Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • 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

    Hill Ave NW Fort Walton Beach, FL 32548

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,800,000

    16.31 acres with multiple zoning opportunities in Fort Walton Beach.

    Lot size:
    16.31 Acres

    Property Features for Hill Ave NW

    General Information

    Lot size
    16.31 Acres

    We can help!

    Listing Contact
    Brett House
    Source: Moodyscre

    Listing Agent: Brett House

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Fort Walton Beach Land Opportunity

    This 16.31-acre property is located at the corner of NW Hill Avenue and Lovejoy Road in Fort Walton Beach. It is currently zoned Community Facilities but adjoins City Commerce and Technology, Mixed Use, and R-1 Single-family zones, offering multiple zoning opportunities. The property features outstanding visibility at the corner of Hill and Lovejoy Roads, as well as dual road access in a high-traffic area. Situated directly next to Okaloosa Academy and just north of Highway 98 near Hurlburt Field, the location is suitable for large-scale commercial development, industrial, or multifamily use. Its size and placement provide flexibility for a variety of projects, with strong connectivity to established business corridors and growth areas throughout Fort Walton Beach.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6692304
    Latitude
    30.415211

    Nearby Similar for Sale

    • $713,592
      3,322 SF

      Fully Occupied Multi-Family Investment

      Income-producing multi-family property with development potential in Fort Walton Beach.
      816 8, Fort Walton Beach, FL 32547
      View Details
    • $586,405
      2,750 SF

      Fully Occupied Multi-Family Investment

      Income-producing multi-family property with development potential near Eglin AFB.
      818 4Th St, Fort Walton Beach, FL 32547
      View Details
    • $397,000
      2,550 SF

      Four-Plex in Prime Location

      Four-unit property with renovation potential near downtown Fort Walton Beach.
      125 Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $3,000,000
      10,307 SF

      Soundfront Commercial Condominium Opportunity

      Unique commercial property with multi-use building and office building.
      205 Brooks St SE, Fort Walton Beach, FL 32548
      View Details
    • $395,000
      1,074 SF

      Updated Condo with Gulf Views

      Updated condo on Okaloosa Island with income potential.
      895 Santa Rosa Blvd, Fort Walton Beach, FL 32548
      View Details
    • $709,900
      1,089 SF

      Luxury Gulf Front Resort Residence

      Premium 2-bedroom condo with Gulf views and resort amenities.
      520 Santa Rosa Blvd, Fort Walton Beach, FL 32548
      View Details
    • $125,000
      1,145 SF

      Renovated Condo in Fort Walton

      Stylish 2 bed, 2 bath condo near military bases.
      404 Marshall Ct, Fort Walton Beach, FL 32548
      View Details
    • $2,100,000
      32,100 SF

      Fort Walton Beach Warehouse Portfolio

      32,100 SF industrial warehouse portfolio in Fort Walton Beach, FL.
      36 Tupelo Ave SE, Fort Walton Beach, FL 32548
      View Details
    • $3,129,000
      43,000 SF

      New Murphy USA Ground Lease

      New 2023 Murphy USA ground lease in Fort Walton Beach.
      604 Beal Pkwy NW, Fort Walton Beach, FL 32548
      View Details
    • $1,895,000

      Prime Corner Location in Fort Walton

      Highly visible office/retail spaces in Fort Walton Beach downtown district.
      96 SE Miracle Strip Pkwy Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $350,000

      Retail Space with Modern Amenities

      1,100 SF retail space with flexible potential uses.
      31 NE Kelly Ave, Fort Walton Beach, FL 32548
      View Details
    • $409,000
      894 SF

      Seacrest Condo Renovated Unit

      Renovated condo unit built in 2020 near uncrowded beaches.
      895 Santa Rosa Blvd, Fort Walton Beach, FL 32548
      View Details

    FAQs

    What type of property is this?
    Land - 16.31 acres with multiple zoning opportunities in Fort Walton Beach.
    Where is this land located?
    The property is located at Hill Ave NW Fort Walton Beach, FL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: - 16.31 acres with multiple zoning opportunities including Community Facilities, City Commerce and Technology, Mixed Use, and R-1 Single-family.; - Outstanding visibility and dual road access at the corner of NW Hill Avenue and Lovejoy Road.; - High-traffic location near Hurlburt Field and Highway 98.
    (850) 682-8309
    Request Owner's contact information
    Hill Ave NW 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.
    Hill Ave NW
    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
    Hill Ave NW 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
    Brett House
    (850) 682-8309
    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.