16-Unit Office
81 Sw Beal Pkwy, Fort Walton Beach, FL 32548
For Sale
$2,200,000
Pending
Two contiguous parcels combine a multi-suite office building with a separate parking lot and access from two streets.
Property Size14,440 SF
Lot Size1.65 Acres
Days on Market104
Property Features for 81 Sw Beal Pkwy
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Road Access
Office Units
Building Details
Buildings
Building Size
Tenancy
Listing Agency:
Rigdon Real Estate LLC
Listed By:
Blake W Rigdon
(850) 842-2826
Source:
Emeraldcoasthomesource
Added: Jul 31
Changed: Nov 1
Last Checked: Nov 10 at 12:40PM
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 Rigdon Real Estate LLC
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Investment Insights
Based on property information with market context.
The property includes a 14,440-square-foot office building arranged as 16 units: eight suites measuring 1,000 square feet each and eight suites measuring 500 square feet each. The offering also includes a separate 0.99-acre parking parcel, creating a distinct parking component alongside the office improvements.
The office building fronts SW Beal Parkway in Fort Walton Beach, while the parking lot is positioned along Shell Avenue. Access from both streets provides separate approaches to the building and parking area, with the Beal Parkway frontage serving as the primary public-facing side of the property.
Together, the two contiguous parcels comprise the office building, its suite configuration, and additional land dedicated to parking and circulation.
The office building fronts SW Beal Parkway in Fort Walton Beach, while the parking lot is positioned along Shell Avenue. Access from both streets provides separate approaches to the building and parking area, with the Beal Parkway frontage serving as the primary public-facing side of the property.
Together, the two contiguous parcels comprise the office building, its suite configuration, and additional land dedicated to parking and circulation.
Key Highlights
- 14,440 SF office building on 0.66 acres
- 16 units: eight 1,000 SF suites and eight 500 SF suites
- Additional 0.99‑acre parking lot on Shell Avenue
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$186,493
Cap Rate
8.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,729,860
$3.7M
Cap Rate 7%
$2,664,186
$2.7M
Cap Rate 9%
$2,072,144
$2.1M
Market Conditions
NOI Build-Up for 14,440 SF
Gross rent
$303.2K $21.00/SF
− Vacancy
−$54.6K −$3.78/SF
EGI
$248.7K $17.22/SF
− OpEx
−$62.2K −$4.31/SF
NOI
$186.5K $12.92/SF
Area
Okaloosa County, FL
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,729,860
Cap Rate 7%
$2,664,186
Cap Rate 9%
$2,072,144
Alternative Uses
Best Use
Office B
$2.66M
$2.33M – $3.11M
NOI $186,493 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.56M
$4.87M – $6.49M
NOI $389,529 @ 7.0% cap · market cap 17.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
16
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
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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
$291,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Okaloosa County, FL
Properties on Market for Office buildings in Okaloosa County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two contiguous parcels combine a multi-suite office building with a separate parking lot and access from two streets.
Where is this office building located?
The property is located at 81 Sw Beal Pkwy Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 14,440 SF office building on 0.66 acres; 16 units: eight 1,000 SF suites and eight 500 SF suites; Additional 0.99‑acre parking lot on Shell Avenue
