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    143 Acres Freeport Land Available Title is generated by Realmo AI

    284 Hemlock Drive, Defuniak Springs, FL 32435

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    Strategically located industrial/commercial land near Freeport and Walton County.

    Type:Land
    Property size:
    143 SF
    Lot size:
    143.00 Acres
    Added:
    Mar 25, 2026
    Days on Market:
    71
    Last Refresh:
    Mar 18 at 8:12 am

    Property Features for 284 Hemlock Drive

    General Information

    Standard status
    Active
    Size
    143 SF
    Lot size
    143.00 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Thomas Watson

    Listing agent Thomas Watson

    Listing office CBRE | Jacksonville

    Listing date Mar 25, 2026

    Source Cbre

    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 CBRE | Jacksonville

    HighLights

    • ±143 Acres of Industrial/Commercial Land in rapidly growing Freeport, FL.
    • Heavy Industrial Zoning (117 acres) allows for diverse development opportunities.
    • Strategic location on US 331 with convenient access to I‑10 and other major transportation routes.
    • Adjacent to the Woodlawn Industrial Park developed by Walton EDA.
    • Negotiated access easement agreement connecting to Woodlawn Industrial Park and Progress Lane.
    • Located in Walton County, the 4th fastest growing county in the US.

    Overview

    This \u00b1143-acre property is strategically located on US 331 in rapidly growing Freeport, FL. It offers convenient access to US Hwy 331, Interstate 10, and State Road 20, the major transportation routes serving Walton County. The property is ideally positioned to easily access both the growing Beaches submarkets and the immediately surrounding Freeport/DeFuniak Springs markets. It is adjacent to the Woodlawn Industrial Park developed by Walton EDA, with a negotiated access easement agreement connecting to Woodlawn Industrial Park and Progress Lane, and direct access to US Hwy 331 by way of Hemlock Rd. The zoning includes 117 acres of Heavy Industrial, 10.3 acres of General Commercial, and 15.5 acres of mixed Estate Residential and Urban Residential. Located in the heart of Walton County, the 4th fastest growing county in the US, known for its famous white sand beaches, clear emerald waters of the Gulf of Mexico, and its new urbanist resort communities found along the Beaches of South Walton.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Defuniak Springs
    County
    Walton
    State
    Florida
    Longitude
    -86.1186
    Latitude
    30.7256

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    FAQs

    What type of property is this?
    Industrial land - Strategically located industrial/commercial land near Freeport and Walton County.
    Where is this industrial land located?
    The property is located at 284 Hemlock Drive Defuniak Springs, FL.
    What are key features of this property?
    This property features: ±143 Acres of Industrial/Commercial Land in rapidly growing Freeport, FL.; Heavy Industrial Zoning (117 acres) allows for diverse development opportunities.; Strategic location on US 331 with convenient access to I‑10 and other major transportation routes.
    (850) 585-5290
    We can help!
    Listing Contact
    Thomas Watson
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    284 Hemlock Drive, DeFuniak Springs, FL, 32435
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