Absolute NNN
For Sale
Contact for pricing
510 HWY 90 W, Holt, FL 32564
For sale absolute NNN retail store with approximately 5.5 years remaining under an existing lease.
Property Size9,266 SF
Price / SF$168.47
Days on Market53
Property Features for 510 HWY 90 W
General Information
Standard status
Active
Size
9,266 SF
Property subtype
Retail
Building Details
Year Built
2017
Listing Agency:
Marcus & Millichap
Listed By:
Reid Thedford · License #FL SL3442474
Source:
Crexi
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 6 at 6:17AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This offering is a for-sale retail storefront property operating on an absolute NNN basis. The asset is presented as a single-tenant store with an existing lease in place and approximately 5.5 years remaining, supporting a straightforward current-use retail profile.
The property size is listed at 9,266 square feet. No additional unit mix, configuration details, or site attributes were provided beyond the store’s retail use and the absolute NNN structure.
For buyers evaluating NNN retail exposure, the key underwriting focus will be the absolute NNN expense responsibility structure and the stated time remaining on the lease. With the property positioned as a leased storefront rather than a redevelopment candidate, it may align with investors seeking a retail asset where ongoing occupancy is already established through the remaining lease term. The information provided does not include tenant identity, lease dates, or renewal options, so prospective buyers should confirm those items directly during diligence.
The property size is listed at 9,266 square feet. No additional unit mix, configuration details, or site attributes were provided beyond the store’s retail use and the absolute NNN structure.
For buyers evaluating NNN retail exposure, the key underwriting focus will be the absolute NNN expense responsibility structure and the stated time remaining on the lease. With the property positioned as a leased storefront rather than a redevelopment candidate, it may align with investors seeking a retail asset where ongoing occupancy is already established through the remaining lease term. The information provided does not include tenant identity, lease dates, or renewal options, so prospective buyers should confirm those items directly during diligence.
Key Highlights
- 2017‑built retail store offered as an absolute NNN lease property.
- Approximately 5.5 years remaining under the existing lease.
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
$133,194
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
8.53%
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%
$2,663,880
$2.7M
Cap Rate 7%
$1,902,771
$1.9M
Cap Rate 9%
$1,479,933
$1.5M
Market Conditions
NOI Build-Up for 9,266 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
$205.7K $22.20/SF
− Vacancy
−$15.4K −$1.67/SF
EGI
$190.3K $20.54/SF
− OpEx
−$57.1K −$6.16/SF
NOI
$133.2K $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%
$2,663,880
Cap Rate 7%
$1,902,771
Cap Rate 9%
$1,479,933
Alternative Uses
Best Use
Retail
$1.90M
$1.66M – $2.22M
NOI $133,194 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.57M
$3.12M – $4.17M
NOI $249,957 @ 7.0% cap · market cap 16.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 32564, FL
3,159
Population
892
Households
3.5
Avg Household Size
42
Median Age
13%
College-Educated
94%
High-School Grad
103.0 sq mi
ZIP Area
31
Density / Sq Mi
$68,170
Median Household Income
$46,212
Median Earnings
$123,700
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 - For sale absolute NNN retail store with approximately 5.5 years remaining under an existing lease.
Where is this retail space located?
The property is located at 510 HWY 90 W Holt, FL.
What is the asking price?
The asking price for this property is $1,561,000.
What are key features of this property?
This property features: 2017‑built retail store offered as an absolute NNN lease property.; Approximately 5.5 years remaining under the existing lease.
