Two-Unit Medical Office
For Sale
$670,000
Pending
914 Marwalt Drive, Fort Walton Beach, FL 32547
Medical office building with two units, including exam rooms, offices, and shared first-come parking.
Property Size4,058 SF
Days on Market141
Property Features for 914 Marwalt Drive
General Information
Standard status
Pending
Size
4,058 SF
Total Parking Spaces
34
Property subtype
General Commercial
Additional Details
Office Units
2
Amenities
3
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Jan Hooks Real Estate Group Inc
(850) 585-2677
Listed By:
Jan Hooks · License #679574
(850) 585-2677
Source:
Xome
Added: Mar 25
Changed: Aug 12
Last Checked: Aug 12 at 3:27AM
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 Jan Hooks Real Estate Group Inc
Investment Insights
Based on property information with market context.
This two-unit medical office building includes two separate office spaces with exam-room and office configurations. Unit features include multiple exam rooms, bathrooms, a nurses station, waiting and reception areas, and additional office and storage space. The second unit includes reception and waiting areas, break room, office space, multiple rooms, bathrooms, and storage.
The building totals 3,702 square feet on the first floor and 356 square feet on the second floor, with approximately 1,850 square feet in each unit, plus shared surface parking. There are 34 parking spaces shared with the complex on a first-come, first-served basis.
Updates include roof replacement in 2024 for both units. HVAC was replaced in 2019 and the hot water heater was replaced in 2024 for the vacant unit. The other unit has a lease through September 2027, with HVAC installed in 2006 and its hot water heater replaced in 2025.
The building totals 3,702 square feet on the first floor and 356 square feet on the second floor, with approximately 1,850 square feet in each unit, plus shared surface parking. There are 34 parking spaces shared with the complex on a first-come, first-served basis.
Updates include roof replacement in 2024 for both units. HVAC was replaced in 2019 and the hot water heater was replaced in 2024 for the vacant unit. The other unit has a lease through September 2027, with HVAC installed in 2006 and its hot water heater replaced in 2025.
Key Highlights
- Medical office building with 2 units totaling 3,702 SF (1st floor) and 356 SF (2nd floor)
- Vacant unit layout includes 4 exam rooms, 3 bathrooms, nurses station, office, waiting room, reception, and storage
- Other unit has a lease through September 2027 and includes 4 rooms, 3 bathrooms, reception area, break room, office, waiting area, and storage
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
$52,409
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
7.82%
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%
$1,048,180
$1.0M
Cap Rate 7%
$748,700
$748.7K
Cap Rate 9%
$582,322
$582.3K
Market Conditions
NOI Build-Up for 4,058 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
$85.2K $21.00/SF
− Vacancy
−$15.3K −$3.78/SF
EGI
$69.9K $17.22/SF
− OpEx
−$17.5K −$4.31/SF
NOI
$52.4K $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 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%
$1,048,180
Cap Rate 7%
$748,700
Cap Rate 9%
$582,322
Alternative Uses
Best Use
Office B
$748.7K
$655.1K – $873.5K
NOI $52,409 @ 7.0% cap · market cap 7.82%
Second Best
Healthcare Medical
$653.7K
$572.0K – $762.7K
NOI $45,762 @ 7.0% cap · market cap 6.83%
Theoretical Best
Specialty Retail
$1.56M
$1.37M – $1.82M
NOI $109,467 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,366
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with two units, including exam rooms, offices, and shared first-come parking.
Where is this medical office space located?
The property is located at 914 Marwalt Drive Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Medical office building with 2 units totaling 3,702 SF (1st floor) and 356 SF (2nd floor); Vacant unit layout includes 4 exam rooms, 3 bathrooms, nurses station, office, waiting room, reception, and storage; Other unit has a lease through September 2027 and includes 4 rooms, 3 bathrooms, reception area, break room, office, waiting area, and storage
