Building Details

Tenancy Multi

Listing Agency: ERA AMERICAN REAL ESTATE Show Phone

Listed By: SANDRA SLIGHTS · License #3455730 Show Phone

Source: Corcoran

Added: Oct 28 Changed: Nov 1 Last Checked: Nov 1 at 5:48AM

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Investment Insights

Based on property information with market context.

The property contains three separate commercial suites totaling approximately 4,236 square feet. The 2,636-square-foot office has seven private offices, two restrooms, a kitchen, and an entry area. A 400-square-foot studio includes its own restroom, while the 1,200-square-foot retail/restaurant suite has two bathrooms and potential for drive-through service.

The 0.39-acre site fronts N Eglin Parkway (Hwy 85) in Shalimar, with 170 feet of highway frontage and approximately 15 parking spaces. The three suites offer varied configurations within one property, including office, studio, and retail/restaurant space.

Key Highlights

• Three separate commercial units totaling approximately 4,236 square feet
• Office suite measures 2,636 square feet and includes seven private offices, two restrooms, a kitchen, and an entry area
• 400‑square‑foot studio with its own restroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$60,890

Cap Rate

8.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,217,800 $1.2M

Cap Rate 7%

$869,857 $869.9K

Cap Rate 9%

$676,556 $676.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,236 SF

Gross rent

$94.0K $22.20/SF

− Vacancy

−$7.1K −$1.67/SF

EGI

$87.0K $20.54/SF

− OpEx

−$26.1K −$6.16/SF

NOI

$60.9K $14.37/SF

Area

Okaloosa County, FL

Vacancy

7.50%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,217,800

Cap Rate 7%

$869,857

Cap Rate 9%

$676,556

Alternative Uses

Best Use

Retail

$869.9K

$761.1K – $1.01M (±1% cap)

NOI $60,890 @ 7.0% cap · market cap 8.71%

Second Best

Office B

$781.5K

$683.9K – $911.8K (±1% cap)

NOI $54,708 @ 7.0% cap · market cap 7.83%

Theoretical Best

Specialty Retail

$1.63M

$1.43M – $1.90M (±1% cap)

NOI $114,269 @ 7.0% cap · market cap 16.35%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Dewrell & Herndon Law Firm Smith Herndon Ashley Law Firm Subway Take-out & Catering

Suggested Use

Top Pick Restaurant Building Supply Auto Repair Shop Dental Office Big Box & Wholesale Store Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

469

Businesses Nearby

Explore this area Business Placement

Demographics for 32579, FL

10,444

Population

5,130

Households

2

Avg Household Size

46

Median Age

48%

College-Educated

95%

High-School Grad

3.5 sq mi

ZIP Area

2,984

Density / Sq Mi

$98,014

Median Household Income

$46,926

Median Earnings

$1,582

Median Rent

$430,400

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Office, studio, and retail/restaurant spaces provide three distinct commercial configurations.

Where is this mixed-use property located?

The property is located at 1261 N Eglin Parkway Shalimar, FL.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: Three separate commercial units totaling approximately 4,236 square feet; Office suite measures 2,636 square feet and includes seven private offices, two restrooms, a kitchen, and an entry area; 400‑square‑foot studio with its own restroom