Two-Tenant Office
For Sale
$1,700,000
21 Hollywood Boulevard, Fort Walton Beach, FL 32548
Commercial for Sale, Fort Walton Beach, FL
Property Size8,100 SF
Price / SF$209.88
Days on Market440
Property Features for 21 Hollywood Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Heading West on Hollywood Blvd from Beal, property is located where Jet Drive and Hollywood meet.
Subdivision
12 - Fort Walton Beach
Standard status
Active
APN
14-2S-24-1190-0000-00A1
Taxes and HOA fees
Tax Description
HOMES GARDENS S/D TRACT A EX W 400 FT & EX
Legal Description
HOMES GARDENS S/D TRACT A EX W 400 FT & EX
Listing Agency:
NBI Properties Inc
(850) 243-0007
Listed By:
James E Nabors · License #3104014
(850) 420-1111
Added: Jul 1, 2025
Changed: Sep 11
Last Checked: Sep 13 at 6:06PM
MLS# 980001
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 office property contains 8,100 square feet of commercial space in a two-tenant configuration. Completed in 2019, the building offers newer construction and modern finishes suited to professional office use, with the existing layout supporting separate occupant areas.
The property occupies the corner of Hollywood Boulevard and Jet Drive in Fort Walton Beach, placing the building at a prominent intersection within the local commercial setting. Both tenant spaces are described as long-term occupants, providing an established leasing profile for the office asset.
The property occupies the corner of Hollywood Boulevard and Jet Drive in Fort Walton Beach, placing the building at a prominent intersection within the local commercial setting. Both tenant spaces are described as long-term occupants, providing an established leasing profile for the office asset.
Key Highlights
- 8,100‑square‑foot office building
- Built in 2019 with modern construction and finishes
- Two long‑term tenants occupy the building
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
$104,612
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
6.15%
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%
$2,092,240
$2.1M
Cap Rate 7%
$1,494,457
$1.5M
Cap Rate 9%
$1,162,356
$1.2M
Market Conditions
NOI Build-Up for 8,100 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
$170.1K $21.00/SF
− Vacancy
−$30.6K −$3.78/SF
EGI
$139.5K $17.22/SF
− OpEx
−$34.9K −$4.31/SF
NOI
$104.6K $12.92/SF
Area
Okaloosa County, FL
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,092,240
Cap Rate 7%
$1,494,457
Cap Rate 9%
$1,162,356
Alternative Uses
Best Use
Office B
$1.49M
$1.31M – $1.74M
NOI $104,612 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.12M
$2.73M – $3.64M
NOI $218,503 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,545
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Built in 2019 and divided between two long-term tenant spaces.
Where is this office building located?
The property is located at 21 Hollywood Boulevard Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 8,100‑square‑foot office building; Built in 2019 with modern construction and finishes; Two long‑term tenants occupy the building
