Gulf-Front Two-Story Office
For Sale
$699,950
348 SW Miracle Strip Parkway 34/35, Fort Walton Beach, FL 32548
Office property with private rooms, expansive work areas, on-site bathrooms, parking, and direct Gulf views.
Property Size4,866 SF
Price / SF$143.85
Days on Market48
Property Features for 348 SW Miracle Strip Parkway 34/35
General Information
Standard status
Active
Size
4,866 SF
Additional Details
Road Access
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
EXP Realty LLC
Listed By:
Gregory E Ganske · License #3445831
(512) 769-3230
Source:
Cloviscannonhomes
Added: Sep 2
Changed: Oct 13
Last Checked: Oct 16 at 10:57AM
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.
This 4,866-square-foot, two-story office building provides a varied professional layout with multiple private offices, large rooms suitable for conferences or collaborative work, and on-site bathrooms. Direct Gulf frontage brings water views into many offices and shared areas, while the building’s position along Miracle Strip Parkway adds a prominent coastal setting.
The property fronts US-98 in Fort Walton Beach, Florida, with parking available for employees, clients, and visitors. Its location provides access to downtown Fort Walton Beach, local dining and shopping, and Okaloosa Island amenities. The address is 348 SW Miracle Strip Parkway 34/35.
The property fronts US-98 in Fort Walton Beach, Florida, with parking available for employees, clients, and visitors. Its location provides access to downtown Fort Walton Beach, local dining and shopping, and Okaloosa Island amenities. The address is 348 SW Miracle Strip Parkway 34/35.
Key Highlights
- 4,866 SF two‑story office building
- Direct Gulf frontage with water views from many offices and common areas
- Multiple private offices plus large conference, collaboration, or workstation areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,844
Cap Rate
8.98%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
382
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
Frequently Asked Questions
What type of property is this?
Office building - Office property with private rooms, expansive work areas, on-site bathrooms, parking, and direct Gulf views.
Where is this office building located?
The property is located at 348 SW Miracle Strip Parkway 34/35 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; Direct Gulf frontage with water views from many offices and common areas; Multiple private offices plus large conference, collaboration, or workstation areas
