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Property profile & analytics
FOR LEASE
Turn key restaurants

1318 SE Miracle Strip Pkwy Fort Walton Beach, FL 32548

17,012 SF 2.79 ac lot Built 1984
Entity Owned 2-yr Hold Free & Clear
Property ID
US18-3061836
1318 SE Miracle Strip Pkwy, Fort Walton Beach, FL 32548 For Lease
$18,500/Mo 15,640 SF available
1318 SE Miracle Strip Pkwy, Fort Walton Beach, FL 32548
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Property summary
AI-generated overview

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 profile
Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1984
Construction STEEL FRAME
Total area 17,012 SF
Lot 2.79 ac (121,468 SF)
APN 00-2S-24-2185-0013-0220
UPID US18-3061836
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Island Time Water Park Amusement Center
  • Rick's on the Island & Island Pizza Restaurant
  • Destin Bowfishing Tour Operator Travel Agency
  • Destin Inshore Charters Tour Operator Travel Agency
  • Vacay Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.70M
Blend (final) Blend
$3.02M
Owner & transaction history
Palindrome 850 INC · 2 yrs held
Palindrome 850 INC
since 2023
3 recorded transactions
2024
Price N/A
2023
Price N/A
1969
Price N/A
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage $3.9M +0.5%
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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