Flex Space with Warehouse
For Sale
$3,995,000
73 Veterans Road, Santa Rosa Beach, FL 32459
Commercial for Sale, Santa Rosa Beach, FL
Property Size14,000 SF
Price / SF$285.36
Days on Market452
Property Features for 73 Veterans Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
V.M.U.
Directions
MapQuest: 73 Veterans Road, Santa Rosa Beach, FL 32459
Subdivision
16 - North Santa Rosa Beach
Standard status
Active
APN
26-2S-20-33230-000-0010
Taxes and HOA fees
Tax Description
LOT 1 YOLO-STEPHENS S/D PB 26-40 DESC AS FOLLOWS: COM NE/C OF LOT 48, SANTA ROSA PLANTATION COMPANY S/D, SEC 26-2S-20W, PB 2-4, PROCEED ALG N LINE OF SAID LOT N 89 DEG 51'07''W 33.00FT TO INT OF SAID LOT & WLY ROW LINE OF VETERANS RD, SAID PT ALSO BEING POB; PROCEED ALG SAID WLY ROW S 00 DEG 08'54''W 128.32FT TO INT WITH SAID ROW & N BNDRY LINE OF FDOT PRCL REC IN OR 2112-258, DPRT AFORESAID ROW A
Legal Description
LOT 1 YOLO-STEPHENS S/D PB 26-40 DESC AS FOLLOWS: COM NE/C OF LOT 48, SANTA ROSA PLANTATION COMPANY S/D, SEC 26-2S-20W, PB 2-4, PROCEED ALG N LINE OF SAID LOT N 89 DEG 51'07''W 33.00FT TO INT OF SAID LOT & WLY ROW LINE OF VETERANS RD, SAID PT ALSO BEING POB; PROCEED ALG SAID WLY ROW S 00 DEG 08'54''W 128.32FT TO INT WITH SAID ROW & N BNDRY LINE OF FDOT PRCL REC IN OR 2112-258, DPRT AFORESAID ROW A
Listing Agency:
Somers & Company
Listed By:
John Paul Somers · License #3210089
(850) 654-7777
Added: Jun 17, 2025
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 978970
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 Santa Rosa Beach commercial property offers more than 14,000 square feet arranged for warehouse, showroom, and office use. The combination provides a flexible physical layout for operations that require both functional work areas and customer-facing space.
Located at 73 Veterans Road in Santa Rosa Beach, the property is zoned V.M.U., or Village Mixed Use, under the Walton County FLUM. Its commercial configuration and mixed-use zoning support a range of potential business applications within the existing improvements.
Located at 73 Veterans Road in Santa Rosa Beach, the property is zoned V.M.U., or Village Mixed Use, under the Walton County FLUM. Its commercial configuration and mixed-use zoning support a range of potential business applications within the existing improvements.
Key Highlights
- >14,000 square feet of warehouse, showroom, and office space
- V.M.U. zoning under the Walton County FLUM
- 73 Veterans Road address in Santa Rosa Beach, FL
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
$161,406
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
4.04%
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%
$3,228,120
$3.2M
Cap Rate 7%
$2,305,800
$2.3M
Cap Rate 9%
$1,793,400
$1.8M
Market Conditions
NOI Build-Up for 14,000 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
$252.0K $18.00/SF
− Vacancy
−$21.4K −$1.53/SF
EGI
$230.6K $16.47/SF
− OpEx
−$69.2K −$4.94/SF
NOI
$161.4K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /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%
$3,228,120
Cap Rate 7%
$2,305,800
Cap Rate 9%
$1,793,400
Alternative Uses
Best Use
Retail
$2.31M
$2.02M – $2.69M
NOI $161,406 @ 7.0% cap · market cap 4.04%
Second Best
Flex RnD
$1.87M
$1.63M – $2.18M
NOI $130,603 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$3.52M
$3.08M – $4.11M
NOI $246,456 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
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?
Flex space - Versatile commercial space combines warehouse, showroom, and office functions under Village Mixed Use zoning.
Where is this flex space located?
The property is located at 73 Veterans Road Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: >14,000 square feet of warehouse, showroom, and office space; V.M.U. zoning under the Walton County FLUM; 73 Veterans Road address in Santa Rosa Beach, FL
