Gulf-Front Two-Story Office
New
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 Market2
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
(512) 769-3230
Source:
Cloviscannonhomes
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:26AM
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 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 = 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
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
Questions? Ask Rey
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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
