Drive-Through Restaurant
For Sale
$1,700,000
1296 N Ferdon Boulevard, Crestview, FL 32536
Commercial for Sale, Crestview, FL
Property Size4,800 SF
Lot Size4.48 Acres
Price / SF$354.17
Days on Market513
Property Features for 1296 N Ferdon Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial High
Directions
From the intersection of Hwy 85 and Hwy 90, head north on Hwy 85, Continue straight on FL-85 N/N Ferdon Blvd about 2 miles. Turn left in between McDonalds and CCB Bank, continue straight and you've arrived.
Subdivision
25 - Crestview Area
Standard status
Active
APN
04-3N-23-0000-0026-0000
Lot size
4.48 Acres
Taxes and HOA fees
Tax Description
COM NW COR S 54 FT E 219 FT S 200 FT E 188 FT S 13 DEG W 621 FT N 76 DEG W 322.5 FT TO POB S 14 DEG W 269 FT S 2 DEG W241 FT W 306.7 FT N 576 FT S 76DEG E 370 FT TO POB
Legal Description
COM NW COR S 54 FT E 219 FT S 200 FT E 188 FT S 13 DEG W 621 FT N 76 DEG W 322.5 FT TO POB S 14 DEG W 269 FT S 2 DEG W241 FT W 306.7 FT N 576 FT S 76DEG E 370 FT TO POB
Listing Agency:
RE/MAX Agency One · RE/MAX International
(850) 682-8309
Listed By:
Your House Team · License #TEGFH1
(850) 398-8898
Added: Apr 18, 2025
Changed: Sep 11
Last Checked: Sep 12 at 4:06PM
MLS# 974313
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restaurant property includes a 4,800-square-foot building configured for 180 seats, along with a drive-through window. The existing restaurant is leased to Taskforce Pizza, providing an operating food-service improvement with established restaurant infrastructure. Commercial High zoning applies to the property.
The site has a connection to Highway 85 and is positioned across from a new Publix, beside ALDI and a bank, and near Crestview High School, Davidson Middle School, and McDonald's. These surrounding uses provide a mix of retail, financial, educational, and food-service activity in the immediate area.
The site has a connection to Highway 85 and is positioned across from a new Publix, beside ALDI and a bank, and near Crestview High School, Davidson Middle School, and McDonald's. These surrounding uses provide a mix of retail, financial, educational, and food-service activity in the immediate area.
Key Highlights
- 4,800‑square‑foot restaurant building
- Configured for 180 seats
- Drive‑through window included
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
$129,483
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
7.62%
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%
$2,589,660
$2.6M
Cap Rate 7%
$1,849,757
$1.8M
Cap Rate 9%
$1,438,700
$1.4M
Market Conditions
NOI Build-Up for 4,800 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
$178.0K $37.08/SF
− Vacancy
−$5.3K −$1.11/SF
EGI
$172.6K $35.97/SF
− OpEx
−$43.2K −$8.99/SF
NOI
$129.5K $26.98/SF
Area
Okaloosa County, FL
Vacancy
3.00%
Lease Rate
$37.08 /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%
$2,589,660
Cap Rate 7%
$1,849,757
Cap Rate 9%
$1,438,700
Alternative Uses
Best Use
Specialty Retail
$1.85M
$1.62M – $2.16M
NOI $129,483 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
186k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Groceries 37%
Shops & Services 19%
Electronics 2%
Publix
Groceries
39,413 visits/mo
0.3 miles
Winn-Dixie
Groceries
25,548 visits/mo
0.1 miles
McDonald's
Dining
19,383 visits/mo
0.1 miles
Circle K
Shops & Services
17,846 visits/mo
0.3 miles
Wendy's
Dining
16,832 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - The existing restaurant includes a drive-through window and is leased to Taskforce Pizza.
Where is this drive through restaurant located?
The property is located at 1296 N Ferdon Boulevard 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: 4,800‑square‑foot restaurant building; Configured for 180 seats; Drive‑through window included
