Two-Unit Medical Office
914b Marwalt Drive Fort Walton Beach, FL 32547
914b Marwalt Drive, Fort Walton Beach, FL, 32547
$670,000
For Sale
$670,000
Medical office building with two units, including exam rooms, offices, and shared first-come parking.
Property Size4,058 SF
Price / SF$165.11
Days on Market116
Property Features for 914b Marwalt Drive
General Information
- Standard status
- Active
- Size
- 4,058 SF
- Property subtype
- General Commercial
Listing agency
Jan Hooks Real Estate Group Inc
(850) 585-2677
Listed by
Jan Hooks · License #679574
(850) 585-2677
Source
Xome
Added: Mar 29 Updated: Jul 22 at 2:00AM Checked: Jul 22 at 3:42AM
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $85.2k | $21.00 |
| − Vacancy | −$15.3k | −$3.78 |
| EGI | $69.9k | $17.22 |
| − OpEx | −$17.5k | −$4.31 |
| NOI | $52.4k | $12.92 |
4,058 SF · lease $21.00/SF/yr · vacancy 18.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
James Katie
Physician
Similar For Sale Nearby
FAQs
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 914b 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
