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

    2 Miracle Strip SE Pkwy Fort Walton Beach, FL 32548-5816

    • Motels
    • 17,984 SF
    • 0.96 lot acres
    OFF-MARKET
    Value Estimations
    $1,075,000
    Show details
    Cap Rate Potential
    6.4%
    Motels
    Location Intelligence
    Property ID
    US18-4135614
    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

    • Residence Inn Fort Walton Beach / Hotel & Motel
    • Fairfield by Marriott Fort Walton Beach / Hotel & Motel
    • Construction Proposal Home Center / Construction Company

    Property Details for 2 Miracle Strip SE Pkwy

    Year built
    2021
    Construction
    FRAME
    Lot size
    0.96 lot acres
    Property size
    17,984 SF
    Property type
    Motels
    APN
    24-2S-24-0000-0004-0000
    APU
    242S24000000040000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,085,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,155,000
      6.5%
      $1,065,000
      7%
      $990,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,345,000
      Market price range: $403k - $1.35M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $795,000
      Current use
      RETAIL STORES
      $1,690,000
      Change: +112% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,200,000
      Change: +51% Conversion: Difficult
      WAREHOUSE, STORAGE
      $830,000
      Change: +4% 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
    -86.6133
    Latitude
    30.4036
    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
    $138,100
    $1,028,128
    $8,932,445
    $9,960,573
    -
    $1,028,128
    $8,932,445
    $9,960,573

    Comparable in this City

    • Value Estimation by Request
      1,318 SF

      314 Miracle Strip SW Pkwy

      MOTEL • 1,318 SF
      314 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-5220
      View Details
    • Value Estimation
      $10,705,000
      42,278 SF

      522 Mary Esther Cut Off NW

      MOTEL • 42,278 SF
      522 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548-4025
      View Details
    • Value Estimation
      $665,000
      26,014 SF

      349 Miracle Strip SW Pkwy

      MOTEL • 26,014 SF
      349 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-5210
      View Details
    • Value Estimation
      $695,000
      24,218 SF

      135 Miracle Strip SW Pkwy

      MOTEL • 24,218 SF
      135 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-6614
      View Details
    • Value Estimation
      $1,080,000
      45,618 SF

      407 Miracle Strip SW Pkwy

      MOTEL • 45,618 SF
      407 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-4501
      View Details
    • Value Estimation
      $1,830,000
      24,480 SF

      573 Santa Rosa Blvd

      MOTEL • 24,480 SF
      573 Santa Rosa Blvd, Fort Walton Beach, FL 32548-6912
      View Details

    Similar Nearby for Sale

    • $709,900
      1,089 SF

      Luxury Gulf Front Resort Residence

      Premium 2-bedroom condo with Gulf views and resort amenities.
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      View Details
    • $670,000
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      Fort Walton Beach Office Building

      NNN Leased Office, 6% Cap Rate
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    • $1,950,000
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      Prime 35,594 SF warehouse, ideal investment.
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    • $125,000
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      Renovated Condo in Fort Walton

      Stylish 2 bed, 2 bath condo near military bases.
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    • $395,000

      Freestanding Commercial Building Ready Now

      Commercial freestanding building in a prime location, ready for occupancy.
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    • $1,895,000

      Prime Fort Walton Beach Location

      Highly visible retail/office space in downtown Fort Walton Beach.
      96 SE Miracle Strip Pkwy Pkwy, Fort Walton Beach, FL 32548
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      4,306 SF

      Uptown Station Retail/Office Space

      Fort Walton Beach prime retail space available.
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $18,250 /Mo
      15,640 SF

      Prime Fort Walton Beach Retail Space

      15,640 SF Retail Space Available
      1318 SE miracle strip parkway, Fort Walton Beach, FL 32548
      View Details
    • $1,300 /Mo
      1,300 SF

      Fort Walton Beach Industrial Space

      1300 SF Warehouse, NNN Lease
      119 Hollywood Blvd NW, Fort Walton Beach, FL 32548
      View Details
    • $1,750 /Mo
      2,500 SF

      Prime Fort Walton Beach Office Space

      2,500 SF Office Suite - Beal Parkway
      102 Beal Pkwy SW, Fort Walton Beach, FL 32548
      View Details
    • $12 SF/Yr
      13,975 SF

      Fort Walton Beach Industrial Space For Lease

      Large industrial space with high power & docks.
      161 Hill Ave NW, Fort Walton Beach, FL 32548
      View Details
    • $1,875 /Mo

      Fort Walton Beach Office Space

      Office space featuring four large offices, conference room, and two bathrooms.
      348 Miracle Strip Pkwy, Fort Walton Beach, FL 32548
      View Details

    Property Visit Statistics

    • Visits by month
      4.1k
    • Visitors by month
      1.4k
    • Avg Time on site
      530 min
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    Fort Walton Beach, FL 32548-5816
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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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