Santa Rosa Beach Flex
For Sale
$1,675,000
322 - 291 Goldsby Rd, Santa Rosa Beach, FL 32459
+/- 6,000 SF Commercial Flex Space Building For Sale
Property Size6,000 SF
Lot Size0.13 Acres
Price / SF$279.17
Days on Market570
Property Features for 322 - 291 Goldsby Rd
General Information
Standard status
Active
Property type
Flex space, Warehouses, Other industrial properties, Industrial properties
Size
6,000 SF
Elevators
N/A
Lot size
0.13 Acres
Building Details
Year Built
2024
Buildings
1
Stories
1
Units
2
Listing Agency:
(850) 564-0120
Listed By:
Paul
(850) 564-0120
Added: Jan 31, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This commercial flex space building, offering approximately 6,000 square feet, is located on a 0.13-acre lot in Santa Rosa Beach, Florida. The free-standing building is currently under construction and scheduled for completion by February 1, 2025. It will be delivered in shell condition. The building features a 20-foot ceiling height, two entrances, and two 12x14 roll-up doors. Electrical and plumbing systems are roughed-in. The building is comprised of two units, providing flexibility. This property presents an opportunity for owner-occupiers or investors in the Santa Rosa Beach market.
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
$55,973
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
3.34%
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%
$1,119,460
$1.1M
Cap Rate 7%
$799,614
$799.6K
Cap Rate 9%
$621,922
$621.9K
Market Conditions
NOI Build-Up for 6,000 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
$93.6K $15.60/SF
− Vacancy
−$7.5K −$1.25/SF
EGI
$86.1K $14.35/SF
− OpEx
−$30.1K −$5.02/SF
NOI
$56.0K $9.33/SF
Area
Walton County, FL
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,119,460
Cap Rate 7%
$799,614
Cap Rate 9%
$621,922
Alternative Uses
Best Use
Flex RnD
$799.6K
$699.7K – $932.9K
NOI $55,973 @ 7.0% cap · market cap 3.34%
Second Best
Warehouse
$737.1K
$644.9K – $859.9K
NOI $51,594 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,624 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - +/- 6,000 SF Commercial Flex Space Building For Sale
Where is this flex space located?
The property is located at 322 - 291 Goldsby Rd Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $1,675,000.
