Waterfront Condo with Modern
For Sale
$199,900
308 SW Miracle Strip Parkway 18A, Fort Walton Beach, FL 32548
Well-maintained waterfront condo with new features and community amenities.
Property Size625 SF
Price / SF$319.84
Days on Market785
Property Features for 308 SW Miracle Strip Parkway 18A
General Information
Standard status
Active
Size
625 SF
Property subtype
Condo/Townhome
Building Details
Year Built
1980
Listing Agency:
Mainstreet Realty Of Tallahass
(850) 877-4262
Listed By:
Randy B Kamenicky · License #3298983
Source:
Exitrealty
Added: Jun 17, 2024
Changed: Aug 8
Last Checked: Aug 10 at 5:29AM
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 Mainstreet Realty Of Tallahass
Investment Insights
Based on property information with market context.
This 625 square foot condo offers waterfront living with newly renovated features. The unit includes its own washer and dryer. Residents have access to a pool, clubhouse, and tennis courts. The property is located in Fountainhead.
Key Highlights
- Waterfront living with water view
- Brand new renovations throughout the unit
- Washer and dryer in unit
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
$6,466
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
3.23%
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%
$129,320
$129.3K
Cap Rate 7%
$92,371
$92.4K
Cap Rate 9%
$71,844
$71.8K
Market Conditions
NOI Build-Up for 625 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
$12.4K $19.80/SF
− Vacancy
−$619 −$0.99/SF
EGI
$11.8K $18.81/SF
− OpEx
−$5.3K −$8.46/SF
NOI
$6.5K $10.35/SF
Area
Okaloosa County, FL
Vacancy
5.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$129,320
Cap Rate 7%
$92,371
Cap Rate 9%
$71,844
Alternative Uses
Best Use
Apartment 5plus
$92.4K
$80.8K – $107.8K
NOI $6,466 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$240.9K
$210.8K – $281.0K
NOI $16,860 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Explore this area
Business Placement
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Well-maintained waterfront condo with new features and community amenities.
Where is this residential income property located?
The property is located at 308 SW Miracle Strip Parkway 18A Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Waterfront living with water view; Brand new renovations throughout the unit; Washer and dryer in unit
