Fort Walton Beach Mixed-Use
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1429 Lewis Turner Blvd, Fort Walton Beach, FL 32547
Mixed-use property in Fort Walton Beach, Florida, featuring two units.
Property Size4,832 SF
Lot Size0.35 Acres
Price / SF$140.73
Days on Market169
Property Features for 1429 Lewis Turner Blvd
General Information
Standard status
Active
Size
4,832 SF
Class
B
Lot size
0.35 Acres
Property subtype
Mixed Use, Retail
Zoning
MU
Building Details
Year Built
1958
Listing Agency:
ACRE Expert LLC
Listed By:
Drew Attias · License #Florida
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 8 at 6:31AM
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 ACRE Expert LLC
Investment Insights
Based on property information with market context.
Located at 1429 Lewis Turner Blvd in Fort Walton Beach, Florida, this mixed-use property is situated in Okaloosa County. The property, identified by Parcel ID 34-1S-24-0000-0019-0030, is zoned MU. The building has a size of 4,832 square feet and is situated on a 0.35-acre lot. The layout includes one building with two units. The property has road access and is not located in an opportunity zone. It is connected to city water, sewer, and electric.
Key Highlights
- 4,832 sqft Building on 0.35 Acres
- Located at 1429 Lewis Turner Blvd, Fort Walton Beach, FL 32547
- Zoning: MU (Mixed Use)
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
$58,709
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
8.63%
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%
$1,174,180
$1.2M
Cap Rate 7%
$838,700
$838.7K
Cap Rate 9%
$652,322
$652.3K
Market Conditions
NOI Build-Up for 4,832 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
$104.4K $21.60/SF
− Vacancy
−$10.4K −$2.16/SF
EGI
$93.9K $19.44/SF
− OpEx
−$35.2K −$7.29/SF
NOI
$58.7K $12.15/SF
Area
Okaloosa County, FL
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,174,180
Cap Rate 7%
$838,700
Cap Rate 9%
$652,322
Alternative Uses
Best Use
Retail
$992.3K
$868.2K – $1.16M
NOI $69,458 @ 7.0% cap · market cap 10.21%
Second Best
Mixed Use
$838.7K
$733.9K – $978.5K
NOI $58,709 @ 7.0% cap · market cap 8.63%
Theoretical Best
Specialty Retail
$1.86M
$1.63M – $2.17M
NOI $130,347 @ 7.0% cap · market cap 19.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Holiday Inn Express
Hotels & Casinos
1,874 visits/mo
0.2 miles
Home2 Suites
Hotels & Casinos
1,791 visits/mo
0.2 miles
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in Fort Walton Beach, Florida, featuring two units.
Where is this mixed-use property located?
The property is located at 1429 Lewis Turner Blvd Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: 4,832 sqft Building on 0.35 Acres; Located at 1429 Lewis Turner Blvd, Fort Walton Beach, FL 32547; Zoning: MU (Mixed Use)
