Mixed-Use Property with Dual
For Sale
$1,100,000
699 W James Lee Boulevard, Crestview, FL 32536
Commercial for Sale, Crestview, FL
Property Size8,000 SF
Lot Size2.31 Acres
Price / SF$137.50
Days on Market131
Property Features for 699 W James Lee Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Directions
Hwy 85 Noth to Hwy 90 West - Property is on the left/south side of Hwy 90 and the corner of Martin St.
Subdivision
25 - Crestview Area
Standard status
Active
APN
18-3N-23-1800-0000-008C
Lot size
2.31 Acres
Taxes and HOA fees
Tax Description
Oakcrest F/G Plat #1 Com Sw Cor Tract 13 N 244.97Ft To Pob N 670 Ft To S R/W Hwy 90 E 150 Ft S 670 Ft W 150 Ft To Pob
Legal Description
Oakcrest F/G Plat #1 Com Sw Cor Tract 13 N 244.97Ft To Pob N 670 Ft To S R/W Hwy 90 E 150 Ft S 670 Ft W 150 Ft To Pob
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 682-4300
Listed By:
The Proper Group · License #BK3153120
(850) 554-3142
Added: May 4
Changed: Sep 11
Last Checked: Sep 11 at 3:06PM
MLS# 1002268
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 mixed-use commercial property at 699 W James Lee Boulevard includes more than 8,000 square feet of heated and cooled space. The building can support retail, office, showroom, warehouse, or blended commercial configurations, with front parking for customers and clients.
The site presents frontage along both Highway 90 West, also known as James Lee Boulevard, and Martin Street. It offers 150 feet along Highway 90 West and 650 feet along Martin Street, providing access from two roadways. The property is in west Crestview near the Southwest Crestview Bypass, which is described as newly opening.
The site presents frontage along both Highway 90 West, also known as James Lee Boulevard, and Martin Street. It offers 150 feet along Highway 90 West and 650 feet along Martin Street, providing access from two roadways. The property is in west Crestview near the Southwest Crestview Bypass, which is described as newly opening.
Key Highlights
- 8,000+ SF of heated and cooled commercial space
- 150 feet of frontage on Highway 90 West
- 650 feet of frontage on Martin Street
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
$97,200
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
8.84%
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%
$1,944,000
$1.9M
Cap Rate 7%
$1,388,571
$1.4M
Cap Rate 9%
$1,080,000
$1.1M
Market Conditions
NOI Build-Up for 8,000 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
$172.8K $21.60/SF
− Vacancy
−$17.3K −$2.16/SF
EGI
$155.5K $19.44/SF
− OpEx
−$58.3K −$7.29/SF
NOI
$97.2K $12.15/SF
Area
Okaloosa County, FL
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,944,000
Cap Rate 7%
$1,388,571
Cap Rate 9%
$1,080,000
Alternative Uses
Best Use
Retail
$1.64M
$1.44M – $1.92M
NOI $114,996 @ 7.0% cap · market cap 10.45%
Second Best
Mixed Use
$1.39M
$1.22M – $1.62M
NOI $97,200 @ 7.0% cap · market cap 8.84%
Theoretical Best
Specialty Retail
$3.08M
$2.70M – $3.60M
NOI $215,806 @ 7.0% cap · market cap 19.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 32536, FL
25,807
Population
9,379
Households
2.8
Avg Household Size
34
Median Age
27%
College-Educated
93%
High-School Grad
42.5 sq mi
ZIP Area
607
Density / Sq Mi
$82,643
Median Household Income
$40,845
Median Earnings
$1,351
Median Rent
$280,300
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 Industrial in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Heated and cooled commercial space accommodates retail, office, showroom, warehouse, or combined uses.
Where is this mixed-use property located?
The property is located at 699 W James Lee Boulevard Crestview, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 8,000+ SF of heated and cooled commercial space; 150 feet of frontage on Highway 90 West; 650 feet of frontage on Martin Street
