Vacant Lot with Steel Workshop
For Sale
$99,500
5509 Cone Drive, Crestview, FL 32539
Land, Crestview, FL
Property Size600 SF
Lot Size0.30 Acres
Price / SF$165.83
Days on Market222
Property Features for 5509 Cone Drive
General Information
Property type
Land
Property subtype
Other
Zoning
County, Mobile Home, Resi
Subdivision
OAKDALE MINI FARMS
Lot features
Interior, Level
Elementary school
Walker
Middle school
Davidson
High school
Crestview
Directions
From the intersection of Hwy 85 and Hwy 90, go north on Hwy 85. Go to Stillwell Blvd take a right. Continue through the intersection of Stillwell and Valley Rd. Turn left on Cone Dr, property on right.
Standard status
Active
APN
04-3N-23-1846-0006-0180
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RE S/D BLK 18 OAKDALE M/F LOTS 17 & 18 BLK 6
Tax Annual Amount
1281
Legal Description
RE S/D BLK 18 OAKDALE M/F LOTS 17 & 18 BLK 6
Utilities
Sewer type
Septic Tank
Listing Agency:
Back Stage Realty
(850) 729-0399
Listed By:
Dawn M Johnson · License #3110740
(850) 729-0399
Added: Jan 22
Changed: Aug 24
Last Checked: Sep 1 at 7:06PM
MLS# 993501
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 cleared, fully fenced vacant lot at 5509 Cone Drive includes a 24x25 steel building on a concrete foundation. The building features two large roll-up doors and a standard walk-through door, supporting uses such as a workshop, storage, or a small business setup. The prior mobile home has been removed, with infrastructure remaining in place. Utilities are available, the water tap fee has been paid, and a septic tank is on the property.
Zoned for County/Mobile Home/Residential use, the property is located in the center of Crestview, positioned for convenient access to nearby services including Publix, Bob Sikes Airport, and Downtown Crestview. The listing also notes an approximately 30-minute drive to Eglin AFB.
The combination of a ready-to-build lot, existing onsite utilities readiness, and an on-property steel workshop makes the site well suited for buyers looking for a practical, flexible configuration.
Zoned for County/Mobile Home/Residential use, the property is located in the center of Crestview, positioned for convenient access to nearby services including Publix, Bob Sikes Airport, and Downtown Crestview. The listing also notes an approximately 30-minute drive to Eglin AFB.
The combination of a ready-to-build lot, existing onsite utilities readiness, and an on-property steel workshop makes the site well suited for buyers looking for a practical, flexible configuration.
Key Highlights
- .30‑acre vacant lot in the center of Crestview that is cleared and fully fenced
- Includes a 24x25 steel building on a concrete foundation with two roll‑up doors and a walk‑through door
- Previously had a mobile home; removal left infrastructure already in place
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
$4,078
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
4.10%
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%
$81,560
$81.6K
Cap Rate 7%
$58,257
$58.3K
Cap Rate 9%
$45,311
$45.3K
Market Conditions
NOI Build-Up for 600 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
$5.0K $8.40/SF
− Vacancy
−$242 −$0.40/SF
EGI
$4.8K $8.00/SF
− OpEx
−$720 −$1.20/SF
NOI
$4.1K $6.80/SF
Area
Okaloosa County, FL
Vacancy
4.80%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$81,560
Cap Rate 7%
$58,257
Cap Rate 9%
$45,311
Alternative Uses
Best Use
Warehouse
$58.3K
$51.0K – $68.0K
NOI $4,078 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$231.2K
$202.3K – $269.8K
NOI $16,185 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 32539, FL
31,749
Population
12,642
Households
2.5
Avg Household Size
37
Median Age
24%
College-Educated
93%
High-School Grad
127.9 sq mi
ZIP Area
248
Density / Sq Mi
$72,521
Median Household Income
$40,064
Median Earnings
$1,323
Median Rent
$272,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Cleared, fully fenced lot with a 24x25 steel building on a concrete foundation, including roll-up doors and walk-through entry.
Where is this residential land & home lot located?
The property is located at 5509 Cone Drive Crestview, FL.
What is the asking price?
The asking price for this property is $99,500.
What are key features of this property?
This property features: .30‑acre vacant lot in the center of Crestview that is cleared and fully fenced; Includes a 24x25 steel building on a concrete foundation with two roll‑up doors and a walk‑through door; Previously had a mobile home; removal left infrastructure already in place
