NNN Veterinary
For Sale
Contact for pricing
76 Eglin Parkway Northeast, Fort Walton Beach, FL 32548
Operating veterinary facility with five years remaining on the NNN lease and contractual 2% increases.
Property Size2,584 SF
Price / SF$168.87
Days on Market111
Property Features for 76 Eglin Parkway Northeast
General Information
Standard status
Active
Size
2,584 SF
Property subtype
Special Purpose
Occupancy
100%
Lease Type
NNN
Net Operating Income
$36,000
Listing Agency:
Matthews
Listed By:
Andrew Evans · License #CA - 0255475
Source:
Crexi
Added: May 13
Changed: Aug 31
Last Checked: Aug 31 at 6:33AM
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 Matthews
Investment Insights
Based on property information with market context.
Animal Eye Clinic of Pensacola is a 2,584-square-foot veterinary clinic at 76 Eglin Parkway Northeast in Fort Walton Beach, Florida. The property is offered as an NNN asset with five years remaining on the lease and 2% increases specified in the lease terms.
The clinic’s location is identified by its Fort Walton Beach address on Eglin Parkway Northeast, providing a defined setting for this specialty healthcare property.
The clinic’s location is identified by its Fort Walton Beach address on Eglin Parkway Northeast, providing a defined setting for this specialty healthcare property.
Key Highlights
- 2,584‑square‑foot veterinary clinic
- NNN lease with 5 years remaining
- Lease includes 2% increases
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
$29,140
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
6.68%
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%
$582,800
$582.8K
Cap Rate 7%
$416,286
$416.3K
Cap Rate 9%
$323,778
$323.8K
Market Conditions
NOI Build-Up for 2,584 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
$54.3K $21.00/SF
− Vacancy
−$5.7K −$2.21/SF
EGI
$48.6K $18.80/SF
− OpEx
−$19.4K −$7.52/SF
NOI
$29.1K $11.28/SF
Area
Okaloosa County, FL
Vacancy
10.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$582,800
Cap Rate 7%
$416,286
Cap Rate 9%
$323,778
Alternative Uses
Best Use
Healthcare Medical
$416.3K
$364.3K – $485.7K
NOI $29,140 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$995.8K
$871.3K – $1.16M
NOI $69,705 @ 7.0% cap · market cap 15.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,403
Businesses Nearby
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Operating veterinary facility with five years remaining on the NNN lease and contractual 2% increases.
Where is this nnn property located?
The property is located at 76 Eglin Parkway Northeast Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $436,364.
What are key features of this property?
This property features: 2,584‑square‑foot veterinary clinic; NNN lease with 5 years remaining; Lease includes 2% increases
