Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2159 Hwy 87 Navarre, FL 32566-3210

    • Retail space
    • 2,155 SF
    • 0.73 lot acres
    OFF-MARKET
    Value Estimations
    $340,000
    Show details
    Cap Rate Potential
    9.3%
    Retail space
    Location Intelligence
    Property ID
    US18-3628091
    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

    • Retail space

    Property Details for 2159 Hwy 87

    Year built
    1997
    Construction
    STEEL FRAME
    Lot size
    0.73 lot acres
    Property size
    2,155 SF
    Zone code
    HCD
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    17-2S-26-0000-00151-0000
    APU
    172S260000001510000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $385,000
      6.5%
      $355,000
      7%
      $330,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $404,000
      Market price range: $176k - $492k
      AI Estimate
      $242,000
      Market price range: $64.5k - $344k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $330,000
      Current use
      MEDICAL BUILDING
      $365,000
      Change: +10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $285,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Navarre
    County
    Santa Rosa
    State
    Florida
    Longitude
    -86.8702
    Latitude
    30.4135
    CBSA code
    37860
    CBSA name
    PENSACOLA-FERRY PASS-BRENT, 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
    $4,664
    $108,000
    $199,988
    $307,988
    -
    $108,000
    $199,988
    $307,988

    Comparable in this City

    • Value Estimation by Request
      1,488 SF

      9070 Larker Woods Dr

      STORE, RETAIL OUTLET • 1,488 SF
      9070 Larker Woods Dr, Navarre, FL 32566-2104
      View Details
    • Value Estimation
      $150,000
      684 SF

      2429 Hwy 87

      STORE, RETAIL OUTLET • 684 SF
      2429 Hwy 87, Navarre, FL 32566-3213
      View Details
    • Value Estimation
      $150,000
      3,240 SF

      2209 Hwy 87

      STORE, RETAIL OUTLET • 3,240 SF
      2209 Hwy 87, Navarre, FL 32566-3211
      View Details
    • Value Estimation
      $295,000
      5,500 SF

      3352 Hwy 87

      STORE, RETAIL OUTLET • 5,500 SF
      3352 Hwy 87, Navarre, FL 32566-9436
      View Details
    • Value Estimation
      $240,000
      780 SF

      8470 Navarre Pkwy

      STORE, RETAIL OUTLET • 780 SF
      8470 Navarre Pkwy, Navarre, FL 32566-6904
      View Details
    • Value Estimation
      $430,000
      7,264 SF

      2013 Hwy 87

      STORE, RETAIL OUTLET • 7,264 SF
      2013 Hwy 87, Navarre, FL 32566-3209
      View Details

    Similar Nearby for Sale

    • $1,499,000

      Navarre Beach Commercial Building ForSale

      Commercial building with road frontage, inventory, and business included.
      8460 Gulf Blvd, Navarre, FL 32566
      View Details
    • $3,500,000
      0.98 Acres

      Navarre Beach Commercial Opportunity

      Prime commercial location suitable for restaurant, lounge, or retail.
      Gulf Boulevard Ct, Navarre, FL 32566
      View Details
    • $1,500,000
      7,500 SF

      Highway 87 Commercial Property

      7,500 SF commercial property on Highway 87 for sale.
      2495 Highway 87, Navarre, FL 32566
      View Details
    • Contact for pricing
      13,704 SF

      Retail Space Near Emerald Coast

      Prime retail location near national retailers and Emerald Coast beaches.
      8734-8756 Ortega Park Dr, Navarre, FL 32566
      View Details
    • $2,387,453
      5,626 SF

      Navarre Parkway Retail Investment Opportunity

      Retail property with long-term lease and high visibility.
      6863 Navarre Pkwy, Navarre, FL 32566
      View Details
    • $4,490,000
      13,716 SF

      Navarre Waterfront Restaurant

      Prime Waterfront Restaurant, High Visibility
      8465 Navarre Pkwy, Navarre, FL 32566
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      5,564 SF

      Prime Retail Space on Navarre Parkway

      High-visibility retail space in a rapidly growing community.
      8155 Navarre Pkwy, Navarre, FL 32566
      View Details
    • $34 SF/Yr
      1,475 SF

      Retail Space in Publix Center

      Retail space for lease in Wynnehaven Beach/Navarre, Florida.
      10040 Navarre Pkwy, Navarre, FL 32566
      View Details
    • $18 SF/Yr
      1,000 SF

      Navarre Retail/Office Space Available

      Commercial space for retail or office use with good visibility.
      8762 Ortega Park Dr, Navarre, FL 32566
      View Details
    • $17 SF/Yr
      1,162 SF

      Navarre Retail Space For Lease

      Prime Navarre location, 1162 sq ft, NNN lease.
      8740 Ortega Park Dr, Navarre, FL 32566
      View Details
    • $17 SF/Yr
      1,162 SF

      Navarre Retail Space - Ortega Plaza

      Prime Navarre retail space, 1162 sq ft, NNN lease.
      8740 Ortega Park Dr, Navarre, FL 32566
      View Details
    • $17 SF/Yr
      1,562 SF

      Navarre Retail Space - Ortega Plaza

      Prime Navarre retail space, 1562 sq ft.
      8740 Ortega Park Dr, Navarre, FL 32566
      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.
    2159 Hwy 87
    Navarre, FL 32566-3210
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.