Medical Office Space For
For Sale
$670,000
914B Marwalt Drive, Fort Walton Beach, FL 32547
Medical office space with lease income until September 2027.
Property Size4,058 SF
Price / SF$165.11
Days on Market190
Property Features for 914B Marwalt Drive
General Information
Standard status
Active
Size
4,058 SF
Property subtype
Commercial
Listing Agency:
JAN HOOKS REAL ESTATE GROUP INC
(850) 585-2677
Listed By:
JAN N HOOKS · License #679574
(850) 236-7770
Source:
Corcoran
Added: Apr 13
Changed: Oct 16
Last Checked: Oct 16 at 8:58AM
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
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Investment Insights
Based on property information with market context.
The property at 914 B has a total of 3702 square feet on the first floor and 356 square feet on the second floor, with approximately 1850 square feet in each unit. One vacant unit features 4 exam rooms, 3 bathrooms, a nurses station, an office, a waiting room, a reception area, and a storage room. The HVAC system for this unit was replaced in 2019, and the hot water heater was replaced in 2024. A new roof was installed in 2024 for both units. The other unit is currently leased until September 2027 and includes 3 bathrooms, a reception area, a break room, an office, a waiting area, 4 rooms, and storage. Its HVAC system dates to 2006, and the hot water heater is scheduled for replacement in 2025. The property includes 34 parking spaces shared with the complex on a first-come, first-served basis.
Key Highlights
- New roof replaced in 2024 for both units.
- Vacant unit featuring 4 exam rooms, 3 bathrooms, nurses station, office, waiting room, reception area and storage room.
- One unit is currently leased until September 2027, providing immediate income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,409
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Current Use
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
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space with lease income until September 2027.
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: New roof replaced in 2024 for both units.; Vacant unit featuring 4 exam rooms, 3 bathrooms, nurses station, office, waiting room, reception area and storage room.; One unit is currently leased until September 2027, providing immediate income.
