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    1318 Miracle Strip Pkwy Fort Walton Beach, FL 32548

    Sponsored
    For Lease
    Contact for pricing

    15,640 SF Restaurant/Bar, Bayfront Location

    Lot size:
    15,640 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 15,640-square-foot retail property, located at 1318 SE Miracle Strip Parkway on Okaloosa Island in Fort Walton Beach, Florida, presents a unique investment opportunity. Situated on a generous 2.79-acre lot, this two-story building boasts stunning views and easy access to the Choctawhatchee Bay. The property is currently vacant and offers significant potential for a variety of commercial uses, particularly restaurants and bars. Key features include a large parking area, two fully equipped kitchens, an arcade area, and a convenient elevator servicing both floors. The building is equipped with a sprinkler system, ensuring safety and compliance. Its prime location on Okaloosa Island, a popular tourist destination attracting millions of visitors annually, provides unparalleled visibility and access to a large customer base. The property's proximity to the Island Hotel Resort and the Okaloosa Island Boardwalk further enhances its appeal and potential for high foot traffic. The property is zoned for commercial use within Okaloosa County, Florida, zip code 32548. This is a rare opportunity to acquire a substantial, well-located commercial property with significant upside potential.

    Property Features for 1318 Miracle Strip Pkwy

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15,640 SF

    Building Details

    Stories
    2

    Unit(s) available at that property

    Space
    Available Space
    Size
    15,640 SF

    HighLights

    • 15,640 SF retail building on a 2.79‑acre lot in Fort Walton Beach, FL.
    • Two‑story building with bay views, currently vacant.
    • Features two kitchens, an arcade, elevator, and ample parking.
    • Equipped with a sprinkler system and zoned for commercial use (32548).
    • Prime Okaloosa Island location near the Island Hotel Resort and boardwalk.
    Property Profile Location Intelligence

    Current Use by Public Records

    Island Time Water Park Rick's on the Island & Island ... Seafood Restaurant Destin Bowfishing Fishing Charter Destin Inshore Charters Fishing Charter Vacay Hotel

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness Wholesale Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6134028
    Latitude
    30.4041208

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    FAQs

    What type of property is this?
    Retail property - 15,640 SF Restaurant/Bar, Bayfront Location
    Where is this retail property located?
    The property is located at 1318 Miracle Strip Pkwy Fort Walton Beach, FL.
    What are key features of this property?
    This property features: 15,640 SF retail building on a 2.79-acre lot in Fort Walton Beach, FL.; Two-story building with bay views, currently vacant.; Features two kitchens, an arcade, elevator, and ample parking.
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    1318 Miracle Strip Pkwy Fort Walton Beach, FL 32548
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1318 Miracle Strip Pkwy Fort Walton Beach, FL 32548
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