Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1318 SE Miracle Strip Parkway Fort Walton Beach, fl 32548 Fort Walton Beach, FL 32548

    Sponsored
    For Lease
    Contact for pricing

    Iconic waterfront restaurant; high-traffic location.

    Lot size:
    15 SF

    Description

    Added:
    Jan 20, 2025
    Days on Market:
    372
    This exceptional 15,640-square-foot restaurant and bar presents a unique investment opportunity on Okaloosa Island, Florida. Situated on a 2.79-acre lot directly across from the Island Hotel Resort and the Okaloosa Island Boardwalk, this two-story building enjoys unparalleled visibility and accessibility. The property boasts a large parking area, catering to the high volume of customers expected in this prime location. The building features two fully equipped kitchens, perfect for catering to diverse culinary needs, and an added arcade area for entertainment. A convenient elevator services both floors. The building is equipped with a sprinkler system, ensuring safety and compliance. Okaloosa Island's thriving tourism industry, attracting millions of visitors annually, guarantees a consistent flow of potential customers. This established business benefits from its proximity to major attractions and its impressive size, making it an ideal location for a variety of restaurant concepts. The property's waterfront location on Choctawhatchee Bay adds to its desirability and potential for growth. Lease terms are negotiable. Square footage is 15,640 square feet.

    Property Features for 1318 SE Miracle Strip Parkway Fort Walton Beach, fl 32548

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15 SF
    Elevators
    N/A

    We can help!

    Listing Contact
    Craig Barrett

    Learn more

    HighLights

    • Prime Okaloosa Island location, attracting millions of annual tourists.
    • Spacious 15,640 sq ft restaurant/bar with two kitchens and an arcade.
    • 2.79‑acre lot with ample parking, situated on Choctawhatchee Bay.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail properties

    Map

    City
    Fort Walton Beach
    State
    Florida

    FAQs

    What type of property is this?
    Restaurant - Iconic waterfront restaurant; high-traffic location.
    Where is this restaurant located?
    The property is located at 1318 SE Miracle Strip Parkway Fort Walton Beach, fl 32548 Fort Walton Beach, FL.
    What are key features of this property?
    This property features: Prime Okaloosa Island location, attracting millions of annual tourists.; Spacious 15,640 sq ft restaurant/bar with two kitchens and an arcade.; 2.79-acre lot with ample parking, situated on Choctawhatchee Bay.
    (850) 217-0303
    Request Owner's contact information
    1318 SE Miracle Strip Parkway Fort Walton Beach, fl 32548 Fort Walton Beach, FL 32548
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1318 SE Miracle Strip Parkway Fort Walton Beach, fl 32548
    Fort Walton Beach, FL 32548
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1318 SE Miracle Strip Parkway Fort Walton Beach, fl 32548 Fort Walton Beach, FL 32548
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Craig Barrett
    (850) 217-0303
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.