Free-Standing Retail Building
For Sale
$1,275,000
4641 Highway 20, Niceville, FL 32578
3,000 SF retail building built in 2021 in Niceville, FL.
Property Size3,000 SF
Price / SF$425
Days on Market204
Property Features for 4641 Highway 20
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Retail
Building Details
Building Size
3,000 SF
Year Built
2021
Listing Agency:
Bellcore Commercial
(850) 240-0527
Listed By:
Harry Bell Jr. · License #FL #BK3026917
(850) 240-0527
Source:
Bellcorecommercial
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 19 at 5:51AM
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 Bellcore Commercial
Investment Insights
Based on property information with market context.
Offered for sale is a 3,000 SF free-standing retail building constructed in 2021, presenting an investment opportunity. The property features an efficient layout, durable finishes, and ample space for customization. The building can be easily subdivided to create two separate retail or service spaces, providing flexibility for multi-tenant occupancy. Its standalone design supports prominent branding, flexible tenant configurations, and streamlined operations, making it suitable for owner-users or investors. The location offers visibility and accessibility, positioning it as a destination for retail businesses. The property is located in Niceville, FL, where the local landscape provides an inviting backdrop for retail and street retail businesses. The location offers access to attractions. Bluewater Bay and Turkey Creek Park are nearby. The area creates an attractive environment for businesses seeking to thrive.
Key Highlights
- Strategic location in a high‑traffic area of Niceville, offering unparalleled visibility and accessibility.
- Built in 2021, ensuring modern construction and durable finishes.
- Easily subdivided into two separate retail spaces, providing flexibility for multi‑tenant occupancy or diverse business operations.
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
$43,124
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
3.38%
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%
$862,480
$862.5K
Cap Rate 7%
$616,057
$616.1K
Cap Rate 9%
$479,156
$479.2K
Market Conditions
NOI Build-Up for 3,000 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
$66.6K $22.20/SF
− Vacancy
−$5.0K −$1.67/SF
EGI
$61.6K $20.54/SF
− OpEx
−$18.5K −$6.16/SF
NOI
$43.1K $14.37/SF
Area
Okaloosa County, FL
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$862,480
Cap Rate 7%
$616,057
Cap Rate 9%
$479,156
Alternative Uses
Best Use
Retail
$616.1K
$539.1K – $718.7K
NOI $43,124 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,927 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
76
Shops & Services
4,353 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 3,000 SF retail building built in 2021 in Niceville, FL.
Where is this retail space located?
The property is located at 4641 Highway 20 Niceville, FL.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Strategic location in a high‑traffic area of Niceville, offering unparalleled visibility and accessibility.; Built in 2021, ensuring modern construction and durable finishes.; Easily subdivided into two separate retail spaces, providing flexibility for multi‑tenant occupancy or diverse business operations.
