Freestanding Flex Space with
For Sale
$750,000
Pending
431 NW Racetrack Road, Fort Walton Beach, FL 32547
Commercial for Sale, Fort Walton Beach, FL
Property Size5,500 SF
Lot Size0.36 Acres
Days on Market101
Property Features for 431 NW Racetrack Road
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Located on the southside of Racetrack Road adjacent to Stewby's.
Subdivision
12 - Fort Walton Beach
Standard status
Pending
APN
03-2S-24-0000-0039-0000
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
Com Int Of E Line Of Beal St And N Sec Line Thc S Alg Line Of Beal St 865Ft Thc Left 90 Deg 1200Ft Thc Left 90Deg 865Ft Thc Left 90Deg 130Ft To Pob Cont 100Ft Thc Left 90Deg 194Ft Thc Left 90Deg 100Ft Thc Left 90Deg 194Ft To Pob Less Nly Part For R/W
Legal Description
Com Int Of E Line Of Beal St And N Sec Line Thc S Alg Line Of Beal St 865Ft Thc Left 90 Deg 1200Ft Thc Left 90Deg 865Ft Thc Left 90Deg 130Ft To Pob Cont 100Ft Thc Left 90Deg 194Ft Thc Left 90Deg 100Ft Thc Left 90Deg 194Ft To Pob Less Nly Part For R/W
Listing Agency:
Taylor Allen Properties LLC
(850) 259-2894
Listed By:
Brett D Stuart · License #678851
(850) 865-9123
Added: Jun 4
Changed: Sep 11
Last Checked: Sep 12 at 6:06PM
MLS# 1004735
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 freestanding flex property is occupied by Wesco Gas and offers a combination of customer-facing, administrative, warehouse, and exterior storage areas. The interior includes an approximately 2,500 SF showroom and office area with a glass storefront, open display area, new LVP flooring, several offices, a kitchen or break area, and 2 restrooms. A separate rear warehouse measures approximately 3,000 SF and includes two roll-up doors.
The property sits along Racetrack Road in Fort Walton Beach, FL, with parking configured to accommodate large trucks and trailers. A fenced rear lot provides additional outdoor storage space. The layout supports a range of commercial operations requiring showroom or office functions alongside warehouse and yard capacity.
The property sits along Racetrack Road in Fort Walton Beach, FL, with parking configured to accommodate large trucks and trailers. A fenced rear lot provides additional outdoor storage space. The layout supports a range of commercial operations requiring showroom or office functions alongside warehouse and yard capacity.
Key Highlights
- Approximately 2,500 SF showroom and office area
- Approximately 3,000 SF rear warehouse with two roll‑up doors
- Fenced rear lot for outdoor storage
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
$60,489
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
8.07%
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%
$1,209,780
$1.2M
Cap Rate 7%
$864,129
$864.1K
Cap Rate 9%
$672,100
$672.1K
Market Conditions
NOI Build-Up for 5,500 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
$99.0K $18.00/SF
− Vacancy
−$5.9K −$1.08/SF
EGI
$93.1K $16.92/SF
− OpEx
−$32.6K −$5.92/SF
NOI
$60.5K $11.00/SF
Area
Okaloosa County, FL
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,209,780
Cap Rate 7%
$864,129
Cap Rate 9%
$672,100
Alternative Uses
Best Use
Retail
$1.13M
$988.3K – $1.32M
NOI $79,060 @ 7.0% cap · market cap 10.54%
Second Best
Flex RnD
$864.1K
$756.1K – $1.01M
NOI $60,489 @ 7.0% cap · market cap 8.07%
Theoretical Best
Specialty Retail
$2.12M
$1.85M – $2.47M
NOI $148,366 @ 7.0% cap · market cap 19.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,287
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding commercial space combines showroom, offices, warehouse capacity, and secured outdoor storage.
Where is this flex space located?
The property is located at 431 NW Racetrack Road Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Approximately 2,500 SF showroom and office area; Approximately 3,000 SF rear warehouse with two roll‑up doors; Fenced rear lot for outdoor storage
