Three-Story Class A Office
For Sale
$10,500,000
301-6925 Us Highway 98 E, Santa Rosa Beach, FL 32459
Three-story Class A building with a partially available suite for office tenants or future leasing.
Property Size33,000 SF
Price / SF$318.18
Days on Market137
Property Features for 301-6925 Us Highway 98 E
General Information
Standard status
Active
Size
33,000 SF
Class
A
Occupancy
94%
Building Details
Stories
3
Listing Agency:
Graham & Company
(850) 563-1500
Listed By:
Jason L Carnes
(850) 830-6593
Source:
Exprealty
Added: Apr 28
Changed: Aug 20
Last Checked: Sep 9 at 8:47PM
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 Graham & Company
Investment Insights
Based on property information with market context.
This three-story Class A office building offers a diversified, mostly occupied tenant roster, currently reported as 94% leased. The property totals approximately 33,000 SF and includes an available space of 1,824 SF for new or expanding office users. The offering is presented for sale with reported net operating income of $790,000+.
The building is located at 301-6925 US Highway 98 E in Santa Rosa Beach, Florida. As reflected in the remarks, tenant leases are described as long-term, supporting a stable in-place occupancy profile for an incoming owner or leasing partner.
With 1,824 SF currently available for lease, this property can accommodate a range of office tenants seeking a Class A setting within a multi-tenant environment. For buyers, the combination of reported long-term occupancy and a remaining lease-up opportunity may appeal to those looking to acquire an operating office asset with existing tenant diversification and immediate options for leasing the remaining space.
The building is located at 301-6925 US Highway 98 E in Santa Rosa Beach, Florida. As reflected in the remarks, tenant leases are described as long-term, supporting a stable in-place occupancy profile for an incoming owner or leasing partner.
With 1,824 SF currently available for lease, this property can accommodate a range of office tenants seeking a Class A setting within a multi-tenant environment. For buyers, the combination of reported long-term occupancy and a remaining lease-up opportunity may appeal to those looking to acquire an operating office asset with existing tenant diversification and immediate options for leasing the remaining space.
Key Highlights
- $790,000+ net operating income from a 33,000 SF, 3‑story Class A office building
- 94% leased with a diversified tenant mix
- 1,824 SF available for lease within 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
$415,800
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
3.96%
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%
$8,316,000
$8.3M
Cap Rate 7%
$5,940,000
$5.9M
Cap Rate 9%
$4,620,000
$4.6M
Market Conditions
NOI Build-Up for 33,000 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
$693.0K $21.00/SF
− Vacancy
−$138.6K −$4.20/SF
EGI
$554.4K $16.80/SF
− OpEx
−$138.6K −$4.20/SF
NOI
$415.8K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
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%
$8,316,000
Cap Rate 7%
$5,940,000
Cap Rate 9%
$4,620,000
Alternative Uses
Best Use
Office B
$5.94M
$5.20M – $6.93M
NOI $415,800 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.30M
$7.26M – $9.68M
NOI $580,932 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
94%
Occupancy
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
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Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Three-story Class A building with a partially available suite for office tenants or future leasing.
Where is this office building located?
The property is located at 301-6925 Us Highway 98 E Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: $790,000+ net operating income from a 33,000 SF, 3‑story Class A office building; 94% leased with a diversified tenant mix; 1,824 SF available for lease within the building
