Multi-Tenant Office Building with
For Sale
Contact for pricing
124 John King Rd, Crestview, FL 32539
Newer multi-tenant office building with two leased suites and four 10x10 storage units.
Property Size6,051 SF
Price / SF$280.95
Days on Market168
Property Features for 124 John King Rd
General Information
Standard status
Active
Size
6,051 SF
Property subtype
OFFICE
Additional Details
Office Units
2
Amenities
conference room
Building Details
Tenancy
Multi
Listing Agency:
La Bella Vita Property Group
(850) 331-2323
Listed By:
Howard Leavins · License #3237845
(850) 758-5367
Source:
Moodyscre
Added: Mar 24
Changed: Aug 25
Last Checked: Aug 14 at 8:05AM
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 La Bella Vita Property Group
Investment Insights
Based on property information with market context.
A newer multi-tenant office building totaling approximately 5,500 square feet, configured as two office suites. Suite A offers about 3,000 square feet and Suite B offers about 2,500 square feet. The interior includes private office space (including 6 private offices sized 8x12 and 9 private offices sized 6x8), plus a glass conference room and an efficient layout designed for medical, professional services, or executive office use. A health services tenant currently occupies the space, and the configuration supports continued medical use or conversion to general office.
The property also includes four 10x10 storage units, providing an additional income stream. Total gross monthly rent is $10,625, totaling $127,500 annually based on the current leases. Located at 124 John King Rd, Crestview, FL 32539.
The property also includes four 10x10 storage units, providing an additional income stream. Total gross monthly rent is $10,625, totaling $127,500 annually based on the current leases. Located at 124 John King Rd, Crestview, FL 32539.
Key Highlights
- Newer 5,500 SF multi‑tenant office building with two leased suites plus four 10x10 storage units
- Suite A: 3,000 SF office leased at $6,250/month
- Suite B: 2,500 SF office leased at $4,375/month; total gross monthly income is $10,625
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
$78,149
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
4.60%
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%
$1,562,980
$1.6M
Cap Rate 7%
$1,116,414
$1.1M
Cap Rate 9%
$868,322
$868.3K
Market Conditions
NOI Build-Up for 6,051 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
$127.1K $21.00/SF
− Vacancy
−$22.9K −$3.78/SF
EGI
$104.2K $17.22/SF
− OpEx
−$26.0K −$4.31/SF
NOI
$78.1K $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 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%
$1,562,980
Cap Rate 7%
$1,116,414
Cap Rate 9%
$868,322
Alternative Uses
Best Use
Office B
$1.12M
$976.9K – $1.30M
NOI $78,149 @ 7.0% cap · market cap 4.60%
Second Best
Healthcare Medical
$974.8K
$853.0K – $1.14M
NOI $68,237 @ 7.0% cap · market cap 4.01%
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,230 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 32539, FL
31,749
Population
12,642
Households
2.5
Avg Household Size
37
Median Age
24%
College-Educated
93%
High-School Grad
127.9 sq mi
ZIP Area
248
Density / Sq Mi
$72,521
Median Household Income
$40,064
Median Earnings
$1,323
Median Rent
$272,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Newer multi-tenant office building with two leased suites and four 10x10 storage units.
Where is this office building located?
The property is located at 124 John King Rd Crestview, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Newer 5,500 SF multi‑tenant office building with two leased suites plus four 10x10 storage units; Suite A: 3,000 SF office leased at $6,250/month; Suite B: 2,500 SF office leased at $4,375/month; total gross monthly income is $10,625
