Flex Space with Grade-Level
For Sale
$525,000
2952 Westfield Rd, Gulf Breeze, FL 32563
M-1-zoned flex property combines office accommodation with warehouse functionality and covered exterior workspace.
Property Size2,676 SF
Price / SF$196.19
Days on Market54
Property Features for 2952 Westfield Rd
General Information
Standard status
Active
Size
2,676 SF
Property subtype
Industrial
Zoning
M-1
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Drive-In Doors
2
Building Details
Building Size
2,676 SF
Year Built
1975
Buildings
1
Listing Agency:
Bellcore Commercial LLC
(850) 240-0527
Listed By:
Harry Bell Jr. · License #FL #BK3026917
(850) 240-0527
Source:
Bellcorecommercial
Added: Jul 9
Changed: Aug 31
Last Checked: Aug 31 at 1:32AM
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 Bellcore Commercial LLC
Investment Insights
Based on property information with market context.
This 2,676-square-foot flex property combines dedicated office space with warehouse area in a practical industrial configuration. Two grade-level bay doors support loading and access, while the covered carport extends the usable footprint for protected storage, equipment staging, or workspace. Built in 1975, the property is zoned M-1 for light industrial and restricted industrial applications.
The site is located off Oriole Beach Road near Highway 98 in Gulf Breeze. Oriole Beach Road carries approximately 5,200 vehicles per day, while Highway 98 reports approximately 39,500 vehicles per day. Fewer than 40 parcels in Gulf Breeze carry M-1 zoning, giving this property a distinct position within the local industrial inventory. The layout is suited to service, fabrication, manufacturing, contractor, warehouse, and related operations.
The site is located off Oriole Beach Road near Highway 98 in Gulf Breeze. Oriole Beach Road carries approximately 5,200 vehicles per day, while Highway 98 reports approximately 39,500 vehicles per day. Fewer than 40 parcels in Gulf Breeze carry M-1 zoning, giving this property a distinct position within the local industrial inventory. The layout is suited to service, fabrication, manufacturing, contractor, warehouse, and related operations.
Key Highlights
- 2,676 SF office and warehouse configuration
- M‑1 Light Industrial zoning in Gulf Breeze
- Two grade‑level bay doors
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
$31,598
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
6.02%
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%
$631,960
$632.0K
Cap Rate 7%
$451,400
$451.4K
Cap Rate 9%
$351,089
$351.1K
Market Conditions
NOI Build-Up for 2,676 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
$51.4K $19.20/SF
− Vacancy
−$9.2K −$3.46/SF
EGI
$42.1K $15.74/SF
− OpEx
−$10.5K −$3.94/SF
NOI
$31.6K $11.81/SF
Area
Santa Rosa County, FL
Vacancy
18.00%
Lease Rate
$19.20 /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%
$631,960
Cap Rate 7%
$451,400
Cap Rate 9%
$351,089
Alternative Uses
Best Use
Office B
$451.4K
$395.0K – $526.6K
NOI $31,598 @ 7.0% cap · market cap 6.02%
Second Best
Flex RnD
$362.9K
$317.5K – $423.4K
NOI $25,401 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$658.9K
$576.6K – $768.8K
NOI $46,126 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32563, FL
27,329
Population
12,883
Households
2.1
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
16.6 sq mi
ZIP Area
1,646
Density / Sq Mi
$97,139
Median Household Income
$41,647
Median Earnings
$1,692
Median Rent
$362,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - M-1-zoned flex property combines office accommodation with warehouse functionality and covered exterior workspace.
Where is this flex space located?
The property is located at 2952 Westfield Rd Gulf Breeze, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,676 SF office and warehouse configuration; M‑1 Light Industrial zoning in Gulf Breeze; Two grade‑level bay doors
