Flexible-Layout Office
For Sale
$499,500
81 FL-83, Defuniak Springs, FL 32433
Commercial for Sale, DeFuniak Springs, FL
Property Size3,344 SF
Lot Size0.11 Acres
Price / SF$149.37
Days on Market1240
Property Features for 81 FL-83
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
From the red light and Hwy 83 N, turn north and property- White block with metal roof
Subdivision
23 - North Walton County
Special listing conditions
Real Estate Owned, In Foreclosure
Standard status
Active
APN
25-3N-19-19070-000-7881
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
S 50FT OF LOTS 788 & 789 TOWN OF DEFUNIAK DB 205-215 OR 2835-2704 OR 2905-932 OR 2995-664 OR 3078-2077
Legal Description
S 50FT OF LOTS 788 & 789 TOWN OF DEFUNIAK DB 205-215 OR 2835-2704 OR 2905-932 OR 2995-664 OR 3078-2077
Amenities
full kitchen
dishwasher
stackable washer/dryer
3 bathrooms
file room
10+ office spaces
2 conference areas
Listing Agency:
Realty West
(850) 892-2663
Listed By:
Joyce W Zaidi · License #446592
(850) 585-3902
Added: Apr 21, 2023
Changed: Sep 11
Last Checked: Sep 11 at 2:06PM
MLS# 921629
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 3,344-square-foot block office building sits on a 0.11-acre parcel and offers a configuration that can support up to three rental units or a single business operation. The interior includes 10+ office spaces, two conference areas, three bathrooms, a file room, a full kitchen with dishwasher, and a room for a stackable washer and dryer. Separate heat pumps serve each unit, while city water and sewer are in place. Three-phase electric is available at the pole if needed.
The property is one block from Nelson Ave (Hwy 90) and near the historic area of DeFuniak Springs. Average daily traffic is 9,500 vehicles. The floor plan and existing plumbing support office, medical, laboratory, nail shop, or spa applications, subject to applicable requirements.
The property is one block from Nelson Ave (Hwy 90) and near the historic area of DeFuniak Springs. Average daily traffic is 9,500 vehicles. The floor plan and existing plumbing support office, medical, laboratory, nail shop, or spa applications, subject to applicable requirements.
Key Highlights
- 3,344‑square‑foot block building on 0.11 acres
- Interior layout supports up to 3 rental units or a single‑user configuration
- 10+ office spaces, 2 conference areas, 3 bathrooms, and a file room
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
$45,252
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
9.06%
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%
$905,040
$905.0K
Cap Rate 7%
$646,457
$646.5K
Cap Rate 9%
$502,800
$502.8K
Market Conditions
NOI Build-Up for 3,344 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
$84.3K $25.20/SF
− Vacancy
−$8.8K −$2.65/SF
EGI
$75.4K $22.55/SF
− OpEx
−$30.2K −$9.02/SF
NOI
$45.3K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /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%
$905,040
Cap Rate 7%
$646,457
Cap Rate 9%
$502,800
Alternative Uses
Best Use
Healthcare Medical
$646.5K
$565.7K – $754.2K
NOI $45,252 @ 7.0% cap · market cap 9.06%
Second Best
Office B
$601.9K
$526.7K – $702.2K
NOI $42,134 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$841.0K
$735.9K – $981.1K
NOI $58,868 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 32433, FL
18,036
Population
8,059
Households
2.2
Avg Household Size
40
Median Age
13%
College-Educated
83%
High-School Grad
251.3 sq mi
ZIP Area
72
Density / Sq Mi
$51,604
Median Household Income
$35,086
Median Earnings
$1,045
Median Rent
$152,000
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned property with separate HVAC, substantial plumbing, and a layout adaptable to multiple professional uses.
Where is this office building located?
The property is located at 81 FL-83 Defuniak Springs, FL.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 3,344‑square‑foot block building on 0.11 acres; Interior layout supports up to 3 rental units or a single‑user configuration; 10+ office spaces, 2 conference areas, 3 bathrooms, and a file room
