NNN Leased Investment
For Sale
$2,536,500
123 Hollywood Blvd NE, Fort Walton Beach, FL 32548
NNN leased investment property with a strong tenant and location.
Property Size6,334 SF
Lot Size0.58 Acres
Days on Market156
Property Features for 123 Hollywood Blvd NE
General Information
Standard status
Active
Size
6,334 SF
Lot size
0.58 Acres
Property subtype
Retail
Building Details
Building Size
6,334 SF
Year Built
2006
Listing Agency:
Bellcore Commercial
Listed By:
Harry Bell Jr. · License #FL #BK3026917
(850) 240-0527
Source:
Bellcorecommercial
Added: Apr 1
Changed: Aug 7
Last Checked: Sep 2 at 4:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bellcore Commercial
Investment Insights
Based on property information with market context.
This +/- 0.582-acre property features a standalone building currently under a NNN lease. The single-tenant building is occupied by Safelite AutoGlass, ensuring a stable lease arrangement. Safelite has invested approximately $800,000 in improvements to the building and has a 3% annual rent increase. The property benefits from direct visibility from Hollywood Blvd. Situated near the core retail trade area, the property boasts convenient access to Eglin Pkwy SE, with a traffic volume of 37,000 AADT. The surrounding area is populated by well-known retailers and restaurants, including Party City, CVS, Dollar Tree, Ulta Beauty, Family Dollar, Waffle House, McDonald's, Chick-fil-A, and Five Guys. The property is zoned GC Commercial.
Key Highlights
- Stable NNN lease with Safelite AutoGlass, providing consistent income.
- Safelite invested approximately $800,000 in building improvements, indicating tenant commitment.
- 3% annual rent increase built into the Safelite lease.
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
$91,048
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
3.59%
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%
$1,820,960
$1.8M
Cap Rate 7%
$1,300,686
$1.3M
Cap Rate 9%
$1,011,644
$1.0M
Market Conditions
NOI Build-Up for 6,334 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
$140.6K $22.20/SF
− Vacancy
−$10.5K −$1.67/SF
EGI
$130.1K $20.54/SF
− OpEx
−$39.0K −$6.16/SF
NOI
$91.0K $14.37/SF
Area
Okaloosa County, FL
Vacancy
7.50%
Lease Rate
$22.20 /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%
$1,820,960
Cap Rate 7%
$1,300,686
Cap Rate 9%
$1,011,644
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,048 @ 7.0% cap · market cap 3.59%
Second Best
Industrial
$468.4K
$409.8K – $546.4K
NOI $32,785 @ 7.0% cap · market cap 1.29%
Theoretical Best
Specialty Retail
$2.44M
$2.14M – $2.85M
NOI $170,864 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
231k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 34%
Apparel 17%
Beauty & Spa 2%
Ross Dress for Less
Apparel
39,879 visits/mo
0.4 miles
Dodge's Southern Style
Shops & Services
20,894 visits/mo
0.1 miles
Starbucks
Dining
17,859 visits/mo
0.4 miles
McDonald's
Dining
16,333 visits/mo
0.2 miles
7 Brew Coffee
Dining
13,225 visits/mo
0.2 miles
Demographics for 32548, FL
22,399
Population
14,040
Households
1.6
Avg Household Size
42
Median Age
31%
College-Educated
91%
High-School Grad
12.1 sq mi
ZIP Area
1,851
Density / Sq Mi
$63,857
Median Household Income
$37,725
Median Earnings
$1,281
Median Rent
$291,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - NNN leased investment property with a strong tenant and location.
Where is this auto shop located?
The property is located at 123 Hollywood Blvd NE Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $2,536,500.
What are key features of this property?
This property features: Stable NNN lease with Safelite AutoGlass, providing consistent income.; Safelite invested approximately $800,000 in building improvements, indicating tenant commitment.; 3% annual rent increase built into the Safelite lease.
