Remodeled Commercial Property with Flexible
For Sale
$324,900
31 Ne Kelly Ave, Fort Walton Beach, FL 32548
Versatile commercial property in Fort Walton Beach with live/work potential.
Property Size1,159 SF
Price / SF$280.33
Days on Market358
Property Features for 31 Ne Kelly Ave
General Information
Standard status
Active
Size
1,159 SF
Property subtype
Commercial
Listing Agency:
EXP Realty LLC
Listed By:
Joshua D Legare · License #3511727
(850) 737-8830
Source:
Emeraldcoasthomefinder
Added: Oct 31, 2025
Changed: Oct 1
Last Checked: Oct 23 at 7:22AM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,968
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$299,360
$299.4K
Cap Rate 7%
$213,829
$213.8K
Cap Rate 9%
$166,311
$166.3K
Market Conditions
NOI Build-Up for 1,159 SF
Gross rent
$24.3K $21.00/SF
− Vacancy
−$4.4K −$3.78/SF
EGI
$20.0K $17.22/SF
− OpEx
−$5.0K −$4.31/SF
NOI
$15.0K $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%
$299,360
Cap Rate 7%
$213,829
Cap Rate 9%
$166,311
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 authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,305
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Versatile commercial property in Fort Walton Beach with live/work potential.
Where is this office unit located?
The property is located at 31 Ne Kelly Ave 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.
