Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Commercial Space For Sale Title is generated by Realmo AI

    510-151 Mary Esther Blvd, Mary Esther, FL 32569

    View on Map
    Claim this Listing
    For Sale
    $349,000

    Multi-use commercial property with existing lease until October 2026.

    Added:
    Feb 19, 2025
    Days on Market:
    462
    Last Refresh:
    May 25 at 10:54 pm

    Property Features for 510-151 Mary Esther Blvd

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Lisa Allen
    Lisa Allen

    Listing agent Lisa Allen

    Listing office Century 21 Wimco Realty Inc

    Listing date Feb 19, 2025

    Source Exprealty

    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 Century 21 Wimco Realty Inc

    HighLights

    • Currently leased until October 2026, providing immediate return on investment.
    • Versatile property suitable for office or retail use.
    • Downstairs: Flexible open floor plan plus 5 separate offices, half bath, washer/dryer, and utility sinks.
    • Upstairs: 4 offices, full bathroom with shower, and mini kitchen.
    • Generous closet space throughout and floored attic storage.
    • Located in a vibrant commercial setting.

    Overview

    This versatile commercial property, suitable for office or retail use, is currently leased until October 2026, offering a potential return on investment. The property has been renovated to feature an open floor plan, providing flexibility for various business needs. The downstairs area includes five separate offices, a half bath, a washer and dryer, and utility sinks. The upstairs area contains four offices, a full bathroom with a shower, and a mini kitchen. Generous closet space is available throughout the property, along with floored attic storage. This property is located in a vibrant commercial setting.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mary Esther
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6533534
    Latitude
    30.4204925

    Nearby Similar for Sale

    • $749,900
      16,117 SF

      Profitable Car Wash Business Opportunity

      High-income car wash business for sale on a busy street.
      120 Mary Esther Boulevard, Mary Esther, FL 32569
      View Details
    • $145,000

      Boutique Office Space For Sale

      Boutique office space in the heart of Ft. Walton Beach.
      151 Mary Esther Blvd #304, Mary Esther, FL 32569
      View Details
    • $4,300,000
      25,000 SF

      25,000 SF 16 Unit Professional Office Complex For Sale

      25,000 SF office complex in prime Mary Esther location.
      124 Hwy 98, Mary Esther, FL 32569
      View Details
    • $147,500
      1,264 SF

      Renovated Office Space For Sale

      Boutique office space in Ft. Walton Beach/Mary Esther area.
      151 Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • $675,000

      Prime Retail Opportunity Near Hurlburt

      Commercial property with high traffic, ideal for retail or entertainment.
      2960 Highway 98, Mary Esther, Mary Esther, FL 32569
      View Details
    • $1,395,000

      Italian Pizza Restaurant For Sale

      Thriving Italian pizza restaurant with real estate and all FFE.
      3176 Highway 98, Mary Esther, Mary Esther, FL 32569
      View Details
    • $790,000
      8,585 SF

      Storage and RV Spaces For Sale

      Storage units and RV spaces available in Mary Esther, Florida.
      950 W Hwy 98, Mary Esther, FL 32569
      View Details
    • $1,395,000

      Italian Restaurant Business Opportunity

      Thriving Italian pizza restaurant with real estate and all FFE.
      3176 Highway 98, Mary Esther, FL 32569
      View Details
    • $4,300,000
      87,120 SF

      Mary Esther Professional Office Complex

      16-unit office complex on Hwy 98 near Hurlburt AFB.
      124 Hwy 98, Mary Esther, FL 32569
      View Details

    FAQs

    What type of property is this?
    Office units - Multi-use commercial property with existing lease until October 2026.
    Where is this office units located?
    The property is located at 510-151 Mary Esther Blvd Mary Esther, FL.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: Currently leased until October 2026, providing immediate return on investment.; Versatile property suitable for office or retail use.; **Downstairs: Flexible open floor plan plus 5 separate offices**, half bath, washer/dryer, and utility sinks.
    (850) 259-2232
    We can help!
    Listing Contact
    Lisa Allen
    Lisa Allen
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    510-151 Mary Esther Blvd, Mary Esther, FL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!