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.
| Income Approach (8.0% Cap) | ~$718,000 |
| Sales Comparison Range | $845K–$1,050K |
| Replacement Cost | Above List Price |
| BOV (~$275/SF) | ~$845,000 |
| Recommended List | $895,000 |
| Address | 1968 Highway 87, Navarre, FL 32566 |
| Property Type | Freestanding 2nd Generation Restaurant |
| Building Size | 3,075 SF |
| Land Area | 0.54 Acres (23,522 SF) |
| Year Built | 1983 — Established Commercial Corridor |
| Current Operator | Scooter's Fish House (since January 2024) |
| Occupancy | 100% — Owner-Operated |
| Parking | 40 Free Surface Spaces (13.01/1,000 SF) |
| Frontage | 78 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) |
| Visibility | Air Conditioning, Freeway Visibility, Signage |
| Infrastructure | Commercial kitchen, hood/exhaust, grease trap, walk-in cooler/freezer, fire suppression |
| Condition | Average — Fully Functional & Operating |
| Ownership | Fee Simple · John P. Poates (acquired 2020) |
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.
| Concept | Address | Status |
|---|---|---|
| McDonald's | 7360 Navarre Pky | Sold Oct 2025 · 4.3% cap · 20-yr NNN |
| Panera Bread | 8844 Navarre Park Ln | Completed Jan 2025 · 100% leased |
| Chipotle | 8333 Mikajack Ave | Completed Aug 2024 · 100% leased |
| 7Brew Coffee | 8534 Navarre Pky | Completed Dec 2025 · 100% leased |
| Line Item | Annual | Per 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, Maintenance | Tenant's responsibility | — |
| NET OPERATING INCOME (NOI) | ~$58,089 | $18.89 |
| Cap Rate | NOI | Indicated 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 |
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 / Address | Yr Blt | Bldg SF | Unadj. $/SF | Sale Date | Adj. $/SF | Key Note |
|---|---|---|---|---|---|---|
| Shrimp Basket, 709 N Navy Blvd | 1950 | 3,444 | $348 | Nov 2025 | $363 | Similar size; independent restaurant |
| 203 Brooks St SE | 1967 | 3,914 | $268 | Nov 2025 | $303 | Older vintage; occupied |
| Shrimp Basket, 6501 Davis Hwy | 1998 | 4,122 | $371 | Jun 2025 | $306 | NNN leased; −20% no-lease adj. |
| 3352 Highway 87 | 2003 | 5,402 | $278 | Jan 2025 | $303 | Same road (SR-87); larger size adj. |
| Shrimp Basket, 711 US-98 | 1983 | 4,783 | $429 | Mar 2024 | $358 | Same vintage 1983; NNN adj. |
| Ruby Tuesday, Gulf Breeze Pky | 2002 | 5,964 | $360 | Dec 2024 | $305 | NNN leased; newer; larger adj. |
| Adjusted Sales Comparison Range (6 Comps, Owner-Operated Basis) | $303–$363/SF | Midpoint ~$945,000 | ||||
Capitalized at 8.0% anchor (owner-op, no formal lease). Navarre market cap rate: 7.3%.
6 adjusted restaurant comps, Pensacola/Navarre MSA, Mar 2024–Nov 2025
| 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+ |
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.
| Metric | Owner-Operated | NNN Leased |
|---|---|---|
| Applicable Cap Rate | 8.0% (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 Pool | Owner-operators, value-add | All investors + 1031 + funds |
| Financing Availability | Standard commercial | Broader / CMBS eligible |
| Time to Close | Standard | Potentially faster (investment grade) |
Buyer acquires not just real estate but the complete restaurant platform — saving $90,000–$150,000 that a new entrant would otherwise incur:
| Infrastructure Item | Est. 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 |
| Expected Contract Range | $865,000–$875,000 |
| Time to Contract | 45–75 days |
| Full Closing Timeline | 75–105 days |
| Option | List Price | Position | Timeline | Comment |
|---|---|---|---|---|
| A ✓ | $895,000 | High Urgency | 30–60/60–90d | Recommended |
| B | $975,000 | Best Balance | 45–75/75–105d | If NNN lease executed |
| C | $995,000 | Edge Pricing | 60–100/90–130d | Narrower buyer pool |
| Sale Price | Commission (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.