Retail Building with
For Sale
$900,000
Pending
1026 S Us Highway 331, Defuniak Springs, FL 32435
Commercial for Sale, DeFuniak Springs, FL
Property Size5,000 SF
Lot Size0.49 Acres
Days on Market570
Property Features for 1026 S Us Highway 331
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Directions
Highway 331 south in the Winn Dixie parking lot
Subdivision
23 - North Walton County
Standard status
Pending
APN
34-3N-19-19000-036-0010
Lot size
0.49 Acres
Taxes and HOA fees
Tax Description
COM SE/C OF SEC 34, S 89 DEG 54'40''W 116.80 FT, N 00 DEG 05 SEC 20''W 35 FT TO W R/W OF US 331, CONT ALONG R/W N 07 DEG 58'11''W 151.43 FT, CONT ALONG SAME BEARING ON R/W 150.96 FT, CONT ALONG R/W NLY 348.31 FT TO POB, S 89 DEG 54'40''W 165.5 FT, N 0 DEG 5'20''W 130 FT, N 89 DEG 54'40''E 165.5 FT TO W R/W OF US HWY 331, SLY ALONG SAID R/W 130 FT TO POB LESS & EXCEPT BEG AT A POINT W ROW US HWY 33
Legal Description
COM SE/C OF SEC 34, S 89 DEG 54'40''W 116.80 FT, N 00 DEG 05 SEC 20''W 35 FT TO W R/W OF US 331, CONT ALONG R/W N 07 DEG 58'11''W 151.43 FT, CONT ALONG SAME BEARING ON R/W 150.96 FT, CONT ALONG R/W NLY 348.31 FT TO POB, S 89 DEG 54'40''W 165.5 FT, N 0 DEG 5'20''W 130 FT, N 89 DEG 54'40''E 165.5 FT TO W R/W OF US HWY 331, SLY ALONG SAID R/W 130 FT TO POB LESS & EXCEPT BEG AT A POINT W ROW US HWY 33
Listing Agency:
Berkshire Hathaway Home Services PenFed Realty · Berkshire Hathaway HomeServices
(850) 267-0013
Listed By:
Steven R Youell · License #3100602
(850) 729-0176
Added: Feb 19, 2025
Changed: Sep 11
Last Checked: Sep 12 at 2:06AM
MLS# 970386
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,000-square-foot freestanding retail building occupies a 0.49-acre site within a shopping center parking area. The property includes an existing drive-through window positioned at the east end of the building, along with established on-site parking and additional deeded parking rights associated with the center. C2 zoning supports its commercial setting.
The property is located at 1026 S US Highway 331 in DeFuniak Springs, within a shopping center anchored by Winn Dixie. Highway 331 records an AADT of 22,000, and the surrounding parking area also experiences substantial vehicle activity. A major roadway upgrade is planned at this location, adding a notable access-related consideration for future occupants.
The property is located at 1026 S US Highway 331 in DeFuniak Springs, within a shopping center anchored by Winn Dixie. Highway 331 records an AADT of 22,000, and the surrounding parking area also experiences substantial vehicle activity. A major roadway upgrade is planned at this location, adding a notable access-related consideration for future occupants.
Key Highlights
- 5,000‑square‑foot freestanding retail building
- 0.49‑acre site within a shopping center parking area
- Winn Dixie serves as the shopping center’s anchor tenant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$76,140
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,522,800
$1.5M
Cap Rate 7%
$1,087,714
$1.1M
Cap Rate 9%
$846,000
$846.0K
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$108.0K $21.60/SF
− Vacancy
−$6.5K −$1.30/SF
EGI
$101.5K $20.30/SF
− OpEx
−$25.4K −$5.08/SF
NOI
$76.1K $15.23/SF
Area
Walton County, FL
Vacancy
6.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,522,800
Cap Rate 7%
$1,087,714
Cap Rate 9%
$846,000
Alternative Uses
Best Use
Specialty Retail
$1.09M
$951.8K – $1.27M
NOI $76,140 @ 7.0% cap · market cap 8.46%
Second Best
Retail
$823.5K
$720.6K – $960.8K
NOI $57,645 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,020 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
22,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 32435, FL
6,935
Population
2,885
Households
2.4
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
136.7 sq mi
ZIP Area
51
Density / Sq Mi
$63,017
Median Household Income
$39,030
Median Earnings
$742
Median Rent
$185,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Freestanding retail property with established parking and a drive-through window.
Where is this retail space located?
The property is located at 1026 S Us Highway 331 Defuniak Springs, FL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 5,000‑square‑foot freestanding retail building; 0.49‑acre site within a shopping center parking area; Winn Dixie serves as the shopping center’s anchor tenant
