Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    3090 Hoover Ml Rd Bonifay, FL 32425

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3090 Hoover Ml Rd Bonifay, FL 32425

    View on Map
    • Warehouses
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 3090 Hoover Ml Rd

    Year built
    1963
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional 1-story warehouse, built in 1963, presents a unique investment opportunity in Bonifay, Florida. Located at 3090 Hoover Mill Road, this expansive property boasts a substantial 91,476 square foot lot. The building itself is divided into three distinct sections, offering flexibility for various uses. A central office area provides convenient workspace, complete with a kitchenette and full bathroom. Adding to its character, the property includes two grain silos, a testament to its rich history as the former Hoover's Corn Mill Building. Practical features include a loading dock, a loading ramp, and oversized roll-up doors, ensuring efficient material handling. The property is fully fenced and benefits from paved road access, providing excellent ingress and egress. Its proximity to Highway 79 enhances its accessibility and logistical advantages. Priced at $139,500, this property offers endless possibilities for entrepreneurs and investors seeking a substantial industrial space with significant historical charm. The property's size and features make it ideal for a variety of commercial uses, presenting a compelling opportunity for significant return on investment. Don't miss this chance to own a piece of Bonifay's history and capitalize on its considerable potential. The zip code is 32425, located in Holmes County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bonifay
    County
    Holmes
    State
    Florida
    Longitude
    -85.6846
    Latitude
    30.8654

    Comparable in this City

    • Value Estimation by Request
      2.60 Acres

      497 St Johns Rd

      Distribution properties • 2.60 Acres
      497 St Johns Rd, Bonifay, FL 32425
      View Details
    • Value Estimation by Request
      3,888 SF

      3089-3095 Hoovers Mill Rd

      Distribution properties • 3,888 SF
      3089-3095 Hoovers Mill Rd, Bonifay, FL 32425
      View Details
    • Value Estimation by Request
      1.23 Acres

      Bonifay, FL 32425

      DISTRIBUTION WAREHOUSE • 1.23 Acres
      Bonifay, FL 32425
      View Details
    • Value Estimation by Request
      4,550 SF

      Stewart St

      MINI-WAREHOUSE, STORAGE • 4,550 SF
      Stewart St, Bonifay, FL 32425
      View Details
    • Value Estimation by Request
      4,420 SF

      Bonifay, FL 32425

      MINI-WAREHOUSE, STORAGE • 4,420 SF
      Bonifay, FL 32425
      View Details
    • Value Estimation by Request
      2,000 SF

      312 Cook St

      MINI-WAREHOUSE, STORAGE • 2,000 SF
      312 Cook St, Bonifay, FL 32425-2600
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.77 Acres

      Wooded Lot Near Golf Course

      0.77 acre wooded lot near golf, fishing, and amenities.
      24 Remington Pl, Bonifay, FL 32425
      View Details
    • $695,000
      0.75 Acres

      Bonifay, FL Vacant Land

      0.75 acre parcel at red-light corner available for sale.
      1115 N Waukesha St, Bonifay, FL 32425
      View Details
    • Contact for pricing

      Riverfront Land for Recreation/Homesite

      Land with 1200+/- feet on the Choctawhatchee River.
      Horseshoe Loop, Bonifay, FL 32425
      View Details
    • Contact for pricing
      1.47 Acres

      Land on Dogwood Lakes Golf

      Land with potential for multiple home sites on golf course.
      Muir Ln, Bonifay, FL 32425
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3090 Hoover Ml Rd
    Bonifay, FL 32425
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!