Freestanding Storefront
For Sale
$1,385,000
507 NW Mary Esther Cut Off, Fort Walton Beach, FL 32548
Commercial for Sale, Fort Walton Beach, FL
Property Size3,760 SF
Lot Size0.27 Acres
Price / SF$368.35
Days on Market185
Property Features for 507 NW Mary Esther Cut Off
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Directions
- Take US-98 West toward Destin. - Continue through Destin, cross Brooks Bridge into Fort Walton Beach. - Stay on US-98 / Miracle Strip Pkwy. - Turn right onto Mary Esther Cut Off NW. - Continue about 0.8 miles. - Destination will be on your right.
Subdivision
12 - Fort Walton Beach
Standard status
Active
APN
09-2S-24-0000-0041-0020
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Com Se Cor Of Ne1/4 Of Se1/4 W 210 Ft To Pob W 116 Ft N 2 Deg E 102.62 Ft E 114.61 Ft S 102.9 Ft To Pob
Legal Description
Com Se Cor Of Ne1/4 Of Se1/4 W 210 Ft To Pob W 116 Ft N 2 Deg E 102.62 Ft E 114.61 Ft S 102.9 Ft To Pob
Listing Agency:
NBI Properties Inc
(850) 243-0007
Listed By:
Dustin Parkman · License #3307056
(850) 218-8408
Added: Mar 12
Changed: Sep 11
Last Checked: Sep 12 at 6:06PM
MLS# 997771
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 freestanding 3,760-square-foot commercial building occupies 0.27 acres and is zoned Mixed Use. The interior has been renovated with updated finishes, while property improvements include a new metal roof, new HVAC, and replaced exterior panels. The building can support retail, showroom, or service-oriented operations.
Positioned along NW Mary Esther Cut Off in Fort Walton Beach, the property sits just east of a lighted intersection. Its standalone configuration provides direct access and prominent roadside exposure. The property may be vacated 30 days after closing, supporting an owner-user transition or a new operating plan.
Positioned along NW Mary Esther Cut Off in Fort Walton Beach, the property sits just east of a lighted intersection. Its standalone configuration provides direct access and prominent roadside exposure. The property may be vacated 30 days after closing, supporting an owner-user transition or a new operating plan.
Key Highlights
- 3,760 SF freestanding commercial building on 0.27 acres
- Mixed Use zoning
- Renovated interior with updated finishes
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
$101,429
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
7.32%
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%
$2,028,580
$2.0M
Cap Rate 7%
$1,448,986
$1.4M
Cap Rate 9%
$1,126,989
$1.1M
Market Conditions
NOI Build-Up for 3,760 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
$139.4K $37.08/SF
− Vacancy
−$4.2K −$1.11/SF
EGI
$135.2K $35.97/SF
− OpEx
−$33.8K −$8.99/SF
NOI
$101.4K $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%
$2,028,580
Cap Rate 7%
$1,448,986
Cap Rate 9%
$1,126,989
Alternative Uses
Best Use
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,429 @ 7.0% cap · market cap 7.32%
Second Best
Retail
$772.1K
$675.6K – $900.8K
NOI $54,048 @ 7.0% cap · market cap 3.90%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
393k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Apparel 16%
Groceries 15%
Shops & Services 14%
T.J. Maxx
Apparel
47,966 visits/mo
0.4 miles
Publix
Groceries
33,069 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
31,524 visits/mo
0.4 miles
Aldi
Groceries
24,531 visits/mo
0.2 miles
Michaels
Shops & Services
23,304 visits/mo
0.5 miles
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
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated freestanding property with updated finishes, new HVAC, and a metal roof.
Where is this storefront property located?
The property is located at 507 NW Mary Esther Cut Off Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: 3,760 SF freestanding commercial building on 0.27 acres; Mixed Use zoning; Renovated interior with updated finishes
