Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    124 Hwy 98 Mary Esther, FL 32569

    View on Map
    Picture of Other office properties at 124 Hwy 98, Mary Esther, FL
    For Lease
    $15 SF/Yr

    1,077 SF Office For Lease - 124 Highway 98 - 402

    Added:
    Mar 14, 2025
    Days on Market:
    411
    Last Refresh:
    Mar 16 at 9:05 am

    Property Features for 124 Hwy 98

    General Information

    Standard status
    Active
    Property type
    Other office properties, Office Units, Residential offices, Office properties & Spaces, Mixed-use properties
    Class
    C
    Elevators
    N/A
    Rate Type
    Monthly

    Building Details

    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Paul Salter

    Listing agent Paul License #FL BK3105171

    Listing office Salter Commercial, LLC

    Listing date Mar 14, 2025

    Overview

    Mary Esther Office Space Available

    Located in Mary Esther, Florida, this 1,077 square foot office space is situated at 124 Highway 98, Suite 402, within a professional office park. The suite provides ample room for operations and growth. The monthly rental rate is $15 per square foot. Its location offers convenient access to Hurlburt Field Air Force Base. The property is suitable for various professional uses, and is also classified as other office properties, office properties, residential offices, and mixed-use properties, highlighting its adaptability. This property is an option for businesses serving the military community or those seeking a convenient commute.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office properties & Spaces

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mary Esther
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.663199
    Latitude
    30.410168

    Nearby Similar for Lease

    • $22 SF/Yr

      Retail Space in Dolphin Plaza

      Retail and restaurant spaces available in high-traffic Mary Esther location.
      421 Mary Esther Blvd, Mary Esther, FL 30339
      View Details
    • $9,000/Mo

      Renovated Office and Flex Space

      9,000 SF flex space with renovated office component.
      481 Mary Esther Blvd, Mary Esther, FL
      View Details
    • $6,450/Mo

      Retail End Unit Available

      Retail end unit available in a highly visible outparcel.
      330 Mary Esther Blvd, Mary Esther, FL
      View Details
    • $1,150/Mo

      Renovated Office Space Available

      Boutique office space in a prime location for lease.
      151 Mary Esther Blvd #304, Mary Esther, FL 32569
      View Details
    • $2,200/Mo

      Spacious Office Suite For Rent

      Office suite featuring reception area, five offices, and breakroom.
      151 Mary Esther Boulevard #509, Mary Esther, FL 32569
      View Details
    • $9,000/Mo

      Retail Space Near Santa Rosa Mall

      Retail space available across from Santa Rosa Mall.
      481 Mary Esther Boulevard, Mary Esther, FL 32569
      View Details
    • $6,450/Mo

      Retail End Unit Available

      Retail space available in a highly visible outparcel.
      330 Mary Esther Boulevard, Mary Esther, FL 32569
      View Details
    • $18 SF/Yr

      +/- 6,000 SF Retail Space For Lease

      High-traffic retail space with 6,000 SF available in Mary Esther.
      401 Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • $3,400/Mo

      Office/Retail Space For Rent

      Office and retail space available for lease.
      151 Mary Esther Boulevard #510, Mary Esther, FL 32569
      View Details
    • $18 SF/Yr

      Retail Space on Mary Esther

      Retail space available in a high-traffic location.
      401 Mary Esther Blvd, Mary Esther, FL
      View Details

    FAQs

    What type of property is this?
    Office property - 1,077 SF Office For Lease - 124 Highway 98 - 402
    Where is this office property located?
    The property is located at 124 Hwy 98 Mary Esther, FL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    (850) 243-0007
    We can help!
    Listing Contact
    Paul Salter
    Real Estate License ID: FL BK3105171
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!