Brick Flex Space with Roll-Up
For Sale
Contact for pricing
91 Ready Ave NW, Fort Walton Beach, FL 32548
Brick flex facility with office, shop, storage, and a gated rear work area.
Property Size7,856 SF
Price / SF$178.21
Days on Market429
Property Features for 91 Ready Ave NW
General Information
Standard status
Active
Size
7,856 SF
Property subtype
INDUSTRIAL
Listing Agency:
The Realty Firm Inc.
(850) 650-2255
Listed By:
Anita Williams · License #677358
(850) 585-4869
Source:
Moodyscre
Added: Jul 18, 2025
Changed: Sep 18
Last Checked: Sep 19 at 8:59AM
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 The Realty Firm Inc.
Investment Insights
Based on property information with market context.
This 7,856-square-foot all-brick flex facility combines office, service, storage, and manufacturing-oriented space. The layout includes 4 offices with capacity for a fifth, a reception area, 3 1/2 baths, a full bathroom with shower, kitchen and break room, laundry area, and substantial storage space. Two-zone A/C, 3 Phase electric service, and 500 amps support a range of commercial operations, while an oversized rear roll-up door serves the shop area.
The property is located in the Fort Walton Beach Industrial Park near Hurlburt Field and Eglin Air Force Base. Twelve parking spaces are positioned at the front and side, with additional parking and work or storage capacity within the fully gated rear area.
The property is located in the Fort Walton Beach Industrial Park near Hurlburt Field and Eglin Air Force Base. Twelve parking spaces are positioned at the front and side, with additional parking and work or storage capacity within the fully gated rear area.
Key Highlights
- 7,856‑square‑foot all‑brick flex facility
- 4 offices with capacity for a fifth, reception area, kitchen/break room, and laundry area
- 3 1/2 baths plus a full bathroom with shower
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
$86,400
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
6.17%
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%
$1,728,000
$1.7M
Cap Rate 7%
$1,234,286
$1.2M
Cap Rate 9%
$960,000
$960.0K
Market Conditions
NOI Build-Up for 7,856 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
$141.4K $18.00/SF
− Vacancy
−$8.5K −$1.08/SF
EGI
$132.9K $16.92/SF
− OpEx
−$46.5K −$5.92/SF
NOI
$86.4K $11.00/SF
Area
Okaloosa County, FL
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,728,000
Cap Rate 7%
$1,234,286
Cap Rate 9%
$960,000
Alternative Uses
Best Use
Flex RnD
$1.23M
$1.08M – $1.44M
NOI $86,400 @ 7.0% cap · market cap 6.17%
Second Best
Warehouse
$762.8K
$667.5K – $890.0K
NOI $53,399 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$3.03M
$2.65M – $3.53M
NOI $211,921 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Brick flex facility with office, shop, storage, and a gated rear work area.
Where is this flex space located?
The property is located at 91 Ready Ave NW Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 7,856‑square‑foot all‑brick flex facility; 4 offices with capacity for a fifth, reception area, kitchen/break room, and laundry area; 3 1/2 baths plus a full bathroom with shower
