Two-Tenant Office
For Sale
$1,700,000
Pending
21 Hollywood Boulevard, Fort Walton Beach, FL 32548
Commercial for Sale, Fort Walton Beach, FL
Property Size8,100 SF
Days on Market487
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
Pending
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: Oct 16
Last Checked: Oct 30 at 3:06AM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$104,612
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
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
