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 Market221
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: Sep 11
Last Checked: Sep 11 at 6:06PM
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.
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 = 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
$19,373
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
5.24%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Mixed-use-zoned office unit with multiple private rooms, meeting areas, storage, and on-site parking.
Where is this office units 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
