Industrial-Zoned Mixed-Use
428 W Us Highway 90, Defuniak Springs, FL 32433
For Sale
$1,400,000
Commercial for Sale, DeFuniak Springs, FL
Property Size10,000 SF
Lot Size6.00 Acres
Price / SF$140
Days on Market508
Property Features for 428 W Us Highway 90
General Information
Property type
Property subtype
Zoning
Directions
Subdivision
Standard status
APN
Lot size
Additional Details
Currently Operating
Property Use
Taxes and HOA fees
Tax Description
Legal Description
Listing Agency:
Iron Horse Realty Of Nw Florid
(850) 951-2703
Listed By:
Charles A McKinley · License FL #3144290
(850) 496-9546
Added: Jun 23, 2025
Changed: Nov 2
Last Checked: Nov 12 at 6:06AM
MLS# 979423
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.
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Investment Insights
Based on property information with market context.
This approximately 6-acre mixed-use property includes more than 10,000 square feet of improvements across office, warehouse, and industrial shop areas. The site also includes parking, outdoor storage, a chain-link-fenced parking area, and an apartment. It is currently operated as a self-storage facility, although the property will carry a deed restriction prohibiting self-storage use at closing.
The property fronts US Hwy 90 in DeFuniak Springs, with additional access along 20th Street. Frontage measures roughly 125 feet on 20th Street and more than 500 feet along US Hwy 90. A traffic signal is installed at the 20th Street and Hwy 90 intersection, and the site is located near schools, shopping, and other businesses. Industrial zoning applies to the property.
The property fronts US Hwy 90 in DeFuniak Springs, with additional access along 20th Street. Frontage measures roughly 125 feet on 20th Street and more than 500 feet along US Hwy 90. A traffic signal is installed at the 20th Street and Hwy 90 intersection, and the site is located near schools, shopping, and other businesses. Industrial zoning applies to the property.
Key Highlights
- Approximately 6 acres zoned industrial
- More than 10,000 square feet across office, warehouse, and industrial shop buildings
- Roughly 125 feet of frontage on 20th Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,288
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,865,760
$1.9M
Cap Rate 7%
$1,332,686
$1.3M
Cap Rate 9%
$1,036,533
$1.0M
Market Conditions
NOI Build-Up for 10,000 SF
Gross rent
$156.0K $15.60/SF
− Vacancy
−$12.5K −$1.25/SF
EGI
$143.5K $14.35/SF
− OpEx
−$50.2K −$5.02/SF
NOI
$93.3K $9.33/SF
Area
Walton County, FL
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,865,760
Cap Rate 7%
$1,332,686
Cap Rate 9%
$1,036,533
Alternative Uses
Best Use
Flex RnD
$1.33M
$1.17M – $1.55M
NOI $93,288 @ 7.0% cap · market cap 6.66%
Second Best
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,644 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $176,040 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Explore this area
Business Placement
Demographics for 32433, FL
18,036
Population
8,059
Households
2.2
Avg Household Size
40
Median Age
13%
College-Educated
83%
High-School Grad
251.3 sq mi
ZIP Area
72
Density / Sq Mi
$51,604
Median Household Income
$35,086
Median Earnings
$1,045
Median Rent
$152,000
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multiple commercial buildings provide office, warehouse, shop, parking, and outdoor storage areas on an industrial-zoned site.
Where is this mixed-use property located?
The property is located at 428 W Us Highway 90 Defuniak Springs, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Approximately 6 acres zoned industrial; More than 10,000 square feet across office, warehouse, and industrial shop buildings; Roughly 125 feet of frontage on 20th Street
