Freestanding Warehouse
For Sale
$750,000
431 NW Racetrack Road, Fort Walton Beach, FL 32547
Freestanding building with glass storefront showroom, offices, and rear warehouse with two roll-up doors.
Property Size5,500 SF
Price / SF$136.36
Days on Market91
Property Features for 431 NW Racetrack Road
General Information
Standard status
Active
Size
5,500 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Drive-In Doors
2
Amenities
3
Building Details
Tenancy
Single
Listing Agency:
Taylor Allen Properties LLC
(850) 865-9123
Listed By:
Brett Stuart · License #678851
(850) 865-9123
Source:
Xome
Added: May 26
Changed: Aug 23
Last Checked: Aug 24 at 3:23AM
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 Taylor Allen Properties LLC
Investment Insights
Based on property information with market context.
This freestanding, income-producing building is occupied by Wesco Gas and configured with a glass storefront that opens to an associated showroom area. The interior includes new LVP flooring, multiple offices, a kitchen/break area, and two restrooms. The rear portion functions as a warehouse with two roll-up doors, supporting practical loading and operations.
The property is positioned along Racetrack Road in Fort Walton Beach, with a highly visible presence and a nice amount of parking suited to larger trucks and trailers. A fenced rear lot is also in place for outdoor storage.
The building footprint is approximately 2,500 SF for showroom/office space and approximately 3,000 SF for warehouse space, offering a combined front-of-house retail or service feel with back-of-house warehousing functionality.
The property is positioned along Racetrack Road in Fort Walton Beach, with a highly visible presence and a nice amount of parking suited to larger trucks and trailers. A fenced rear lot is also in place for outdoor storage.
The building footprint is approximately 2,500 SF for showroom/office space and approximately 3,000 SF for warehouse space, offering a combined front-of-house retail or service feel with back-of-house warehousing functionality.
Key Highlights
- Freestanding, income‑producing property occupied by Wesco Gas
- Highly visible location along Racetrack Road in Fort Walton Beach, FL
- Glass storefront with open showroom, plus 2 restrooms, several offices, and a kitchen/break area
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
Flex RnD
$864.1K
$756.1K – $1.01M
NOI $60,489 @ 7.0% cap · market cap 8.07%
Second Best
Warehouse
$534.1K
$467.3K – $623.1K
NOI $37,385 @ 7.0% cap · market cap 4.98%
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
Property Profile
Current Use
Lease Details
2
Drive-in doors
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
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
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 building with glass storefront showroom, offices, and rear warehouse with two roll-up doors.
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: Freestanding, income‑producing property occupied by Wesco Gas; Highly visible location along Racetrack Road in Fort Walton Beach, FL; Glass storefront with open showroom, plus 2 restrooms, several offices, and a kitchen/break area
