Flex Space with Loading
For Sale
$395,000
Pending
12273 Us Highway 98, Miramar Beach, FL 32550
Commercial for Sale, Miramar Beach, FL
Property Size1,500 SF
Lot Size0.03 Acres
Days on Market103
Property Features for 12273 Us Highway 98
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Holiday Plaza in Miramar Beach
Subdivision
15 - Miramar/Sandestin Resort
Standard status
Pending
APN
29-2S-21-42171-000-0119
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
UNIT 119 HOLIDAY PLAZA PH 2 COMMERCIAL CONDO OR 2840-1695
Legal Description
UNIT 119 HOLIDAY PLAZA PH 2 COMMERCIAL CONDO OR 2840-1695
Amenities
remodeled break room
updated restroom
Listing Agency:
LPT Realty LLC
(877) 366-2213
Listed By:
Alexander D Lamberson
(321) 439-7204
Added: Jun 1
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 1004432
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.
Unit 119 at Holiday Plaza contains approximately 1,500 square feet of commercial flex space currently configured for office functions, storage, and laundry operations. The interior includes tile flooring, a remodeled break room, and an updated restroom. A covered loading area at the rear and a secured covered storage shed add practical utility for ongoing operations. The space is expected to be available for occupancy in September 2026, and the existing washers and dryers are excluded from the sale.
The property is positioned along US Highway 98 in Miramar Beach within a shopping center with restaurants, dental offices, salons, professional services, and retail businesses. Access is available directly from the highway, with parking serving the center. Commercial zoning supports the existing configuration and a range of office, retail, service, warehouse, or light commercial applications.
The property is positioned along US Highway 98 in Miramar Beach within a shopping center with restaurants, dental offices, salons, professional services, and retail businesses. Access is available directly from the highway, with parking serving the center. Commercial zoning supports the existing configuration and a range of office, retail, service, warehouse, or light commercial applications.
Key Highlights
- Approximately 1,500 square feet in Unit 119 at Holiday Plaza
- Commercial zoning with office, storage, laundry, retail, service, warehouse, and light commercial use potential
- Covered rear loading area plus a lockable covered storage shed
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
$17,294
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
4.38%
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%
$345,880
$345.9K
Cap Rate 7%
$247,057
$247.1K
Cap Rate 9%
$192,156
$192.2K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$2.3K −$1.53/SF
EGI
$24.7K $16.47/SF
− OpEx
−$7.4K −$4.94/SF
NOI
$17.3K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$345,880
Cap Rate 7%
$247,057
Cap Rate 9%
$192,156
Alternative Uses
Best Use
Retail
$247.1K
$216.2K – $288.2K
NOI $17,294 @ 7.0% cap · market cap 4.38%
Second Best
Flex RnD
$199.9K
$174.9K – $233.2K
NOI $13,993 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$377.2K
$330.1K – $440.1K
NOI $26,406 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
833
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32550, FL
7,828
Population
14,909
Households
0.5
Avg Household Size
58
Median Age
55%
College-Educated
98%
High-School Grad
7.0 sq mi
ZIP Area
1,118
Density / Sq Mi
$96,269
Median Household Income
$60,634
Median Earnings
$2,108
Median Rent
$679,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Coastal Catering — 101 Business Centre Dr Suite B, Miramar Beach, FL 32550
- Chef Shane's Catering & Private Chef Service — 12590 US Highway 98 West, 12590 Emerald Coast Pkwy, Miramar Beach, FL 32550
Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned unit with office, storage, laundry, retail, service, and light commercial use potential.
Where is this flex space located?
The property is located at 12273 Us Highway 98 Miramar Beach, FL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Approximately 1,500 square feet in Unit 119 at Holiday Plaza; Commercial zoning with office, storage, laundry, retail, service, warehouse, and light commercial use potential; Covered rear loading area plus a lockable covered storage shed
