Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    223 Miracle Strip SE Pkwy Fort Walton Beach, FL 32548-5819
    Back to Search
    Property profile & analytics

    223 Miracle Strip SE Pkwy, Fort Walton Beach, FL 32548-5819

    View on Map
    • Commercial land
    • 2,200 SF
    • 0.20 lot acres
    Off-Market
    Last Sale Oct 20, 2022
    $2,175,000
    Property ID
    US18-5859696
    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.
    Value Estimations
    $2,030,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 223 Miracle Strip SE Pkwy

    Lot size
    0.20 lot acres
    Property type
    Commercial land
    APN
    24-2S-24-0300-000A-0070
    APU
    242S240300000A0070

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 3, 2025 — Btc Dwtn Fwb LLC Pallasite Reo 2017 1 LLC Deed · related —
    Oct 20, 2022 $2,175,000 Btc Dwtn Fwb LLC Pallasite Reo 2017 I LLC Warranty Deed $3M · Capital City Bank
    May 2, 2017 — Live Work Play Developers LLC — Grant Deed · related $2.2M · Sharestates Invs #bc2017-00954
    Oct 21, 2008 — Ft Walton Dev Partners LLC — Trustees Deed · related $1.5M · Branch Banking & Trust Co
    Aug 29, 2006 $1,900,000 Ft Walton Dev Partners LLC S & V Ventures LLC Warranty Deed $1.5M · Northstar Funding
    Nov 6, 2003 $500,000 S & V Ventures LLC Cashs Cabanas INC Grant Deed $548k · Trustmark National Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,765,000
      ML approach
      $1,995,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6041
    Latitude
    30.4038
    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
    $1,649
    $118,296
    $0.00
    $118,296
    -
    $118,296
    $0.00
    $118,296

    Comparable in this City

    • Value Estimation by Request

      1.87 Acres Land For Sale - 195 Brooks St SE

      1.87 Acres Land For Sale - 195 Brooks St SE
      195 Brooks St SE, Fort Walton Beach, FL 32548
      View Details
    • Value Estimation by Request
      0.68 Acres

      504 Mary Esther Cut Off NW

      VACANT COMMERCIAL LAND
      504 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548-4047
      View Details
    • Value Estimation by Request
      1.69 Acres

      Miracle Strip Pkwy

      VACANT COMMERCIAL LAND
      Miracle Strip Pkwy, Ft Walton Beach, FL 32548
      View Details
    • Value Estimation by Request
      0.17 Acres

      106 Perry SE Ave

      VACANT COMMERCIAL LAND
      106 Perry SE Ave, Fort Walton Beach, FL 32548-5512
      View Details
    • Value Estimation by Request
      1.00 Acre

      116 Ready NW Ave

      VACANT COMMERCIAL LAND
      116 Ready NW Ave, Fort Walton Beach, FL 32548
      View Details
    • Value Estimation by Request
      0.31 Acres

      9 Robinwood SW Dr

      VACANT COMMERCIAL LAND
      9 Robinwood SW Dr, Fort Walton Beach, FL 32548-5346
      View Details

    Similar Nearby for Sale

    • $980,000

      Prime Commercial Space Available

      High-visibility commercial land on Miracle Strip Parkway for sale.
      190 SE Miracle Strip Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $158,000

      Commercial Space in South FWB

      Two commercial units combined, can be separated again.
      139 Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $1,600,000

      Prime Commercial Lot Opportunity

      Premier commercial lot in downtown Fort Walton Beach for sale.
      23 SE Miracle Strip Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $1,800,000

      Fort Walton Beach Development Land

      16.31 acres with multiple zoning opportunities in Fort Walton Beach.
      NW Hill Ave, Fort Walton Beach, FL 32548
      View Details
    • $775,000

      Beal Parkway Vacant Commercial Lot

      Vacant commercial lot on Beal Parkway, Fort Walton Beach.
      65 SE Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $2,200,000

      Prime Land in Fort Walton

      Undeveloped 0.48 acre outparcel in downtown Fort Walton Beach.
      253 SE Miracle Strip Pkwy, Fort Walton Beach, FL 32548
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      9,750 SF

      Industrial Space Build to Suit

      Industrial space available for rent near Hurlburt Field.
      155 NW Blake Ave, Fort Walton Beach, FL 32548
      View Details
    • Contact for pricing

      Prime Corner Parcel For Lease

      1.53 acre corner parcel for ground lease in Fort Walton
      60 Beal Pkwy SW, Fort Walton Beach, FL 32548
      View Details
    • $15,000 /Mo

      Corner Parcel on South Beal

      1.53 acre corner parcel for ground lease.
      60 Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $5,000 /Mo

      Commercial Land Parcel For Lease

      One-acre commercial parcel for lease in Fort Walton Beach.
      702 NW Anchors St, Fort Walton Beach, FL 32548
      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.
    223 Miracle Strip SE Pkwy
    Fort Walton Beach, FL 32548-5819
    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

    Thank You for Inquiry
    223 Miracle Strip SE Pkwy, Fort Walton Beach, FL, 32548
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!