Fort Walton Beach Legacy
For Sale
$2,800,000
20 NE Hollywood Boulevard, Fort Walton Beach, FL 32548
2.76-acre assemblage with buildings, ideal for owner-user or redevelopment.
Property Size13,513 SF
Lot Size2.76 Acres
Price / SF$207.21
Days on Market218
Property Features for 20 NE Hollywood Boulevard
General Information
Standard status
Active
Size
13,513 SF
Lot size
2.76 Acres
Property subtype
Commercial
Listing Agency:
TAYLOR ALLEN PROPERTIES LLC
(850) 259-2894
Listed By:
CHRISTOPHER L WOOTEN · License #3435164
Source:
Corcoran
Added: Jan 16
Changed: Aug 22
Last Checked: Aug 22 at 7:10AM
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 TAYLOR ALLEN PROPERTIES LLC
Investment Insights
Based on property information with market context.
This offering features a legacy property assemblage consisting of seven combined parcels at 16 and 20 Hollywood Boulevard in Fort Walton Beach, Florida. The site totals approximately 2.76 acres with over 429 feet of frontage on Hollywood Blvd, and rear access from Park Cir/Park Pl. The location is less than one mile from U.S. Highway 98 and approximately one-third of a mile from Eglin Parkway. Improvements include four buildings totaling approximately 13,513 square feet, featuring multiple auto service bays, storefront/shop space, warehouse and storage buildings, lobby and office areas, and a large privacy-fenced laydown yard of approximately .41 acres suitable for outside storage or parking. Zoned MX-2 (Mixed-Use High), the property has supported local businesses for decades. The former Tona's Auto Center facilities are now vacant, while Haudini Upholstery remains in operation. The assemblage is suited for an owner-user seeking to occupy a portion of the property while benefiting from rental income from the remaining leased buildings, offering a combination of operational scale, income generation, and future redevelopment potential.
Key Highlights
- Large 2.76‑acre property with 429 feet of frontage on Hollywood Blvd.
- Zoned MX‑2 (Mixed‑Use High) offering redevelopment potential.
- Four buildings totaling 13,513 sq ft with auto service bays, storefront/shop space, warehouse/storage, lobby, and office areas.
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
$194,243
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
6.94%
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%
$3,884,860
$3.9M
Cap Rate 7%
$2,774,900
$2.8M
Cap Rate 9%
$2,158,256
$2.2M
Market Conditions
NOI Build-Up for 13,513 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
$300.0K $22.20/SF
− Vacancy
−$22.5K −$1.67/SF
EGI
$277.5K $20.54/SF
− OpEx
−$83.2K −$6.16/SF
NOI
$194.2K $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%
$3,884,860
Cap Rate 7%
$2,774,900
Cap Rate 9%
$2,158,256
Alternative Uses
Best Use
Retail
$2.77M
$2.43M – $3.24M
NOI $194,243 @ 7.0% cap · market cap 6.94%
Second Best
Mixed Use
$2.35M
$2.05M – $2.74M
NOI $164,183 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$5.21M
$4.56M – $6.08M
NOI $364,523 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,863
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - 2.76-acre assemblage with buildings, ideal for owner-user or redevelopment.
Where is this auto shop located?
The property is located at 20 NE Hollywood Boulevard Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Large 2.76‑acre property with **429 feet of frontage on Hollywood Blvd.**; Zoned MX‑2 (Mixed‑Use High) offering redevelopment potential.; Four buildings totaling 13,513 sq ft with auto service bays, storefront/shop space, warehouse/storage, lobby, and office areas.
