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

    216 Racetrack NW Rd Fort Walton Beach, FL 32547-3832

    • Commercial real estate
    • 888 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6041012
    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

    • Ready Mix USA Fort Walton Concrete Plant / Building Supply / Industrial Manufacturer

    Property Details for 216 Racetrack NW Rd

    Year built
    1992
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.46 lot acres
    Property size
    888 SF
    Property type
    Commercial real estate
    APN
    35-1S-24-0000-0045-0000
    APU
    351S24000000450000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6252
    Latitude
    30.4505
    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
    $9,286
    $534,291
    $243,821
    $778,112
    -
    $534,291
    $243,821
    $778,112

    Comparable in this City

    • Value Estimation by Request
      867 SF

      813 Pinedale Rd

      COMMERCIAL (GENERAL) • 867 SF
      813 Pinedale Rd, Fort Walton Beach, FL 32547
      View Details
    • Value Estimation by Request
      1,551 SF

      317 Seminole St

      COMMERCIAL (GENERAL) • 1,551 SF
      317 Seminole St, Fort Walton Beach, FL 32547-2962
      View Details
    • Value Estimation by Request
      1,432 SF

      Mar-walt Dr

      COMMERCIAL (GENERAL) • 1,432 SF
      Mar-walt Dr, Ft Walton Beach, FL 32547
      View Details
    • Value Estimation
      $1,365,000
      5,152 SF

      1032 Mar Walt Dr, Unit 240

      COMMERCIAL (GENERAL) • 5,152 SF
      1032 Mar Walt Dr, Fort Walton Beach, FL 32547-6661
      View Details
    • Value Estimation
      $1,500,000
      5,654 SF

      729 Beal N Pkwy

      COMMERCIAL (GENERAL) • 5,654 SF
      729 Beal N Pkwy, Fort Walton Beach, FL 32547-3044
      View Details
    • Value Estimation by Request
      1,799 SF

      907 Mar Walt Dr

      COMMERCIAL (GENERAL) • 1,799 SF
      907 Mar Walt Dr, Fort Walton Beach, FL 32547-6960
      View Details

    Similar Nearby for Sale

    • $1,299,000
      1.18 Acres

      Fort Walton Beach Commercial Land

      1.18-acre mixed-use land, prime location.
      843 Eglin Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $114,900
      1,000 SF

      Move-in Ready First-Floor Corner Unit

      2BR, 2BA condo with updates, convenient location, and community amenities.
      615 Colonial Dr, Fort Walton Beach, FL 32547
      View Details
    • $120,000
      1,207 SF

      Fort Walton Beach Condo Opportunity

      Three-bedroom, two-bathroom condo with potential in Fort Walton Beach.
      611 Colonial Dr, Fort Walton Beach, FL 32547
      View Details
    • Contact for pricing
      67,945 SF

      Eglin Parkway Retail Opportunity

      Retail spaces for lease in Fort Walton Beach, starting at 1,800 SF.
      710 Eglin Pkwy NE, Fort Walton Beach, FL 32547
      View Details
    • $599,000

      Veterinary Hospital/Clinic For Sale

      Veterinary Hospital/Clinic with kennel stalls and exam rooms for sale.
      1021 Beal Pkwy NW, Fort Walton Beach, FL 32547
      View Details
    • $580,000

      Renovated Home with Flexible Living

      Renovated 6-bedroom home ideal for Airbnb or investment.
      951 Pocahontas Dr, Fort Walton Beach, FL 32547
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      62,504 SF

      Beltway Plaza Restaurant Space

      High-traffic, 1,540 sq ft restaurant space.
      109 Racetrack Rd, Fort Walton Beach, FL 32547
      View Details
    • Contact for pricing
      66,211 SF

      Fort Walton Beach Commercial Land

      1.52 Acres, Prime Location, C-3 Zoning
      710 Eglin Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $375 /Mo

      Retail Space in Great Location

      Easily accessible retail space in a prime Fort Walton Beach location.
      700 Beal Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $5,000 /Mo

      Warehouse with Loading Dock

      7168 SF warehouse near Hurlburt and Eglin AFB.
      1290 Beverlu St, Fort Walton Beach, FL 32547
      View Details
    • $20 SF/Yr
      9,000 SF

      Versatile Industrial Facility for Lease

      9,000 SF industrial facility on 1.5 acres for lease.
      309 Green Acres Rd, Fort Walton Beach, FL 32547
      View Details
    • $16 SF/Yr
      5,576 SF

      Industrial Space For Lease

      Industrial property available for lease in Fort Walton Beach, FL.
      303 Lewis St, Fort Walton Beach, FL 32547
      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.
    216 Racetrack NW Rd
    Fort Walton Beach, FL 32547-3832
    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.