Commercial Space on Hwy
For Sale
Contact for pricing
426 W James Lee Blvd, Crestview, FL 32536
Spacious building with high visibility on Hwy 90.
Property Size2,304 SF
Price / SF$162.76
Days on Market1137
Property Features for 426 W James Lee Blvd
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Retail, Office
Zoning
C2
Building Details
Year Built
1953
Units
1
Listing Agency:
RE/MAX Agency One
Listed By:
Brett House · License #3084156
Source:
Crexi
Added: Jul 27, 2023
Changed: Sep 4
Last Checked: Sep 1 at 8:02PM
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 RE/MAX Agency One
Investment Insights
Based on property information with market context.
This commercial space is located directly on Highway 90, offering a location suitable for a doctor's office, restaurant, professional office, retail space, or general office use. The building is described as beautiful and spacious, providing high visibility for businesses. The property benefits from its highway 90 road frontage, which facilitates easy access to Highway 85 and Interstate 10. The location is experiencing new growth and is a short drive from local schools, hospitals, various restaurants, and the upcoming Crestview Bypass.
Key Highlights
- High‑visibility location directly on Hwy 90
- Suitable for a variety of businesses
- Easy access to Hwy 85 and I‑10
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
$29,756
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
7.93%
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%
$595,120
$595.1K
Cap Rate 7%
$425,086
$425.1K
Cap Rate 9%
$330,622
$330.6K
Market Conditions
NOI Build-Up for 2,304 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
$48.4K $21.00/SF
− Vacancy
−$8.7K −$3.78/SF
EGI
$39.7K $17.22/SF
− OpEx
−$9.9K −$4.31/SF
NOI
$29.8K $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%
$595,120
Cap Rate 7%
$425,086
Cap Rate 9%
$330,622
Alternative Uses
Best Use
Specialty Retail
$887.9K
$776.9K – $1.04M
NOI $62,152 @ 7.0% cap · market cap 16.57%
Second Best
Office B
$425.1K
$372.0K – $495.9K
NOI $29,756 @ 7.0% cap · market cap 7.93%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32536, FL
25,807
Population
9,379
Households
2.8
Avg Household Size
34
Median Age
27%
College-Educated
93%
High-School Grad
42.5 sq mi
ZIP Area
607
Density / Sq Mi
$82,643
Median Household Income
$40,845
Median Earnings
$1,351
Median Rent
$280,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Spacious building with high visibility on Hwy 90.
Where is this medical office space located?
The property is located at 426 W James Lee Blvd Crestview, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: High‑visibility location directly on Hwy 90; Suitable for a variety of businesses; Easy access to Hwy 85 and I‑10
