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    Property profile & analytics

    198 Eglin Pkwy Fort Walton Beach, FL 32548

    • Banks
    • 14,109 SF
    • 0.63 lot acres
    For Sale
    View listing
    $3,400,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1902337
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Prime Time Charters / Boat Rental Service
    • PNC Bank ATM / Atm
    • PNC ATM / Atm
    • PNC Bank / Bank / Loan Service

    Property Details for 198 Eglin Pkwy

    Year built
    1976
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.63 lot acres
    Property size
    14,109 SF
    Property type
    Banks
    APN
    12-2S-24-0460-0003-0010
    APU
    122S24046000030010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $770,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,172,000
      Market price range: $607k - $1.85M

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $1,325,000
      Current use
      RESTAURANT
      $1,590,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $1,330,000
      Change: +0% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6091
    Latitude
    30.4249
    CBSA code
    18880
    CBSA name
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $20,444
    $632,352
    $844,233
    $1,476,585
    -
    $632,352
    $844,233
    $1,476,585

    Comparable in this City

    • Value Estimation
      $1,580,000
      38,912 SF

      135 Perry SE Ave

      FINANCIAL BUILDING • 38,912 SF
      135 Perry SE Ave, Fort Walton Beach, FL 32548-5552
      View Details
    • Value Estimation
      $1,470,000
      23,644 SF

      25 Beal NE Pkwy

      FINANCIAL BUILDING • 23,644 SF
      25 Beal NE Pkwy, Fort Walton Beach, FL 32548-4857
      View Details
    • Value Estimation
      $935,000
      13,421 SF

      189 Eglin NE Pkwy

      FINANCIAL BUILDING • 13,421 SF
      189 Eglin NE Pkwy, Fort Walton Beach, FL 32548-4447
      View Details
    • Value Estimation
      $1,095,000
      10,766 SF

      71 Beal Pkwy

      FINANCIAL BUILDING • 10,766 SF
      71 Beal Pkwy, Ft Walton Beach, FL 32548
      View Details
    • Value Estimation
      $565,000
      6,031 SF

      32 Beal NW Pkwy

      FINANCIAL BUILDING • 6,031 SF
      32 Beal NW Pkwy, Fort Walton Beach, FL 32548-4810
      View Details
    • Value Estimation by Request
      2,105 SF

      Troy St

      FINANCIAL BUILDING • 2,105 SF
      Troy St, Ft Walton Beach, FL 32548
      View Details

    Similar Nearby for Sale

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      Commercial freestanding building in a prime location, ready for occupancy.
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      Prime Fort Walton Beach Location

      Highly visible retail/office space in downtown Fort Walton Beach.
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      Prime Fort Walton Beach Investment Opportunity

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      Prime 4,800 SF retail space, high visibility, ample parking.
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    • $4,950,000
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      Prime Dealership Site on Beal Parkway

      High-visibility 4.40-acre parcel with existing 16,133 SF building.
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    • $520,000
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      Prime FWB Retail Space - 2828 SF

      High-traffic location, versatile space, great investment.
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      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      4,306 SF

      Uptown Station Retail/Office Space

      Fort Walton Beach prime retail space available.
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      View Details
    • $18,250 /Mo
      15,640 SF

      Prime Fort Walton Beach Retail Space

      15,640 SF Retail Space Available
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      View Details
    • $875 /Mo

      Retail Space in Busy Center

      Retail space in a high-traffic Fort Walton Beach location.
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      View Details
    • $95,000
      3,048 SF

      Fort Walton Beach Restaurant Space

      Prime 3,048 SF restaurant space, high visibility, ample parking.
      88 Eglin Pkwy NE, Fort Walton Beach, FL 32548
      View Details
    • $18 SF/Yr
      1,300 SF

      Fort Walton Beach Office Suite

      1300 SF Office, High-End Location, NNN Lease
      403 Hollywood Blvd NW, Fort Walton Beach, FL 32548
      View Details
    • $17 SF/Yr
      8,210 SF

      Uptown Station Retail & Office Space

      8,210 SF prime space in thriving Fort Walton Beach.
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
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    Fort Walton Beach, FL 32548
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    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
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