Mixed-Use Commercial
For Sale
$490,000
756 Industrial Drive, Crestview, FL 32539
Commercial for Sale, Crestview, FL
Property Size2,440 SF
Lot Size0.34 Acres
Price / SF$200.82
Days on Market136
Property Features for 756 Industrial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Hwy 85 North to a Right on Stillwell Blvd. .Take your 1st right onto Industrial Drive, Property will be on your left, (Behind Northview Plaza.)
Subdivision
25 - Crestview Area
Standard status
Active
APN
08-3N-23-0742-0002-0160
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
Edney 2nd Add Lots 16 & 17 Blk 2
Legal Description
Edney 2nd Add Lots 16 & 17 Blk 2
Listing Agency:
ERA American Real Estate · ERA Real Estate
(850) 682-4822
Listed By:
Tina M Maples · License #3092472
(850) 685-3654
Added: Apr 29
Changed: Sep 11
Last Checked: Sep 11 at 4:06PM
MLS# 1001777
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 property combines 2,440 square feet of commercial and residential space. Approximately 1,720 square feet is configured for office, retail, and salon uses, with three front offices that could be reconfigured into a more open layout. The rear area adds two offices and a shared common space. A separate 720-square-foot, one-bedroom apartment has its own entrance from Patton Street.
Located at 756 Industrial Drive in Crestview, the property carries Commercial zoning and sits on a 0.34-acre lot. Building updates include a roof installed in 2021 and air conditioning updated in 2020. The combination of business-oriented space and a private residential unit creates a flexible mixed-use configuration.
Located at 756 Industrial Drive in Crestview, the property carries Commercial zoning and sits on a 0.34-acre lot. Building updates include a roof installed in 2021 and air conditioning updated in 2020. The combination of business-oriented space and a private residential unit creates a flexible mixed-use configuration.
Key Highlights
- 2,440 square feet of total mixed‑use space
- Approximately 1,720 square feet of office, retail, and salon space
- 720‑square‑foot, one‑bedroom apartment with separate Patton Street entrance
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
$35,074
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
7.16%
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%
$701,480
$701.5K
Cap Rate 7%
$501,057
$501.1K
Cap Rate 9%
$389,711
$389.7K
Market Conditions
NOI Build-Up for 2,440 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
$54.2K $22.20/SF
− Vacancy
−$4.1K −$1.67/SF
EGI
$50.1K $20.54/SF
− OpEx
−$15.0K −$6.16/SF
NOI
$35.1K $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%
$701,480
Cap Rate 7%
$501,057
Cap Rate 9%
$389,711
Alternative Uses
Best Use
Retail
$501.1K
$438.4K – $584.6K
NOI $35,074 @ 7.0% cap · market cap 7.16%
Second Best
Mixed Use
$423.5K
$370.6K – $494.1K
NOI $29,646 @ 7.0% cap · market cap 6.05%
Theoretical Best
Specialty Retail
$940.3K
$822.8K – $1.10M
NOI $65,821 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
83k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 77%
Home Improvements & Furnishings 12%
Apparel 7%
Dining 4%
CEFCO
Shops & Services
27,708 visits/mo
0.2 miles
Dollar Tree
Shops & Services
19,396 visits/mo
0.3 miles
Consolidated Ace Hdwe & Sply Inc
Home Improvements & Furnishings
9,755 visits/mo
0.2 miles
Tom Thumb Food Stores
Shops & Services
6,991 visits/mo
0.2 miles
Goodwill
Apparel
5,803 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined office, retail, salon, and apartment space includes a separate entrance for the residential component.
Where is this mixed-use property located?
The property is located at 756 Industrial Drive Crestview, FL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 2,440 square feet of total mixed‑use space; Approximately 1,720 square feet of office, retail, and salon space; 720‑square‑foot, one‑bedroom apartment with separate Patton Street entrance
