Flex Space Unit in Holiday
For Sale
$450,000
Ste-106-12273 Us Highway 98 W, Miramar Beach, FL
Versatile unit with updated restroom and break room, plus covered loading and added lockable storage.
Property Size1,500 SF
Price / SF$300
Days on Market471
Property Features for Ste-106-12273 Us Highway 98 W
General Information
Standard status
Active
Size
1,500 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
RE/Max by the Sea
(850) 424-3674
Listed By:
Robert E Ward · License #662787
(850) 424-3674
Source:
Exprealty
Added: May 16, 2025
Changed: Aug 25
Last Checked: Aug 28 at 5:03PM
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 RE/Max by the Sea
Investment Insights
Based on property information with market context.
Unit 119 at Holiday Plaza is available for purchase and offers approximately 1,500 square feet of versatile commercial space. The unit is currently owner-occupied by a luxury vacation rental management company and is expected to be available for occupancy in September 2026. Inside, the space is set up for office, storage, and laundry operations, and includes durable tile flooring throughout, a remodeled break room, and an updated restroom.
The property includes a covered rear loading area for convenient delivery and day-to-day access, along with a lockable covered storage shed that provides additional storage. Existing utility infrastructure may also appeal to tenants considering a future laundry operation, though all washers and dryers are excluded from the sale. Holiday Plaza is a well-established, heavily used shopping center with a mix of restaurants, dental offices, salons, professional services, and retail businesses, supported by abundant parking and convenient ingress and egress directly from Emerald Coast Parkway (US Highway 98).
This unit is positioned as a flexible fit for a buyer seeking an adaptable space that can support office, storage, service, retail, warehouse, or light commercial uses, with practical back-of-house improvements already in place. Covered loading access and on-site storage further support daily operations and deliveries.
The property includes a covered rear loading area for convenient delivery and day-to-day access, along with a lockable covered storage shed that provides additional storage. Existing utility infrastructure may also appeal to tenants considering a future laundry operation, though all washers and dryers are excluded from the sale. Holiday Plaza is a well-established, heavily used shopping center with a mix of restaurants, dental offices, salons, professional services, and retail businesses, supported by abundant parking and convenient ingress and egress directly from Emerald Coast Parkway (US Highway 98).
This unit is positioned as a flexible fit for a buyer seeking an adaptable space that can support office, storage, service, retail, warehouse, or light commercial uses, with practical back-of-house improvements already in place. Covered loading access and on-site storage further support daily operations and deliveries.
Key Highlights
- Unit 119 at Holiday Plaza offers approximately 1,500 SF of versatile commercial space
- Available for occupancy in September 2026; currently owner‑occupied by a luxury vacation rental management company
- Features durable tile flooring, a remodeled break room, and an updated restroom
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
$18,900
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
4.20%
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%
$378,000
$378.0K
Cap Rate 7%
$270,000
$270.0K
Cap Rate 9%
$210,000
$210.0K
Market Conditions
NOI Build-Up for 1,500 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
$31.5K $21.00/SF
− Vacancy
−$6.3K −$4.20/SF
EGI
$25.2K $16.80/SF
− OpEx
−$6.3K −$4.20/SF
NOI
$18.9K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
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%
$378,000
Cap Rate 7%
$270,000
Cap Rate 9%
$210,000
Alternative Uses
Best Use
Office B
$270.0K
$236.3K – $315.0K
NOI $18,900 @ 7.0% cap · market cap 4.20%
Second Best
Flex RnD
$199.9K
$174.9K – $233.2K
NOI $13,993 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$377.2K
$330.1K – $440.1K
NOI $26,406 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
619
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Versatile unit with updated restroom and break room, plus covered loading and added lockable storage.
Where is this flex space located?
The property is located at Ste-106-12273 Us Highway 98 W Miramar Beach, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Unit 119 at Holiday Plaza offers approximately 1,500 SF of versatile commercial space; Available for occupancy in September 2026; currently owner‑occupied by a luxury vacation rental management company; Features durable tile flooring, a remodeled break room, and an updated restroom
