Prime Commercial Building For
For Sale
$1,300,000
Pending
50 Eglin Pkwy, Fort Walton Beach, FL 32548
2,776 SF building on 0.68 acres near Gulf.
Property Size2,776 SF
Lot Size0.68 Acres
Days on Market239
Property Features for 50 Eglin Pkwy
General Information
Standard status
Pending
Size
2,776 SF
Lot size
0.68 Acres
Property subtype
Commercial
Listing Agency:
REALTY HOUSE COMMERCIAL PROP
(850) 244-9117
Listed By:
M KEVIN BETHEA · License #450832
(850) 244-9195
Source:
Corcoran
Added: Jan 8
Changed: Aug 8
Last Checked: Jul 23 at 8:37AM
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 REALTY HOUSE COMMERCIAL PROP
Investment Insights
Based on property information with market context.
The property features a 2,776 square foot building situated on a 0.68-acre lot. The site benefits from 187 feet of street frontage. Originally constructed in 1960 as a McDonald's restaurant, the building is currently used as an optometrist's office. The owner intends to relocate the business to a smaller building. The property is located in close proximity to a new 7 Brews Coffee and across the street from established fast-food chains including McDonald's, Popeyes, Taco Bell, and Tijuana Flats. It is located within 1.5 miles of the Gulf and its beaches. The land area is suitable for drive-through restaurants, restaurants, medical office space, and general commercial real estate purposes.
Key Highlights
- Prime location next to 7 Brews Coffee and across from McDonalds, Popeyes, Taco Bell, and Tijuana Flats.
- Close proximity (1 1/2 miles) to the Gulf and white sandy beaches.
- Substantial land area of 0.68 acres with 187' of street frontage.
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
$74,885
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
5.76%
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%
$1,497,700
$1.5M
Cap Rate 7%
$1,069,786
$1.1M
Cap Rate 9%
$832,056
$832.1K
Market Conditions
NOI Build-Up for 2,776 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
$102.9K $37.08/SF
− Vacancy
−$3.1K −$1.11/SF
EGI
$99.8K $35.97/SF
− OpEx
−$25.0K −$8.99/SF
NOI
$74.9K $26.98/SF
Area
Okaloosa County, FL
Vacancy
3.00%
Lease Rate
$37.08 /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%
$1,497,700
Cap Rate 7%
$1,069,786
Cap Rate 9%
$832,056
Alternative Uses
Best Use
Specialty Retail
$1.07M
$936.1K – $1.25M
NOI $74,885 @ 7.0% cap · market cap 5.76%
Second Best
Office B
$512.2K
$448.2K – $597.5K
NOI $35,852 @ 7.0% cap · market cap 2.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,483
Businesses Nearby
Explore this area
Business Placement
Demographics for 32548, FL
22,399
Population
14,040
Households
1.6
Avg Household Size
42
Median Age
31%
College-Educated
91%
High-School Grad
12.1 sq mi
ZIP Area
1,851
Density / Sq Mi
$63,857
Median Household Income
$37,725
Median Earnings
$1,281
Median Rent
$291,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - 2,776 SF building on 0.68 acres near Gulf.
Where is this drive through restaurant located?
The property is located at 50 Eglin Pkwy Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Prime location next to 7 Brews Coffee and across from McDonalds, Popeyes, Taco Bell, and Tijuana Flats.; Close proximity (1 1/2 miles) to the Gulf and white sandy beaches.; Substantial land area of 0.68 acres with 187' of street frontage.
