Gulf-Front Two-Story Office
For Sale
$699,950
348 SW Miracle Strip Parkway, Fort Walton Beach, FL 32548
Commercial for Sale, Fort Walton Beach, FL
Property Size4,866 SF
Lot Size5.22 Acres
Price / SF$143.85
Days on Market201
Property Features for 348 SW Miracle Strip Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Directly off of Miracle Strip Parkway immedately to the west of Liza Jackson Park. The subject unit is the best site of the building directly on the water and adjacent to the boat launch.
Subdivision
12 - Fort Walton Beach
Standard status
Active
APN
232S24506A00000340
Lot size
5.22 Acres
Taxes and HOA fees
Tax Description
Harbourtown Shopping Villg Lot 34/35
Legal Description
Harbourtown Shopping Villg Lot 34/35
Utilities
Water front
1
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Gregory E Ganske · License #3445831
(512) 769-3230
Added: Feb 24
Changed: Sep 11
Last Checked: Sep 13 at 11:06AM
MLS# 996149
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story office building offers a multi-room configuration with private offices, larger areas suitable for conferences, collaboration, or open workstations, and on-site bathrooms. Multiple interior spaces face the Gulf, providing direct waterfront views from offices and shared areas. The property encompasses 5.22 acres and includes parking for employees, clients, and visitors.
The building fronts Miracle Strip Parkway, also identified as US-98, in Fort Walton Beach. Its setting provides access to downtown attractions, dining, shopping, and Okaloosa Island amenities, with the beach immediately adjacent to the property. The location combines office functionality with a direct Gulf-front setting along a major coastal roadway.
The building fronts Miracle Strip Parkway, also identified as US-98, in Fort Walton Beach. Its setting provides access to downtown attractions, dining, shopping, and Okaloosa Island amenities, with the beach immediately adjacent to the property. The location combines office functionality with a direct Gulf-front setting along a major coastal roadway.
Key Highlights
- Direct Gulf‑front setting with views from multiple offices and common areas
- Two‑story office building with private offices and larger flexible rooms
- 5.22‑acre property
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office property with private rooms, flexible common areas, restrooms, parking, and direct Gulf views.
Where is this office building located?
The property is located at 348 SW 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: Direct Gulf‑front setting with views from multiple offices and common areas; Two‑story office building with private offices and larger flexible rooms; 5.22‑acre property
