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    Property profile & analytics

    2221 - 2223 S Ferdon Blvd Crestview, FL 32539

    • Strip malls
    • 23,496 SF
    • 2.04 lot acres
    For Lease
    View listing
    $28 SF/Yr
    Last Sale
    Jul 07, 2021
    $2,425,000
    Value Estimations
    $2,675,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3518319
    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

    • Smoothie King / Restaurant / Take-out & Catering
    • Creative Juices Crafting Studio / Art Studio / Artistic Handicrafts
    • Pizza Hut / Take-out & Catering
    • Absolute Thai & Noodles Restaurant (Crestview) / Restaurant

    Property Details for 2221 - 2223 S Ferdon Blvd

    Year built
    1987
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.04 lot acres
    Property size
    23,496 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    20-3N-23-0000-0146-0050
    APU
    203N23000001460050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,465,000
      ML approach
      $2,785,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,285,000
      Market price range: $959k - $5.61M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,675,000
      Current use
      COMMERCIAL (GENERAL)
      $4,150,000
      Change: +13% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,625,000
      Change: -1% Conversion: Difficult
      RETAIL STORES
      $2,970,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Crestview
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.5644
    Latitude
    30.7375
    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
    $34,286
    $825,872
    $1,293,480
    $2,119,352
    -
    $825,872
    $1,293,480
    $2,119,352

    Comparable in this City

    • Value Estimation
      $3,285,000
      46,316 SF

      751 Ferdon Blvd

      SHOPPING CENTER, STRIP CENTER • 46,316 SF
      751 Ferdon Blvd, Crestview, FL 32536-2113
      View Details
    • Value Estimation
      $2,925,000
      13,650 SF

      3381 Ferdon Blvd

      SHOPPING CENTER, STRIP CENTER • 13,650 SF
      3381 Ferdon Blvd, Crestview, FL 32536-8484
      View Details
    • Value Estimation
      $2,005,000
      10,650 SF

      4381 Ferdon Blvd

      SHOPPING CENTER, STRIP CENTER • 10,650 SF
      4381 Ferdon Blvd, Crestview, FL 32536-5211
      View Details
    • Value Estimation
      $560,000
      6,000 SF

      625 Ferdon Blvd

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      625 Ferdon Blvd, Crestview, FL 32536-2169
      View Details
    • Value Estimation
      $655,000
      9,462 SF

      172 Woodruff Ave

      SHOPPING CENTER, STRIP CENTER • 9,462 SF
      172 Woodruff Ave, Crestview, FL 32536-3525
      View Details
    • Value Estimation
      $640,000
      7,875 SF

      648 Ferdon Blvd

      SHOPPING CENTER, STRIP CENTER • 7,875 SF
      648 Ferdon Blvd, Crestview, FL 32536-4240
      View Details

    Similar Nearby for Sale

    • $1,394,000
      4,350 SF

      Crestview Investment Property For Sale

      Multi-tenant retail property with high traffic and development potential.
      3301 South Ferdon Blvd, Crestview, FL 32536
      View Details
    • $475,000

      Iconic Building in Downtown Crestview

      Iconic building with exceptional visibility and endless business potential.
      168 S Main St, Crestview, FL 32536
      View Details
    • $479,000
      2,400 SF

      Crestview Restaurant - Prime Location

      Profitable restaurant, high traffic area, immediate occupancy.
      252 N Ferdon Blvd, Crestview, FL 32536
      View Details
    • $789,000
      5,000 SF

      Historic Crestview Building For Sale

      Charming 5,000 SF building in Crestview, zoned C-1.
      196 W Pine Ave, Crestview, FL 32536
      View Details
    • $475,000

      Iconic Building in Downtown Crestview

      Iconic building with endless potential in the heart of Crestview.
      168 S Main St, Crestview, FL 32536
      View Details
    • $695,000
      4,300 SF

      Crestview Net-Leased Industrial Investment

      Net-leased industrial property in Crestview, Florida, ideal for investment.
      101 W Edney Ave, Crestview, FL 32536
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space on Ferdon Boulevard

      Sublease opportunity with high visibility in Crestview, Florida.
      2503 South Ferdon Blvd, Crestview, FL 32536
      View Details
    • $22 SF/Yr
      2,100 SF

      Retail Space in Court Plaza

      Retail space for lease in Crestview, Florida shopping center.
      2221-2223 S Ferdon Blvd, Crestview, FL 32536
      View Details
    • $26 SF/Yr
      2,658 SF

      Crestview Retail Space Available

      Prime retail space in thriving Tractor Supply-anchored center.
      352 W James Lee Blvd, Crestview, FL 32536
      View Details
    • $18 SF/Yr
      3,190 SF

      Crestview Retail Space For Lease

      High-traffic retail space in thriving Northview Plaza.
      751 N Ferdon Blvd, Crestview, FL 32536
      View Details
    • $26 SF/Yr
      1,430 SF

      Crestview Retail Space Available

      High-traffic retail space, Tractor Supply anchored.
      352 W James Lee Blvd, Crestview, FL 32536
      View Details
    • $23 SF/Yr
      1,200 SF

      Crestview Retail Space: Prime Location

      High-traffic retail space in thriving Crestview, FL.
      2535 2499 S Ferdon Blvd, Crestview, FL 32536
      View Details

    Property Visit Statistics

    • Visits by month
      1.2k
    • Visitors by month
      1.1k
    • Avg Time on site
      21 min
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    Crestview, FL 32539
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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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