Storage and RV Spaces For
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950 W Hwy 98, Mary Esther, FL 32569
Storage units and RV spaces available in Mary Esther, Florida.
Property Size8,585 SF
Lot Size1.04 Acres
Price / SF$87.36
Days on Market197
Property Features for 950 W Hwy 98
General Information
Standard status
Active
Size
8,585 SF
Class
B
Lot size
1.04 Acres
Property subtype
Mobile Home Park, Self Storage
Zoning
C-3
Listing Agency:
ACRE Expert LLC
Listed By:
Drew Attias · License #Florida
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 3:20PM
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 ACRE Expert LLC
Investment Insights
Based on property information with market context.
Located at 1950 W Hwy 98 in Mary Esther, Florida, this property in Okaloosa County features a layout of 62 storage units and 13 RV gravel spaces. The parcel, identified by ID 15-2S-25-0000-0011-0340, is zoned C-3. The building encompasses 8,585 square feet and is situated on a 1.04-acre lot, which is equivalent to 45,172 square feet. The site has connections to sewer, water, and electric utilities. Road access is available, and the property is not located in a flood zone. The property is not located in an opportunity zone.
Key Highlights
- High‑income potential with 62 storage units and 13 RV gravel spaces.
- Large 1.04‑acre lot (45,172 sqft) in a commercially zoned (C‑3) area.
- Located at 1950 W Hwy 98, Mary Esther, FL 32569, offering excellent road access.
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
$44,437
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
5.92%
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%
$888,740
$888.7K
Cap Rate 7%
$634,814
$634.8K
Cap Rate 9%
$493,744
$493.7K
Market Conditions
NOI Build-Up for 8,585 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
$67.0K $7.80/SF
− Vacancy
−$3.5K −$0.41/SF
EGI
$63.5K $7.39/SF
− OpEx
−$19.0K −$2.22/SF
NOI
$44.4K $5.18/SF
Area
Okaloosa County, FL
Vacancy
5.20%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
30.00%
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%
$888,740
Cap Rate 7%
$634,814
Cap Rate 9%
$493,744
Alternative Uses
Best Use
Self Storage
$1.28M
$1.12M – $1.49M
NOI $89,566 @ 7.0% cap · market cap 11.94%
Second Best
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,816 @ 7.0% cap · market cap 11.84%
Theoretical Best
Specialty Retail
$3.31M
$2.89M – $3.86M
NOI $231,586 @ 7.0% cap · market cap 30.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Explore this area
Business Placement
Demographics for 32569, FL
12,378
Population
5,795
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
2,947
Density / Sq Mi
$73,762
Median Household Income
$43,832
Median Earnings
$1,456
Median Rent
$296,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Storage units and RV spaces available in Mary Esther, Florida.
Where is this self storage facility located?
The property is located at 950 W Hwy 98 Mary Esther, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: High‑income potential with 62 storage units and 13 RV gravel spaces.; Large 1.04‑acre lot (45,172 sqft) in a commercially zoned (C‑3) area.; Located at 1950 W Hwy 98, Mary Esther, FL 32569, offering excellent road access.
