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Property profile & analytics
OFF-MARKET
Estimated value
$1,670,000
Commercial real estate
2179 Hwy 98 Mary Esther, FL 32569-1450
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US18-5317362
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
2003
Construction
FRAME
Total area
6,014 SF
Lot
3 ac (130,829 SF)
APN
15-2S-25-0000-0121-0000
UPID
US18-5317362
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.13M
Comparable Approach
Comparable
$2.24M
Blend (final)
Blend
$1.67M
Owner & transaction history
Marsh Harbor Executive Park INC · 1 yrs held
Marsh Harbor Executive Park INC
since 2025
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Mary Esther submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mary Esther submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,220,000
6.5%
$1,125,000
7%
$1,045,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,480,000
Current use
RESTAURANT
$1,275,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$1.67M
Range $1.50M – $1.84M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$278 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$26,457
Tax year 2023
Assessed value
$2,163,242
Assessed 2023
Previous assessed
$2,145,499
+0.8% YoY
Effective rate
1.22%
On assessed value
Assessed land
$296,344
Assessed improvement
$1,866,898
Land market value
$296,344
Improvement market value
$1,866,898
Total market value
$2,163,242
Applied tax rate
21.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
2003
Construction
FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
6
Stories
1
Rooms
15
Total area
6,014 SF
Lot
3 ac (130,829 SF)
APN
15-2S-25-0000-0121-0000
UPID
US18-5317362
Jurisdiction
OKALOOSA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.5M
RESTAURANT
Est. value
$1.3M
COMMERCIAL (GENERAL) Current
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2003
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
6
Rooms
15
Lot
3 ac
Current owner
From public records · entity-resolved
Marsh Harbor Executive Park INC
Entity
Mailing address
PO BOX 5497, DESTIN, FL 32540-5497
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 21, 2025
—
Marsh Harbor Executive Park INC
Bonezzi Development Company
Warranty Deed
—
Mar 10, 2004
$209,000
Sharon Hicks
Bonezzi Development Co
Grant Deed
$167,200 · Countrywide Home Loans INC
Dec 6, 2002
$196,300
Homes Northwest Florida Adams
Bonezzi Development Co
Grant Deed
—
Oct 25, 2002
$34,300
Homes Northwest Florida Adams
Bonezzi Development Co
Grant Deed
$120,000 · Peoples First Community Bank
Oct 25, 2002
$59,300
Homes Northwest Florida Adams
Bonezzi Development Co
Grant Deed
$129,000 · Peoples First Community Bank
Oct 2, 2002
$492,500
Homes Northwest Florida Adams
Bonezzi Development Co
Grant Deed
—
Aug 7, 2002
$325,000
Bonezzi Development Co
Marsh Harbour INC
Grant Deed
$2,651,950 · Regions Bank
May 10, 2001
$100,000
Marsh Harbor INC
Smith,walter J & Garlena C
Grant Deed
—
May 10, 2001
$805,000
Bonezzi Development Co
Smith,walter J & Garlena C
Grant Deed
—
May 10, 2001
$395,000
Bonezzi Development Co
Marsh Harbor INC
Grant Deed
$1,900,000 · Regions Bank
Mar 25, 1999
$679,000
Walter J Smith
Marsh Harbor INC
Quit Claim Deed
related
—
May 13, 1998
$50,000
David J Spurling
Victoria Northwest Florida INC
Grant Deed
—
Mar 19, 1998
$679,000
Marsh Harbour INC
Smith,walter J & Garlena C
Grant Deed
—
Dec 3, 1997
$1,600,000
Marsh Harbour INC
Khw Investments
Trustees Deed
$965,000 · Regions Bank
Dec 3, 1997
$1,400,000
Victoria Nw Florida INC
Kew Investments
Trustees Deed
$1,650,000 · First Northwest Florida Bank
Dec 3, 1997
$1,540,000
D & H Development INC
Khw Investments
Grant Deed
$2,100,000 · First City Bank Florida
—
—
Bonezzi Dev Co
—
Deed Of Trust
related
$1,500,000 · Fnbt Com Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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