✦ Confidential Investor Package  ·  March 2026
Freestanding RestaurantSale-Leaseback Opportunity
1968 Highway 87
Navarre, FL 32566  ·  Freestanding 2nd Generation Restaurant  · 
3,075 SF Building 0.54 Acres Site 100% Occupied Operating 40 Spaces Parking 16,450 VPD SR-87 Full Kitchen 2nd-Gen Infra Below Replacement Cost
$895,000
List Price
$291/SF
$58,089
Imputed NOI
NNN basis
8.0%
Anchor Cap Rate
7.3% Navarre mkt
$940,000+
Replacement Cost
Below cost to build
1.5%
Navarre Vacancy
vs. 3.9% MSA avg
Section 01
Executive Summary

GoCommercial presents a comprehensive pricing analysis and marketing proposal for 1968 Highway 87, Navarre, Florida — a fully operational freestanding 2nd generation restaurant currently operating as Scooter's Fish House, offered for sale with exceptional infrastructure value, strong traffic visibility, and meaningful upside through a formal NNN lease execution.

The Asset
  • 3,075 SF freestanding restaurant on 0.54 acres
  • 100% occupied — Scooter's Fish House (since Jan 2024)
  • Full 2nd-gen infrastructure: commercial kitchen, hood/exhaust, grease trap, walk-in cooler/freezer, fire suppression
  • 40 parking spaces (13.01/1,000 SF)
  • 78-ft frontage on SR-87 with freeway visibility
  • Fee simple ownership
Pricing Conclusion
Income Approach (8.0% Cap)~$718,000
Sales Comparison Range$845K–$1,050K
Replacement CostAbove List Price
BOV (~$275/SF)~$845,000
Recommended List$895,000
NNN Upside
⬆ Value Enhancement
Executing a market-rate NNN lease at $20–$21/SF with current or incoming tenant repositions as an investment-grade asset and supports value of $975,000–$1,050,000 — adding $80,000–$200,000 over the owner-operated basis.
  • Navarre mkt cap rate: 7.3%
  • Market NNN rent: $20.12–$22.04/SF
  • 5-yr rent growth: 4.1%/yr
  • Zero new restaurant supply
💡 Investment Thesis
This asset delivers a fully operational restaurant platform below replacement cost, in one of Florida's tightest retail submarkets (1.5% vacancy), with a clear path to investment-grade repositioning. A buyer executing a market-rate NNN lease with the current operator could immediately unlock $80,000–$200,000 in additional value and access institutional-quality financing.
Section 02
Property Overview
Property Specifications
Address1968 Highway 87, Navarre, FL 32566
Property TypeFreestanding 2nd Generation Restaurant
Building Size3,075 SF
Land Area0.54 Acres (23,522 SF)
Year Built1983 — Established Commercial Corridor
Current OperatorScooter's Fish House (since January 2024)
Occupancy100% — Owner-Operated
Parking40 Free Surface Spaces (13.01/1,000 SF)
Frontage78 feet on SR-87
Traffic (at site)16,450 VPD on SR-87 (2025)
Traffic (Navarre Pkwy/SR-87)30,039 VPD (0.6 miles, 2025)
VisibilityAir Conditioning, Freeway Visibility, Signage
InfrastructureCommercial kitchen, hood/exhaust, grease trap, walk-in cooler/freezer, fire suppression
ConditionAverage — Fully Functional & Operating
OwnershipFee Simple · John P. Poates (acquired 2020)
Key Features & Value Drivers
🍳
Full 2nd-Gen Restaurant InfrastructureEliminates $90,000–$150,000 in kitchen buildout costs for incoming operators
🅿️
Best-in-Class Parking40 spaces at 13.01/1,000 SF — well above typical restaurant standards of 8–10/1,000 SF
🛣️
Strong Traffic & Visibility78-ft frontage on SR-87 with freeway visibility; 30,039 VPD at Navarre Pkwy intersection
📈
High-Growth Trade Area1.5% retail vacancy; 15.4% five-year pop. growth; $95,622 median HH income within 5 miles
🏗️
Below Replacement Cost$940,000+ to build equivalent today — list price well below new construction
📋
Broad Buyer UniverseOwner-operators, investors, 1031 buyers, restaurateurs, value-add redevelopers
Section 03
Market Analysis
Navarre & Pensacola MSA Commercial Market

The Navarre retail and commercial market is one of the most supply-constrained in the greater Pensacola MSA. As of Q1 2026, Navarre's retail vacancy rate stands at just 1.5% compared to 3.9% for the broader Pensacola market, driven by strong population growth, limited new construction, and sustained demand from military families, retirees, and wealth migration into Santa Rosa County.

NNN asking rents for restaurant/retail peers along the SR-87 corridor and Navarre Parkway average $20.12/SF (CoStar peer set of 17 comparables), with the Navarre submarket averaging $22.04/SF NNN. The subject's CoStar-estimated NNN market rent range is $19.47–$23.79/SF. Five-year average annual rent growth in the Navarre submarket is 4.1%. Notably, there is currently zero new restaurant construction in the pipeline for the immediate submarket.

The Pensacola MSA benefits from a strong military anchor — NAS Pensacola with 16,000+ military personnel and 7,400 civilian employees — plus 35,000+ military retirees, providing a stable, recession-resistant employment and consumer base.

Key Market Metrics
Navarre Retail Vacancy
1.5%
Pensacola MSA Vacancy
3.9%
Navarre NNN Submarket Avg
$22.04/SF
Peer Avg NNN Rent (17 comps)
$20.12/SF
5-Mile Pop. Growth (5-yr)
+15.4%
Recent New Restaurant Openings Within 3 Miles
ConceptAddressStatus
McDonald's7360 Navarre PkySold Oct 2025 · 4.3% cap · 20-yr NNN
Panera Bread8844 Navarre Park LnCompleted Jan 2025 · 100% leased
Chipotle8333 Mikajack AveCompleted Aug 2024 · 100% leased
7Brew Coffee8534 Navarre PkyCompleted Dec 2025 · 100% leased
Trade Area Demographics (5-Mile Radius)
50,733
Population
5-mi radius
+15.4%
Pop. Growth
5-year
$95,622
Med. HH Income
5-mi radius
$1.8B
Buying Power
5-mi radius
40
Median Age
5-mi radius
29.7%
College Grads
5-mi radius
Section 04
Financial Analysis & Underwriting
Basis of This Analysis
This analysis values the fee simple real estate only. No restaurant operating financials were reviewed. All income analysis uses imputed market-rate NNN rent, consistent with how a commercial investor would underwrite the property as vacant or re-tenanted. The NNN structure means the tenant is responsible for real estate taxes, insurance, and maintenance — keeping landlord expenses minimal. Three standard approaches are applied: income capitalization, sales comparison, and replacement cost.
Imputed NNN Rent Pro Forma
Line ItemAnnualPer SF
Revenue
Market NNN Rent Range (CoStar Peer Est.)—$19.47–$23.79
Applied Midpoint Rent (Conservative)$63,038$20.50/SF NNN
Less: Vacancy & Credit Loss (5%)($3,152)($1.02)
Effective Gross Income (EGI)$59,886$19.47
Landlord Expenses (NNN Basis)
Management / Admin (3% of EGI)($1,797)($0.58)
Taxes, Insurance, MaintenanceTenant's responsibility—
NET OPERATING INCOME (NOI)~$58,089$18.89
NNN Structure Advantage
Under a NNN lease, the tenant pays taxes, insurance, and maintenance directly. Landlord's only ongoing obligation is mortgage/debt service. This creates a near-passive income stream — a key advantage of this asset class.
Income Approach — Cap Rate Sensitivity
Cap RateNOIIndicated Value$/SF
6.5%$57,500$884,615$288
7.0%$57,500$821,429$267
7.3% (Navarre Market)$57,500$787,671$256
8.0% (Anchor — No Lease)$57,500$718,750$234
8.5%$57,500$676,471$220
9.0%$57,500$638,889$208
Cap Rate Note
A 100–150 bps premium above the 7.3% Navarre market cap rate is applied to reflect the absence of a formal lease. If a NNN lease is executed prior to sale, the full 7.3% market cap applies — supporting values of $975,000+.
Section 05
Sales Comparison Analysis

Six highly relevant freestanding restaurant sales in the Pensacola/Navarre MSA from March 2024 through November 2025 (sourced from CoStar Group, March 2026). A 20% downward adjustment is applied to NNN-leased comps to reflect the owner-operated/no-formal-lease status of the subject.

Property / AddressYr BltBldg SFUnadj. $/SFSale DateAdj. $/SFKey Note
Shrimp Basket, 709 N Navy Blvd19503,444$348Nov 2025$363Similar size; independent restaurant
203 Brooks St SE19673,914$268Nov 2025$303Older vintage; occupied
Shrimp Basket, 6501 Davis Hwy19984,122$371Jun 2025$306NNN leased; −20% no-lease adj.
3352 Highway 8720035,402$278Jan 2025$303Same road (SR-87); larger size adj.
Shrimp Basket, 711 US-9819834,783$429Mar 2024$358Same vintage 1983; NNN adj.
Ruby Tuesday, Gulf Breeze Pky20025,964$360Dec 2024$305NNN leased; newer; larger adj.
Adjusted Sales Comparison Range (6 Comps, Owner-Operated Basis)$303–$363/SFMidpoint ~$945,000
Sales Comparison Conclusion
The adjusted comparable analysis supports a value range of $845,000–$1,050,000, with a midpoint of approximately $945,000. Applying a conservative owner-operated discount, the concluded value at this approach is approximately $845,000–$895,000.
McDonald's NNN Benchmark
A nearby McDonald's at 7360 Navarre Pky sold for $2,209,302 in October 2025 at a 4.3% cap rate on a new 20-year NNN lease — confirming exceptional investor appetite for NNN restaurant assets in this submarket at aggressive cap rates.
Section 06
Real Estate Valuation
① Income Approach

Capitalized at 8.0% anchor (owner-op, no formal lease). Navarre market cap rate: 7.3%.

$718,000
@ 8.0% Cap
↑ $788,000 at 7.3% cap if NNN lease in place
Conservative basis — reflects absent formal lease. Market 7.3% cap applicable upon lease execution.
② Sales Comparison

6 adjusted restaurant comps, Pensacola/Navarre MSA, Mar 2024–Nov 2025

$845,000–$1,050,000
Midpoint ~$945,000
Owner-Operated Basis: $845K–$895K
Upper end ($1,050K) supported by NNN-leased comps — achievable with formal lease execution prior to sale.
③ Replacement Cost
Land (23,522 SF × $10/SF)$235,220
Hard Construction (3,075 SF × $200/SF)$615,000
Restaurant Infra Premium+$90,000
Total Replacement Cost$940,000+
List price of $895,000 is $45,000+ below cost to build comparable product — compelling valuation floor for all buyer types.
Weighted Conclusion of Value
~$718,000
Income Approach (8.0% Cap)
$845K–$1,050K
Sales Comparison
Above List Price
Replacement Cost ($940K+)
Broker's Opinion of Value (~$275/SF)
~$845,000
Recommended List Price
$895,000
$291/SF · Below Replacement Cost
With NNN Lease (Upside)
$975K–$1,050K
Section 07
Value Enhancement Opportunity
▲ Value Enhancement Strategy
Execute a Market-Rate NNN Lease → Add $80,000–$200,000 in Value

Executing a market-rate NNN lease with the current operator (Scooter's Fish House) or an incoming tenant at approximately $20–$21/SF NNN would reposition this asset as an investment-grade income property and could support a value of $975,000–$1,050,000 at Navarre's 7.3%–8.0% market cap rate — adding $80,000–$200,000 in value over the current owner-operated basis.

$20–$21/SF
Market NNN Lease Rate
$975K–$1,050K
Value w/ NNN Lease
+$80K–$200K
Value Added
Owner-Operated vs. NNN-Leased Comparison
MetricOwner-OperatedNNN Leased
Applicable Cap Rate8.0% (premium for no lease)7.3% (market rate)
Imputed / Contracted NOI~$58,089~$61,538 (at $21/SF)
Indicated Value~$718,000~$843,000–$973,000
Buyer PoolOwner-operators, value-addAll investors + 1031 + funds
Financing AvailabilityStandard commercialBroader / CMBS eligible
Time to CloseStandardPotentially faster (investment grade)
Infrastructure Value to Incoming Tenant

Buyer acquires not just real estate but the complete restaurant platform — saving $90,000–$150,000 that a new entrant would otherwise incur:

Infrastructure ItemEst. Replacement
Commercial Hood & Exhaust System$25,000–$40,000
Walk-In Cooler & Freezer$15,000–$30,000
Grease Trap (commercial)$8,000–$15,000
Fire Suppression System$10,000–$20,000
Commercial Kitchen Plumbing/Electrical$20,000–$35,000
Total Infrastructure Value$78,000–$140,000
Competitive Advantage
With zero new restaurant construction in the Navarre pipeline and retail vacancy at 1.5%, this is one of very few available turn-key restaurant platforms in the submarket.
Section 08
Pricing Strategy & Recommendation
Recommended List Price
$895,000
$291/SF · High urgency · Below replacement cost
Rationale
  • $291/SF for 2nd-gen restaurant with full kitchen infra — consistent with recent Navarre/Pensacola comps ($303–$363/SF adjusted)
  • Credible "below replacement cost" narrative ($940,000+ to build)
  • Preserves significant NNN lease upside narrative ($80K–$200K value add)
  • Broadest buyer pool: owner-operators, investors, 1031 buyers, restaurateurs
  • Generates urgency and competitive interest while retaining negotiation leverage
Expected Outcomes
Expected Contract Range$865,000–$875,000
Time to Contract45–75 days
Full Closing Timeline75–105 days
Pricing Options
OptionList PricePositionTimelineComment
A ✓$895,000High Urgency30–60/60–90dRecommended
B$975,000Best Balance45–75/75–105dIf NNN lease executed
C$995,000Edge Pricing60–100/90–130dNarrower buyer pool
Net Proceeds Illustration
Sale PriceCommission (10%)Net to Seller
$825,000$82,500$742,500
$850,000$85,000$765,000
$875,000$87,500$787,500
$895,000$89,500$805,500
$925,000$92,500$832,500
$950,000$95,000$855,000

Standard commission: 10% of final sale price; earned only upon successful closing. Closing costs and prorations are separate.

Imputed NOI vs. Cap Rate — Value Sensitivity
Indicated values at various cap rates using imputed NNN NOI of ~$57,500/year
Section 09
GoCommercial Full-Service Marketing Plan
✦ No Upfront Costs to You
GoCommercial covers 100% of all marketing and deliverable costs. You pay nothing out-of-pocket. Our fee is earned only upon a successful closing.
📸 What We Produce
  • Professional photography (exterior, interior, kitchen, parking)
  • Drone aerial photography & videography
  • Floor plans and measured drawings
  • Virtual walkthroughs / 3D tour
  • Investor-grade underwriting model
  • Offering Memorandum + 1-page teaser
  • Restaurant infrastructure narrative
  • Equipment conveyance summary
  • Pricing justification package
📡 Distribution & Outreach
  • LoopNet premium + CoStar placement
  • Crexi featured + marketplace syndication
  • GoCommercial.com featured listing
  • Email campaigns to investor/broker database
  • Targeted 1031 exchange buyer outreach
  • Direct broker-to-broker promotion (FL + regional)
  • Owner-operator and restaurateur calling campaign
  • Digital advertising & retargeting
  • Weekly inquiry/tour/feedback reporting
🤝 Buyer Management
  • Rapid response to all inquiries
  • Buyer qualification + POF/lender review
  • Organized data room access
  • Tour coordination & controlled showings
  • Offer analysis & negotiation strategy
  • Transaction management through closing
  • Confidential marketing option available
The GoCommercial Listing Process
1
Preparation — Weeks 1–2
Execute listing agreement · Collect tax bills, insurance, utility history, equipment records
  • Build underwriting model and pricing narrative
  • Produce photography, drone, floor plans, virtual tour
  • Draft Offering Memorandum and all marketing collateral
2
Launch — Week 3
Full platform activation: LoopNet, CoStar, Crexi, GoCommercial.com
  • Email campaign + direct outreach to investors, operators, and brokers
  • Digital advertising and retargeting activation · Immediate tour scheduling
3
Active Marketing — Weeks 4–10
Ongoing tours · Weekly reporting · Competitive offer environment
  • Continuous buyer follow-up and market feedback collection
  • Refine positioning based on market response if needed
4
Negotiation & Contract
Evaluate all offers · Negotiate for best net outcome · Execute contract
  • Price, terms, financing, and diligence timeline analysis
5
Transaction Management — 30–60 Days Post-Contract
Diligence coordination · Contingency management · Closing logistics
  • Coordinate title, survey, lender, and insurance · Final walkthrough and close
Ready to Move Forward?
Let's Talk Strategy
Whether you're ready to list at $895,000, want to explore executing a NNN lease first to unlock additional value, or need guidance on buyer strategy — GoCommercial has the expertise to maximize your outcome.
Brad Kuskin
Founding Principal
GoCommercial
Group at Compass Florida LLC
Commercial Real Estate Excellence
CONFIDENTIALITY NOTICE: This analysis and all accompanying information is confidential and intended solely for the named recipient. Unauthorized distribution is prohibited. DISCLAIMER: This report values the fee simple real estate only. No restaurant operating financials were reviewed. All income analysis uses imputed market-rate NNN rent consistent with investor underwriting methodology. Values and projections are opinions based on available market data (CoStar Group, March 2026) and are not guarantees of future performance. All figures should be independently verified. COMMISSION: Standard rate of 10% of final sale price; earned only upon successful closing. GoCommercial pays all marketing costs. Sources: CoStar Group (March 2026), peer property data (17 Navarre/Pensacola comps), CoStar sale comps database, demographic data (CoStar/Esri 5-mile radius).

© 2026 GoCommercial Group at Compass Florida LLC · Prepared by Brad Kuskin, Founding Principal · bkuskin@gocommercial.com · (561) 232-7899