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    1652 Highway 98 Mary Esther, FL 32569

    For Sale
    $900,000

    Mixed-use investment, high visibility, 7% cap rate.

    Property size:
    32,234 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional mixed-use property, located at 1652 Highway 98 in Mary Esther, Florida (32569), presents a compelling investment opportunity. The 32,234 square foot lot houses a single, 1-story building, constructed in 1962 and renovated in 2020, offering 5,178 net rentable square feet. Currently boasting 100% occupancy with two tenants, this Class C property generates a strong NOI of $63,000, resulting in a 7% cap rate. The asking price is $900,000, or $450,000 per unit, making it an attractive value-add investment under a NNN lease structure. Its prime location on Highway 98 ensures high visibility and accessibility, benefiting from proximity to Hurlburt Field and Eglin Air Force Base, driving consistent traffic. The property features ample parking and is situated within a bustling retail corridor, offering excellent potential for growth and strong returns. The permitted mixed-use zoning allows for diverse business applications, capitalizing on the area's thriving economy and robust tourism. This is a 1031 exchange eligible property.

    Property Features for 1652 Highway 98

    General Information

    Property type
    Individual retail properties
    Square Feet
    32,234 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1962/2020
    Buildings
    1
    Stories
    1
    Units
    2

    HighLights

    • High‑visibility location on Highway 98 in Mary Esther, FL, offering excellent exposure.
    • Minutes from Destin, FL, attracting both local and tourist traffic.
    • Situated in an established retail corridor with a mix of national and local businesses.
    • 100% occupied, Class C mixed‑use property with strong tenant base.
    • Easy access from major roadways with ample on‑site parking.
    • Excellent signage opportunities for increased visibility and tenant attraction.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Law Firm Restaurant Hair Salon Clothing Store Building Supply Gym & Fitness Auto Repair Shop Wholesale Shop Kitchen & Bath

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

    Location Insight

    • Map
    • Local Demand
    City
    Mary Esther
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.679694653954
    Latitude
    30.411284619004

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    FAQs

    What type of property is this?
    Individual retail property - Mixed-use investment, high visibility, 7% cap rate.
    Where is this individual retail property located?
    The property is located at 1652 Highway 98 Mary Esther, FL.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: High-visibility location on Highway 98 in Mary Esther, FL, offering excellent exposure.; Minutes from Destin, FL, attracting both local and tourist traffic.; Situated in an established retail corridor with a mix of national and local businesses.
    Request Owner's contact information
    1652 Highway 98 Mary Esther, FL 32569
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    Mary Esther, FL 32569
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    Realmo Value Estimation

    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.

    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
    1652 Highway 98 Mary Esther, FL 32569
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