in downtown DeFuniak Springs, for excellent visibility and access. It's a few blocks from Lake DeFuniak and about 30 minutes from the beaches of South Walton. It has city commercial zoning and is in flood zone X. The building has 11 income producing offices plus shared common areas: a conference room, reception, kitchen, 4 ADA restrooms and 14 parking spaces. Everything was replaced in the 2025 renovation, including both AC units and the water heater. Six of the 11 units are leased on 12-month terms that renew automatically unless a tenant gives 30 days' notice. They bring in $5,500/month (about 55% occupancy). Fully leased, rent rises to $10,050/month, or $120,600 a year. Operating costs are low: about $17,800 a year for insurance, property taxes, electric, water, internet and cleaning, or roughly 15% of rent. Fully leased, with a 5% vacancy allowance, the pro forma shows an 11.2% cap rate. With 20% down at 8% over 20 years, that's about $2,250/month in cash flow after the loan payment, a 15.6% cash-on-cash return. The rent roll and pro forma are in the MLS documents. Available downtown office space keeps getting harder to find. Lease up the vacant suites, or move your own business in and let the other tenants help cover the mortgage.