Office Unit with Signage
For Sale
$369,900
4400 FL-20, Niceville, FL 32578
Commercial for Sale, Niceville, FL
Property Size1,500 SF
Price / SF$246.60
Days on Market268
Property Features for 4400 FL-20
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Directions
Directly on Hwy 20 just West of Bluewater Blvd
Subdivision
13 - Niceville
Standard status
Active
APN
23-1S-22-5066-0000-5070
Taxes and HOA fees
Tax Description
MERCHANTS WALK PH V UNIT 507 and 508
Legal Description
MERCHANTS WALK PH V UNIT 507 and 508
Listing Agency:
RE/MAX Coastal Properties · RE/MAX International
(850) 837-9900
Listed By:
Karen K Martineau · License #3096846
(850) 499-6930
Added: Feb 2
Changed: Oct 1
Last Checked: Oct 28 at 2:06AM
MLS# 994292
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 1,500-square-foot office unit is located within Merchant’s Walk and features a practical multi-room layout. The interior includes an entry area, two larger rooms suitable for meetings or shared work, six offices, an additional smaller office, a storage and file room, and one bathroom.
The property is positioned at 4400 FL-20 in Niceville, Florida, with direct signage frontage along Highway 20. On-site parking and access to a professional business complex add convenience for occupants and visitors. The property carries Mixed Use zoning.
The property is positioned at 4400 FL-20 in Niceville, Florida, with direct signage frontage along Highway 20. On-site parking and access to a professional business complex add convenience for occupants and visitors. The property carries Mixed Use zoning.
Key Highlights
- 1,500‑square‑foot office unit in Merchant’s Walk
- Six offices plus an additional smaller office
- Two larger rooms for meetings or shared workspace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,373
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$387,460
$387.5K
Cap Rate 7%
$276,757
$276.8K
Cap Rate 9%
$215,256
$215.3K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$31.5K $21.00/SF
− Vacancy
−$5.7K −$3.78/SF
EGI
$25.8K $17.22/SF
− OpEx
−$6.5K −$4.31/SF
NOI
$19.4K $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 Rate 5%
$387,460
Cap Rate 7%
$276,757
Cap Rate 9%
$215,256
Alternative Uses
Best Use
Office B
$276.8K
$242.2K – $322.9K
NOI $19,373 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$578.1K
$505.8K – $674.4K
NOI $40,464 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Explore this area
Business Placement
Demographics for 32578, FL
35,075
Population
14,578
Households
2.4
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
23.2 sq mi
ZIP Area
1,512
Density / Sq Mi
$105,858
Median Household Income
$52,028
Median Earnings
$1,744
Median Rent
$414,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Mixed-use-zoned office unit with multiple private rooms, meeting areas, storage, and on-site parking.
Where is this office unit located?
The property is located at 4400 FL-20 Niceville, FL.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 1,500‑square‑foot office unit in Merchant’s Walk; Six offices plus an additional smaller office; Two larger rooms for meetings or shared workspace
