Industrial Park Flex/Warehouse
For Sale
Contact for pricing
Pending
658 Lovejoy Rd NW, Fort Walton Beach, FL 32548
Income-producing flex/warehouse space in Fort Walton Beach industrial park.
Property Size20,751 SF
Lot Size1.00 Acre
Days on Market1419
Property Features for 658 Lovejoy Rd NW
General Information
Standard status
Pending
Size
20,751 SF
Lot size
1.00 Acre
Property subtype
Industrial
Lease Type
Modified Gross
Building Details
Tenancy
Multi
Listing Agency:
OXANASOL COMMERCIAL REAL ESTATE
Listed By:
Oxana Solovieva · License #FL 3271180
(850) 797-5277
Source:
Crexi
Added: Oct 15, 2022
Changed: Aug 25
Last Checked: Sep 1 at 10:33PM
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 OXANASOL COMMERCIAL REAL ESTATE
Investment Insights
Based on property information with market context.
This income-producing property is located in the industrial park of Fort Walton Beach. The property features office and flex/warehouse space and is currently fully occupied. The current rents are below market value, presenting potential for increases. Rent rolls are available upon request. The current cap rate is approximately 7%. Two parcels are included in the sale, totaling 20,751 square feet of building space on a 1-acre lot. This property is suitable for commercial real estate, flex space, industrial, warehouse, and office use.
Key Highlights
- Great Income Producing Property: Currently fully occupied, providing immediate income.
- High Potential for Rent Increases: Current rents are below market value, offering significant upside.
- ~7% Cap Rate: Demonstrates a strong return on investment.
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
$107,409
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
7.28%
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%
$2,148,180
$2.1M
Cap Rate 7%
$1,534,414
$1.5M
Cap Rate 9%
$1,193,433
$1.2M
Market Conditions
NOI Build-Up for 20,751 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
$161.9K $7.80/SF
− Vacancy
−$8.4K −$0.41/SF
EGI
$153.4K $7.39/SF
− OpEx
−$46.0K −$2.22/SF
NOI
$107.4K $5.18/SF
Area
Okaloosa County, FL
Vacancy
5.20%
Lease Rate
$7.80 /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%
$2,148,180
Cap Rate 7%
$1,534,414
Cap Rate 9%
$1,193,433
Alternative Uses
Best Use
Flex RnD
$3.26M
$2.85M – $3.80M
NOI $228,219 @ 7.0% cap · market cap 15.47%
Second Best
Industrial
$1.53M
$1.34M – $1.79M
NOI $107,409 @ 7.0% cap · market cap 7.28%
Theoretical Best
Specialty Retail
$8.00M
$7.00M – $9.33M
NOI $559,773 @ 7.0% cap · market cap 37.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Income-producing flex/warehouse space in Fort Walton Beach industrial park.
Where is this flex space located?
The property is located at 658 Lovejoy Rd NW Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Great Income Producing Property: Currently fully occupied, providing immediate income.; High Potential for Rent Increases: Current rents are below market value, offering significant upside.; ~7% Cap Rate: Demonstrates a strong return on investment.
