Flexible Mixed-Use
For Sale
$1,500,000
142-144 SE Highway 98, Fort Walton Beach, FL 32548
Commercial for Sale, Fort Walton Beach, FL
Property Size4,275 SF
Lot Size0.14 Acres
Price / SF$350.88
Days on Market119
Property Features for 142-144 SE Highway 98
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Downtown Ft Walton Beach across from Ft. Walton beach Landing
Subdivision
12 - Fort Walton Beach
Standard status
Active
APN
24-2S-24-0000-0073-0000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
BEG AT NW COR SEC 24 RUN E 2123FT S TO S SIDE
Legal Description
BEG AT NW COR SEC 24 RUN E 2123FT S TO S SIDE
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 863-4563
Listed By:
Vinnie Chulk · License #3269135
(850) 585-5526
Added: May 18
Changed: Sep 11
Last Checked: Sep 13 at 10:06AM
MLS# 1003486
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 mixed-use property at 142-144 SE Highway 98 includes a broad open interior, multiple office areas, and two bathrooms. The layout can support a single occupier or be separated into two distinct units, providing flexibility for retail, office, restaurant, showroom, entertainment, or other commercial concepts stated in the listing.
The property is directly across from The Landing Park in downtown Fort Walton Beach, with proximity to the waterfront, restaurants, events, and downtown activity. Its location along SE Highway 98 places the building within a recognizable commercial corridor and supports a range of potential owner-user or investment configurations without limiting the existing layout to one format.
The property is directly across from The Landing Park in downtown Fort Walton Beach, with proximity to the waterfront, restaurants, events, and downtown activity. Its location along SE Highway 98 places the building within a recognizable commercial corridor and supports a range of potential owner-user or investment configurations without limiting the existing layout to one format.
Key Highlights
- Configurable layout can operate as one space or two separate units
- Multiple office areas and two bathrooms
- 142‑144 SE Highway 98 address in Fort Walton Beach
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
$61,451
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
4.10%
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%
$1,229,020
$1.2M
Cap Rate 7%
$877,871
$877.9K
Cap Rate 9%
$682,789
$682.8K
Market Conditions
NOI Build-Up for 4,275 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
$94.9K $22.20/SF
− Vacancy
−$7.1K −$1.67/SF
EGI
$87.8K $20.54/SF
− OpEx
−$26.3K −$6.16/SF
NOI
$61.5K $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 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%
$1,229,020
Cap Rate 7%
$877,871
Cap Rate 9%
$682,789
Alternative Uses
Best Use
Retail
$877.9K
$768.1K – $1.02M
NOI $61,451 @ 7.0% cap · market cap 4.10%
Second Best
Mixed Use
$742.0K
$649.3K – $865.7K
NOI $51,941 @ 7.0% cap · market cap 3.46%
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,321 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,332
Businesses Nearby
49k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 64%
Shops & Services 17%
Dining 11%
Hotels & Casinos 5%
Publix
Groceries
31,489 visits/mo
0.2 miles
Waffle House
Dining
5,380 visits/mo
0.2 miles
Family Dollar
Shops & Services
4,393 visits/mo
0.5 miles
Cash America
Shops & Services
1,971 visits/mo
0.4 miles
Residence Inn Fort Walton Beach
Hotels & Casinos
1,454 visits/mo
0.4 miles
Demographics for 32548, FL
22,399
Population
14,040
Households
1.6
Avg Household Size
42
Median Age
31%
College-Educated
91%
High-School Grad
12.1 sq mi
ZIP Area
1,851
Density / Sq Mi
$63,857
Median Household Income
$37,725
Median Earnings
$1,281
Median Rent
$291,000
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Open interior can be configured as one space or divided into two separate units.
Where is this mixed-use property located?
The property is located at 142-144 SE Highway 98 Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Configurable layout can operate as one space or two separate units; Multiple office areas and two bathrooms; 142‑144 SE Highway 98 address in Fort Walton Beach
