Divisible Retail
For Sale
$1,750,000
142144 142-144 Se Highway 98, Fort Walton Beach, FL 32548
Open commercial layout with offices and two bathrooms, adaptable for retail, office, restaurant, showroom, or entertainment uses.
Property Size4,275 SF
Price / SF$409.36
Days on Market15
Property Features for 142144 142-144 Se Highway 98
General Information
Standard status
Active
Size
4,275 SF
Listing Agency:
Coldwell Banker Realty
(850) 585-5526
Listed By:
Vinnie Chulk · License #3269135
Source:
Cloviscannonhomes
Added: Aug 16
Changed: Aug 30
Last Checked: Aug 30 at 8:41PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This retail property contains approximately 4,275 total square feet with an expansive interior that can operate as one larger commercial area or be separated into two units. Existing improvements include multiple office areas, two bathrooms, and substantial open space, supporting a range of retail and commercial configurations.
The property is located at 142-144 SE Highway 98 in downtown Fort Walton Beach, directly across from The Landing Park. Its setting is near the waterfront, restaurants, events, and other downtown activity. A rooftop bar or entertainment concept may be possible, subject to city approval, adding another potential use for the property.
The property is located at 142-144 SE Highway 98 in downtown Fort Walton Beach, directly across from The Landing Park. Its setting is near the waterfront, restaurants, events, and other downtown activity. A rooftop bar or entertainment concept may be possible, subject to city approval, adding another potential use for the property.
Key Highlights
- Approximately 4,275 total square feet of retail space
- Layout can function as one space or be divided into two units
- Multiple office areas, two bathrooms, and substantial open interior area
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
3.51%
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 3.51%
Second Best
Office B
$788.7K
$690.2K – $920.2K
NOI $55,212 @ 7.0% cap · market cap 3.15%
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,321 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Open commercial layout with offices and two bathrooms, adaptable for retail, office, restaurant, showroom, or entertainment uses.
Where is this retail space located?
The property is located at 142144 142-144 Se Highway 98 Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 4,275 total square feet of retail space; Layout can function as one space or be divided into two units; Multiple office areas, two bathrooms, and substantial open interior area
