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    348 Miracle Strip Pkwy Fort Walton Beach, FL 32548

    Sponsored
    For Lease
    $15 SF/Yr

    2,850 SF Office, Stunning Views

    Lot size:
    2,850 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 2,850 square foot single-tenant office space is situated in the prestigious Paradise Village Professional Park in Fort Walton Beach, Florida. Located on the second floor, this property boasts breathtaking views of the Santa Rosa Sound. The well-designed layout includes eight individual offices, providing ample space for a variety of business needs. Multiple meeting areas, both open and private, cater to collaborative work and confidential discussions. A comfortable break room and two restrooms add to the convenience. Generous balcony space offers an outdoor respite. The property is part of a vibrant complex with a diverse tenant mix, including healthcare, financial, real estate, spa, and defense services. Paradise Village Professional Park offers ample on-site parking and a picturesque canal with communal sitting areas. Its prime location provides easy access to major transportation routes and key regional destinations. The property is conveniently located just five miles from Hurlburt Field, nine miles from Eglin AFB, and eleven miles from Destin-Fort Walton Beach Airport (VPS). This is a truly remarkable opportunity to secure a high-quality office space in a desirable location. The address is 348 Miracle Strip Pkwy SW, Fort Walton Beach, FL 32548, within the Crestview-Fort Walton-Destin submarket cluster of Okaloosa County.

    Property Features for 348 Miracle Strip Pkwy

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,850 SF

    Unit(s) available at that property

    Space
    Size
    2,850 SF
    Rate per SF
    $15

    HighLights

    • 2,850 SF single‑tenant office space in prestigious Paradise Village Professional Park, Fort Walton Beach, FL.
    • Second‑floor location with Santa Rosa Sound views.
    • Eight private offices, multiple meeting areas, break room, and two restrooms.
    • Ample on‑site parking and outdoor balcony.
    • Conveniently located near Hurlburt Field, Eglin AFB, and Destin‑Fort Walton Beach Airport (VPS).
    Property Profile Location Intelligence

    Current Use by Public Records

    Chicken 'N The Egg Restaurant Crafty Hangout Gift Shop As Seen On TV ... Corporate Campus Element Home Loans, ... Mortgage Lender New American Funding ... Mortgage Lender

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.639450721201
    Latitude
    30.406116560952

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    FAQs

    What type of property is this?
    Medical office - 2,850 SF Office, Stunning Views
    Where is this medical office located?
    The property is located at 348 Miracle Strip Pkwy Fort Walton Beach, FL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 2,850 SF single-tenant office space in prestigious Paradise Village Professional Park, Fort Walton Beach, FL.; Second-floor location with Santa Rosa Sound views.; Eight private offices, multiple meeting areas, break room, and two restrooms.
    Request Owner's contact information
    348 Miracle Strip Pkwy Fort Walton Beach, FL 32548
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    348 Miracle Strip Pkwy Fort Walton Beach, FL 32548
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