Gulf-Front Two-Story Office
For Sale
$699,950
348 Miracle Strip Parkway, Fort Walton Beach, FL 32548
Two-story office building with multiple private offices, on-site bathrooms, and ample parking on Gulf-front Miracle Strip Parkway frontage.
Property Size4,866 SF
Price / SF$143.85
Days on Market313
Property Features for 348 Miracle Strip Parkway
General Information
Standard status
Active
Size
4,866 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Amenities
3
Gulf
Gulf.
Building Details
Stories
2
Listing Agency:
EXP Realty LLC
(512) 769-3230
Listed By:
Gregory Ganske
(512) 769-3230
Source:
Xome
Added: Oct 4, 2025
Changed: Aug 8
Last Checked: Aug 12 at 4:06AM
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.
This two-story office building totals 4,866 SF and is laid out with multiple private offices, expansive large rooms suitable for conference space or open work areas, and convenient on-site bathrooms.
The property fronts Miracle Strip Parkway (US-98) and is positioned directly along the Gulf, providing direct Gulf vistas from many offices and common areas. It is described as offering substantial daily exposure along a high-traffic tourist and business corridor, with access to downtown Fort Walton Beach attractions, dining, shopping, and nearby Okaloosa Island amenities.
On-site parking is described as ample for employees, clients, and visitors, supporting everyday operations for a range of professional and service uses that benefit from waterfront views and prominent frontage.
The property fronts Miracle Strip Parkway (US-98) and is positioned directly along the Gulf, providing direct Gulf vistas from many offices and common areas. It is described as offering substantial daily exposure along a high-traffic tourist and business corridor, with access to downtown Fort Walton Beach attractions, dining, shopping, and nearby Okaloosa Island amenities.
On-site parking is described as ample for employees, clients, and visitors, supporting everyday operations for a range of professional and service uses that benefit from waterfront views and prominent frontage.
Key Highlights
- 4,866 SF, two‑story office building on Gulf of America beachfront along Miracle Strip Parkway in Fort Walton Beach, FL
- Multiple private offices plus large rooms suited for conference areas, collaborative space, or open workstations
- On‑site bathrooms and guest facilities for 3
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
$62,844
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
8.98%
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%
$1,256,880
$1.3M
Cap Rate 7%
$897,771
$897.8K
Cap Rate 9%
$698,267
$698.3K
Market Conditions
NOI Build-Up for 4,866 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
$102.2K $21.00/SF
− Vacancy
−$18.4K −$3.78/SF
EGI
$83.8K $17.22/SF
− OpEx
−$20.9K −$4.31/SF
NOI
$62.8K $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 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%
$1,256,880
Cap Rate 7%
$897,771
Cap Rate 9%
$698,267
Alternative Uses
Best Use
Office B
$897.8K
$785.6K – $1.05M
NOI $62,844 @ 7.0% cap · market cap 8.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.88M
$1.64M – $2.19M
NOI $131,264 @ 7.0% cap · market cap 18.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,112
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with multiple private offices, on-site bathrooms, and ample parking on Gulf-front Miracle Strip Parkway frontage.
Where is this office building located?
The property is located at 348 Miracle Strip Parkway Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $699,950.
What are key features of this property?
This property features: 4,866 SF, two‑story office building on Gulf of America beachfront along Miracle Strip Parkway in Fort Walton Beach, FL; Multiple private offices plus large rooms suited for conference areas, collaborative space, or open workstations; On‑site bathrooms and guest facilities for 3
