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    4577 Hwy 20 Niceville, FL 32578-9702

    • Motels
    • 29,879 SF
    • 1.79 lot acres
    OFF-MARKET
    Last Sale
    Nov 18, 2021
    $5,800,200
    Value Estimations
    $5,900,000
    Show details
    Cap Rate Potential
    2%
    Motels
    Location Intelligence
    Property ID
    US18-4291674
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Motels

    Property Details for 4577 Hwy 20

    Year built
    1997
    Construction
    FRAME
    Lot size
    1.79 lot acres
    Property size
    29,879 SF
    Property type
    Motels
    APN
    23-1S-22-0000-0001-024B
    APU
    231S2200000001024B

    Description

    This exceptional 59-key Sleep Inn & Suites hotel presents a compelling investment opportunity in Niceville, Florida. Boasting 30,016 square feet across a two-story building on a 1.79-acre lot, this property underwent a complete renovation in 2021, eliminating the need for any immediate capital expenditures. The hotel, built in 1997, operates under a fee-simple ownership structure and is zoned for commercial hotels/motels (APN: 23-15-22-0000-0001-024). Its strategic location near world-class beaches and numerous amenities ensures a consistent stream of guests. The asking price is $5,200,000, representing a significant value proposition considering the recent renovations and the strong demand for hotel properties in this area. Currently operating under absentee ownership, this hotel offers substantial potential for increased operational efficiency and revenue generation through proactive management and targeted marketing. Niceville's reputation as a safe and desirable location, recognized by various publications as one of the safest cities and best places to live and raise a family in Florida, further enhances the property's appeal and investment potential. This presents a rare chance to acquire a well-established, renovated hotel in a thriving tourism market with significant upside.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,900,000
      ML approach
      $6,660,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Niceville
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.4156
    Latitude
    30.482
    CBSA code
    18880
    CBSA name
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $48,675
    $829,611
    $3,048,380
    $3,877,991
    -
    $829,611
    $3,048,380
    $3,877,991

    Comparable in this City

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      $4,700,000
      28,648 SF

      4400 Ansley Dr

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      View Details
    • Value Estimation
      $7,065,000
      18,182 SF

      101 Hwy 85th N

      MOTEL • 18,182 SF
      101 Hwy 85th N, Niceville, FL 32578-1905
      View Details
    • Value Estimation
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      49,882 SF

      100 Niceville Ave

      MOTEL • 49,882 SF
      100 Niceville Ave, Niceville, FL 32578-1938
      View Details
    • Value Estimation
      $1,080,000
      55,671 SF

      410 John Sims W Pkwy

      MOTEL • 55,671 SF
      410 John Sims W Pkwy, Niceville, FL 32578-1814
      View Details
    • Value Estimation
      $7,905,000
      45,564 SF

      148 John Sims W Pkwy

      MOTEL • 45,564 SF
      148 John Sims W Pkwy, Niceville, FL 32578-1916
      View Details
    • Value Estimation
      $535,000
      10,720 SF

      106 Bayshore Dr

      MOTEL • 10,720 SF
      106 Bayshore Dr, Niceville, FL 32578-2421
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      High-traffic location, excellent investment.
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    Similar Nearby for Lease

    • $1.12 SF/Yr

      Hwy 285 & College Blvd Land

      8.7-acre commercial parcel, prime location.
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      View Details
    • $19,750 /Mo
      120,512 SF

      Prime Niceville Corner Lot Lease

      High-traffic location, ideal for development. Excellent visibility.
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      View Details
    • $15 SF/Yr
      12,000 SF

      Niceville Flex Space & Warehouse

      14,000 SF Flex/Office Space Available in Niceville, FL
      108 Kelly Rd, Niceville, FL 32578
      View Details
    • $2,287 /Mo

      Commercial Parcels on Highway 285

      Two half-acre commercial parcels available for ground lease.
      285 X Hwy, Niceville, FL 32578
      View Details
    • $1,850 /Mo
      1,000 SF

      Niceville Condo with Vaulted Ceilings

      Well-maintained 2-bedroom, 2-bathroom condo available September 18th.
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      View Details
    • $22 SF/Yr
      4,000 SF

      Niceville Office Space For Rent

      Prime office space with ample parking in Niceville, Florida.
      101 Hart St, Niceville, FL 32578
      View Details
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    4577 Hwy 20
    Niceville, FL 32578-9702
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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