Medical Office Property with Two
For Sale
$670,000
914B Marwalt Drive, Fort Walton Beach, FL 32547
Commercial for Sale, Fort Walton Beach, FL
Property Size3,702 SF
Lot Size0.09 Acres
Price / SF$180.98
Days on Market157
Property Features for 914B Marwalt Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Directions
From Racetrack Rd, turn onto Marwalt Dr, property on the left. Unit B
Subdivision
12 - Fort Walton Beach
Standard status
Active
APN
34-1S-24-0000-0052-016B
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
COM SE COR W ALG N R/W OF RACETRACK RD 693 FT TO W R/W OF MAR-WALT DR N 630.23FT W 69.34FT TO POB W 67.66FT N 54FT E 69.81FT S 15FT W 2.15 FT S 39FT TO POB TOGETHER WITH COMMON AREA OF MAR WALT TOWNOFFICES AS OR BK 1424 PG 804
Legal Description
COM SE COR W ALG N R/W OF RACETRACK RD 693 FT TO W R/W OF MAR-WALT DR N 630.23FT W 69.34FT TO POB W 67.66FT N 54FT E 69.81FT S 15FT W 2.15 FT S 39FT TO POB TOGETHER WITH COMMON AREA OF MAR WALT TOWNOFFICES AS OR BK 1424 PG 804
Listing Agency:
Jan Hooks Real Estate Group Inc
(850) 585-2677
Listed By:
Jan N Hooks · License #679574
(850) 236-7770
Added: Apr 10
Changed: Sep 11
Last Checked: Sep 13 at 11:06AM
MLS# 1000521
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 914B Marwalt Drive in Fort Walton Beach, this medical office property includes two units with a combined first-floor area of 3,702 square feet and an additional 356 square feet on the second floor. One unit is vacant and includes four exam rooms, three bathrooms, a nurses station, office, waiting room, reception area, and storage. The second unit offers four rooms, three bathrooms, reception and waiting areas, an office, break room, and storage, and is leased through September 2027.
Property improvements include a roof replaced in 2024 across both units, a 2019 HVAC replacement for the vacant unit, and a 2024 hot water heater replacement. The occupied unit has a 2006 HVAC system and a hot water heater replaced in 2025. The site is 0.09 acres, zoned C-3, and has access to 34 shared parking spaces on a first-come, first-served basis.
Property improvements include a roof replaced in 2024 across both units, a 2019 HVAC replacement for the vacant unit, and a 2024 hot water heater replacement. The occupied unit has a 2006 HVAC system and a hot water heater replaced in 2025. The site is 0.09 acres, zoned C-3, and has access to 34 shared parking spaces on a first-come, first-served basis.
Key Highlights
- 3,702 square feet on the first floor plus 356 square feet on the second floor
- Two medical office units; one vacant and one leased through September 2027
- Vacant unit includes 4 exam rooms, 3 bathrooms, nurses station, office, waiting room, reception, 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
$47,811
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
7.14%
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%
$956,220
$956.2K
Cap Rate 7%
$683,014
$683.0K
Cap Rate 9%
$531,233
$531.2K
Market Conditions
NOI Build-Up for 3,702 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
$77.7K $21.00/SF
− Vacancy
−$14.0K −$3.78/SF
EGI
$63.7K $17.22/SF
− OpEx
−$15.9K −$4.31/SF
NOI
$47.8K $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%
$956,220
Cap Rate 7%
$683,014
Cap Rate 9%
$531,233
Alternative Uses
Best Use
Office B
$683.0K
$597.6K – $796.9K
NOI $47,811 @ 7.0% cap · market cap 7.14%
Second Best
Healthcare Medical
$596.4K
$521.8K – $695.8K
NOI $41,747 @ 7.0% cap · market cap 6.23%
Theoretical Best
Specialty Retail
$1.43M
$1.25M – $1.66M
NOI $99,864 @ 7.0% cap · market cap 14.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - C-3-zoned facility includes exam rooms, administrative areas, and shared complex 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: 3,702 square feet on the first floor plus 356 square feet on the second floor; Two medical office units; one vacant and one leased through September 2027; Vacant unit includes 4 exam rooms, 3 bathrooms, nurses station, office, waiting room, reception, and storage
