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    Remodeled Commercial Property with Flexible Zoning Title is generated by Realmo AI

    31 NE Kelly Avenue, Fort Walton Beach, FL 32548

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    For Sale
    $324,900

    Versatile commercial property in Fort Walton Beach with live/work potential.

    Type:Commercial
    Property size:
    1,159 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $280/SF
    Added:
    Feb 26, 2026
    Days on Market:
    86
    Last Refresh:
    Apr 5 at 9:19 pm

    Property Features for 31 NE Kelly Avenue

    General Information

    Standard status
    Active
    Size
    1,159 SF
    Lot size
    0.17 Acres
    Property subtype
    Commercial

    We can help!

    Listing Contact
    JOSHUA D LEGARE

    Listing agent JOSHUA D LEGARE

    Listing office EXP REALTY LLC

    Listing date Feb 26, 2026

    Source Corcoran

    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

    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.
    • Two separate vehicular entry points and secured, gated rear parking with outdoor electrical hookups (RV ready).
    • Major capital improvements including a re‑reroof (2015), new windows (2017), and tankless water heater.
    • Includes a dry sauna, outdoor shower, and large storage shed with electricity.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $185.1K
    NOI $16,660 @ 9.00% cap · cautious / downside scenario
    Moderate
    $238.0K
    NOI $16,660 @ 7.00% cap · market / base-case scenario
    Aggressive
    $333.2K
    NOI $16,660 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $25.7k $22.20
    − Vacancy −$1.9k −$1.67
    EGI $23.8k $20.54
    − OpEx −$7.1k −$6.16
    NOI $16.7k $14.37
    1,159 SF · lease $22.20/SF/yr · vacancy 7.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $238.0K
    $208.3K – $277.7K (±1% cap)
    NOI $16,660 @ 7.0% cap · market cap 5.13%
    Second Best
    Office B
    $213.8K
    $187.1K – $249.5K (±1% cap)
    NOI $14,968 @ 7.0% cap · market cap 4.61%
    Theoretical Best
    Specialty Retail
    $446.6K
    $390.8K – $521.1K (±1% cap)
    NOI $31,265 @ 7.0% cap · market cap 9.62%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.611
    Latitude
    30.4201

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    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.
    (888) 883-8509
    We can help!
    Listing Contact
    JOSHUA D LEGARE
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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.

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