Flex Space with Roll
For Sale
$1,325,000
Pending
132 Market Street, Santa Rosa Beach, FL 32459
Commercial for Sale, Santa Rosa Beach, FL
Property Size5,000 SF
Lot Size0.49 Acres
Days on Market59
Property Features for 132 Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From the intersection of Hwy 98 and CR 393 in Santa Rosa Beach, head north. Market St will be on the right.
Subdivision
16 - North Santa Rosa Beach
Standard status
Pending
APN
26-2S-20-33350-000-0040
Lot size
0.49 Acres
Taxes and HOA fees
Tax Description
LOT 4 CANAL PARK CENTRAL S/D OR 1988-33 OR 2945-3612
Legal Description
LOT 4 CANAL PARK CENTRAL S/D OR 1988-33 OR 2945-3612
Listing Agency:
Taylor Allen Properties LLC
(850) 259-2894
Listed By:
Chad Knaepple · License #3050854
(850) 687-4075
Added: Jul 15
Changed: Sep 11
Last Checked: Sep 11 at 4:06PM
MLS# 1008083
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 5,000 SF flex property is configured as two separate 2,500 SF suites, creating a practical layout for office, showroom, and warehouse operations. Minor demolition can reconnect the suites into a single larger space. The office and showroom areas are heated and cooled, while each warehouse section includes a 14' roll door.
The building sits on 0.49 acres at 132 Market Street in Santa Rosa Beach, Florida. Three-phase power is already in place, supporting a range of commercial and industrial requirements. With two roll doors serving the warehouse portions, the property offers direct access to each suite’s work area.
The building sits on 0.49 acres at 132 Market Street in Santa Rosa Beach, Florida. Three-phase power is already in place, supporting a range of commercial and industrial requirements. With two roll doors serving the warehouse portions, the property offers direct access to each suite’s work area.
Key Highlights
- 5,000 SF flex building on 0.49 acres
- Two separate 2,500 SF suites can be combined with minor demolition
- Three‑phase power is in place
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
$46,644
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
3.52%
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%
$932,880
$932.9K
Cap Rate 7%
$666,343
$666.3K
Cap Rate 9%
$518,267
$518.3K
Market Conditions
NOI Build-Up for 5,000 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
$78.0K $15.60/SF
− Vacancy
−$6.2K −$1.25/SF
EGI
$71.8K $14.35/SF
− OpEx
−$25.1K −$5.02/SF
NOI
$46.6K $9.33/SF
Area
Walton County, FL
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$932,880
Cap Rate 7%
$666,343
Cap Rate 9%
$518,267
Alternative Uses
Best Use
Flex RnD
$666.3K
$583.1K – $777.4K
NOI $46,644 @ 7.0% cap · market cap 3.52%
Second Best
Warehouse
$614.2K
$537.4K – $716.6K
NOI $42,995 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,020 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Two divisible suites combine office, showroom, and warehouse functionality with three-phase power and conditioned front-of-house areas.
Where is this flex space located?
The property is located at 132 Market Street Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 5,000 SF flex building on 0.49 acres; Two separate 2,500 SF suites can be combined with minor demolition; Three‑phase power is in place
