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 Market285
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: Oct 19
Last Checked: Oct 19 at 6:41AM
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
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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 / Yr
$74,885
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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
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.
