Remodeled Commercial Property with Flexible
31 NE Kelly Avenue Fort Walton Beach, FL 32548
31 NE Kelly Avenue, Fort Walton Beach, FL, 32548
$324,900
For Sale
$324,900
Versatile commercial property in Fort Walton Beach with live/work potential.
Property Size1,159 SF
Lot Size0.17 Acres
Price / SF$280.33
Days on Market146
Property Features for 31 NE Kelly Avenue
General Information
- Standard status
- Active
- Size
- 1,159 SF
- Lot size
- 0.17 Acres
- Property subtype
- Commercial
Listing agency
EXP REALTY LLC
(888) 883-8509
Listed by
JOSHUA D LEGARE
Source
Corcoran
Added: Feb 26 Updated: Jul 10 at 3:47PM Checked: Jul 21 at 6:03AM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
Located in Fort Walton Beach, FL, this remodeled 1,159 square foot property at 31 Kelly Ave NE offers a versatile opportunity for various uses. Zoned C-2 General Commercial, it features four office spaces and one full bathroom, suitable for a professional office, boutique retail or service-based business, short-term rental investment, or even a primary residence. The zoning allows for on-site living and working. The property has two vehicular entry points, from Hughes Street to the south and Kelly Avenue to the north, providing traffic flow and convenience. There are four dedicated parking spaces at the front, and a powered rear gate opens to a paved, enclosed driveway for secured additional parking. Outdoor electrical hookups are in place. Capital improvements include a re-reroof in 2015 and new windows installed in 2017, along with a tankless water heater. Outdoor features include a dry sauna, an outdoor shower, and a large storage shed with electricity. The property is located minutes from downtown Fort Walton Beach, the beaches, Eglin Air Force Base, and Hurlburt Field.
Key Highlights
- C‑2 General Commercial zoning offers exceptional flexibility for business, short‑term rental, or primary residence.
- Prime location minutes from downtown Fort Walton Beach, beaches, Eglin AFB, and Hurlburt Field.
- Completely remodeled 1,159 sq ft property featuring four office spaces and one full bathroom.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.3k | $21.00 |
| − Vacancy | −$4.4k | −$3.78 |
| EGI | $20.0k | $17.22 |
| − OpEx | −$5.0k | −$4.31 |
| NOI | $15.0k | $12.92 |
1,159 SF · lease $21.00/SF/yr · vacancy 18.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$213.8K
$187.1K – $249.5K
NOI $14,968 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$446.6K
$390.8K – $521.1K
NOI $31,265 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Versatile commercial property in Fort Walton Beach with live/work potential.
Where is this office units located?
The property is located at 31 NE Kelly Avenue Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: C‑2 General Commercial zoning offers exceptional flexibility for business, short‑term rental, or primary residence.; Prime location minutes from downtown Fort Walton Beach, beaches, Eglin AFB, and Hurlburt Field.; Completely remodeled 1,159 sq ft property featuring four office spaces and one full bathroom.
