Mary Esther Professional Office
124 Hwy 98, Mary Esther, FL 32569
For Sale
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16-unit professional office complex on Hwy 98, Mary Esther, FL
Property Size25,000 SF
Lot Size0.82 Acres
Price / SF$172
Days on Market759
Property Features for 124 Hwy 98
General Information
Standard status
Size
Lot size
Property subtype
Properties For Sale
at 124 Hwy 98 Contact us124 Hwy 98 AVAILABLE, Now
Floor
1
Size
2,263 SF
Type
OFFICE
Lease Type
NNN
Sublease
No
Prime commercial lease opportunity at 124 Highway 98 #401 in Mary Esther. This well-positioned unit offers excellent visibility along busy Hwy 98, with strong traffic counts and easy access. The space features an open layout adaptable for orthodontist office or service use, plus large windows providing natural light and signage exposure. Ample parking available for customers and staff. Conveniently located near Hurlburt Field, surrounding businesses, and residential neighborhoods. Ideal for growing or established businesses seeking a high-traffic location
Contact us 124 Highway 98 - 402 AVAILABLE
Size
1,077 SF
Type
OFFICE
Lease Type
NNN
Prime commercial lease opportunity at 124 Highway 98 #402 in Mary Esther. High-visibility location on busy Hwy 98 with strong daily traffic and easy ingress/egress. Versatile space suitable for retail, office, or service-based businesses, featuring an open floor plan, large storefront windows, and great signage potential. Ample on-site parking for customers and employees. Convenient to Hurlburt Field, surrounding residential communities, and established local businesses. Excellent location to grow your business in a thriving corridor.
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Listing Agency:
NBI Properties, Inc.
(850) 243-0007
Listed By:
Craig Barrett · License FL #3294646
(850) 217-0303
Source:
Moodyscre
Added: Oct 14, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:01AM
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 NBI Properties, Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 16-unit professional office complex is located in Mary Esther, Florida, situated on Hwy 98 between Hurlburt AFB and Mary Esther Cutoff. The property is positioned west of Target and features highway frontage and visibility. The complex is designed for professional office use and is currently occupied by a mix of tenants, including defense contractors and medical professionals. The property offers ample parking. The property size is 25000 square feet.
Key Highlights
- Prime location on Hwy 98 between Hurlburt AFB and Mary Esther Cutoff.
- 16‑unit professional office complex.
- Steady rental income from a diverse mix of tenants (defense contractors, medical professionals, etc.).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$322,875
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,457,500
$6.5M
Cap Rate 7%
$4,612,500
$4.6M
Cap Rate 9%
$3,587,500
$3.6M
Market Conditions
NOI Build-Up for 25,000 SF
Gross rent
$525.0K $21.00/SF
− Vacancy
−$94.5K −$3.78/SF
EGI
$430.5K $17.22/SF
− OpEx
−$107.6K −$4.31/SF
NOI
$322.9K $12.92/SF
Area
Okaloosa County, FL
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,457,500
Cap Rate 7%
$4,612,500
Cap Rate 9%
$3,587,500
Alternative Uses
Best Use
Office B
$4.61M
$4.04M – $5.38M
NOI $322,875 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.63M
$8.43M – $11.24M
NOI $674,393 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Explore this area
Business Placement
Demographics for 32569, FL
12,378
Population
5,795
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
2,947
Density / Sq Mi
$73,762
Median Household Income
$43,832
Median Earnings
$1,456
Median Rent
$296,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Okaloosa County, FL
Properties on Market for Office buildings in Okaloosa County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - 16-unit professional office complex on Hwy 98, Mary Esther, FL
Where is this office building located?
The property is located at 124 Hwy 98 Mary Esther, FL.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Prime location on Hwy 98 between Hurlburt AFB and Mary Esther Cutoff.; 16‑unit professional office complex.; Steady rental income from a diverse mix of tenants (defense contractors, medical professionals, etc.).
