Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Sound View Office Space Available Title is generated by Realmo AI

    348 Miracle Strip Pkwy SW, Fort Walton Beach, FL 32569

    View on Map
    Picture of Other office properties at 348 Miracle Strip Pkwy SW, Fort Walton Beach, FL
    For Lease
    $19 SF/Yr

    2,850 SF For Lease: Prime Office Space Overlooking Santa Rosa Sound (Floor 2nd Floor, Suite 16A)

    Added:
    Mar 17, 2025
    Days on Market:
    441
    Last Refresh:
    Mar 16 at 9:05 am

    Property Features for 348 Miracle Strip Pkwy SW

    General Information

    Standard status
    Active
    Property type
    Other office properties, Office Units, Office buildings, Office Spaces
    Class
    C
    Elevators
    N/A
    Lease Type
    NNN
    Rate Type
    Yearly

    Building Details

    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Paul Salter

    Listing agent Paul

    Listing office

    Listing date Mar 17, 2025

    Overview

    This 2,850 square foot office space is available for lease in Fort Walton Beach, Florida. Located in Paradise Village Professional Park on the second floor, Suite 16A features views of the Santa Rosa Sound. The layout includes eight individual offices, meeting areas, a break room, and two restrooms. A balcony provides additional space. The property is situated in a complex with a tenant mix that includes healthcare, financial, real estate, spa, and defense service providers. Paradise Village Professional Park offers on-site parking and canal views with communal seating areas. The location is approximately five miles from Hurlburt Field, nine miles from Eglin AFB, and eleven miles from Destin-Fort Walton Beach Airport (VPS).
    Property Profile Location Intelligence

    Current Use by Public Records

    Chicken 'N The Egg Restaurant Crafty Hangout (Bike/Boat/Book/etc) Store As Seen On TV ... Corporate Office Element Home Loans, ... Loan Service New American Funding ... Loan Service

    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
    -86.7601
    Latitude
    30.4108

    Nearby Similar for Lease

    • $27 SF/Yr
      1,566 SF

      Renovated Office Building For Lease

      Recently renovated office building for lease in Fort Walton Beach.
      138 Patrick Drive, Fort Walton Beach, FL 32547
      View Details
    • $2,916/Mo
      3,300 SF

      Versatile Industrial Property For Rent

      Functional industrial property with high ceilings and office space.
      33 NW Jet Drive, Fort Walton Beach, FL 32548
      View Details
    • $13 SF/Yr
      2,100 SF

      Fort Walton Beach Office Space

      Centrally located office space in Fort Walton Beach, Florida.
      25 Walter Martin Rd NE, Fort Walton Beach, FL 32548
      View Details
    • $8,503/Mo
      3,644 SF

      Fort Walton Beach Retail Space

      High-visibility retail property with drive-thru and commercial kitchen.
      302 Racetrack Rd NW, Fort Walton Beach, FL
      View Details
    • $1,000/Mo
      1,040 SF

      Fort Walton Beach Warehouse Unit

      1040 SqFt warehouse unit for lease in Fort Walton Beach.
      21-318 Green Acres Rd, Fort Walton Beach, FL
      View Details
    • $2,344/Mo
      2,250 SF

      Versatile Office and Retail Space

      Office and retail space in the heart of Fort Walton Beach.
      36 SE Tupelo SE Avenue, Fort Walton Beach, FL 32548
      View Details
    • $42 SF/Yr
      5,145 SF

      Restaurant Space in Fort Walton

      Prime restaurant space for lease in Fort Walton Beach, FL.
      402 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548
      View Details
    • $4,275/Mo
      5,400 SF

      Prime Commercial Space in Florida

      Versatile commercial space in a high-visibility Fort Walton Beach location.
      42 SE Tupelo Avenue, Fort Walton Beach, FL 32548
      View Details
    • $4,526/Mo
      3,700 SF

      Unique Commercial Space in Florida

      High-visibility commercial space in a thriving coastal market.
      174 SE Miracle Strip Parkway, Fort Walton Beach, FL 32548
      View Details
    • $2,895/Mo
      4,800 SF

      Fort Walton Beach Commercial Space

      Commercial space with showroom, offices, and loading dock.
      144 Air Force Street, Fort Walton Beach, FL 32547
      View Details
    • $2,574/Mo
      775 SF

      Fort Walton Beach Office Space

      775 SF office space in Fort Walton Beach, Florida.
      119 Hollywood Blvd NW, Fort Walton Beach, FL
      View Details
    • $1,450/Mo
      10,000 SF

      Move-in Ready Office Suite

      Professional office suite in accessible Fort Walton Beach commercial corridor.
      24 NW Hollywood Boulevard #5, Fort Walton Beach, FL 32548
      View Details

    FAQs

    What type of property is this?
    Office property - 2,850 SF For Lease: Prime Office Space Overlooking Santa Rosa Sound (Floor 2nd Floor, Suite 16A)
    Where is this office property located?
    The property is located at 348 Miracle Strip Pkwy SW Fort Walton Beach, FL.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    (850) 687-4075
    We can help!
    Listing Contact
    Paul Salter
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    348 Miracle Strip Pkwy SW, Fort Walton Beach, FL 32569
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!