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    Property profile & analytics

    226 Miracle Strip SE Pkwy Fort Walton Beach, FL 32548-5820

    • Strip malls
    • 7,891 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Dec 06, 2022
    $2,700,000
    Value Estimations
    $2,695,000
    Show details
    Cap Rate Potential
    9.7%
    Strip malls
    Location Intelligence
    Property ID
    US18-4324126
    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

    • Strip malls

    Property Details for 226 Miracle Strip SE Pkwy

    Year built
    1946
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.16 lot acres
    Property size
    7,891 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    24-2S-24-0300-000B-002A
    APU
    242S240300000B002A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,195,000
      ML approach
      $2,595,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,550,000
      6.5%
      $3,275,000
      7%
      $3,040,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,683,000
      Market price range: $834k - $1.85M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,210,000
      AUTO REPAIR, GARAGE
      $1,810,000
      RESTAURANT
      $1,800,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6044
    Latitude
    30.4033
    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
    $14,639
    $134,748
    $915,211
    $1,049,959
    -
    $134,748
    $915,211
    $1,049,959

    Comparable in this City

    • Value Estimation
      $4,590,000
      25,185 SF

      550 Mary Esther Cut Off NW

      SHOPPING CENTER, STRIP CENTER • 25,185 SF
      550 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548-4080
      View Details
    • Value Estimation by Request
      5,400 SF

      637 Beal NW Pkwy

      SHOPPING CENTER, STRIP CENTER • 5,400 SF
      637 Beal NW Pkwy, Fort Walton Beach, FL 32548-3552
      View Details
    • Value Estimation
      $2,105,000
      11,908 SF

      98 Eglin NE Pkwy

      SHOPPING CENTER, STRIP CENTER • 11,908 SF
      98 Eglin NE Pkwy, Fort Walton Beach, FL 32548-4904
      View Details
    • Value Estimation by Request
      10,820 SF

      24 Hollywood SW Blvd

      SHOPPING CENTER, STRIP CENTER • 10,820 SF
      24 Hollywood SW Blvd, Fort Walton Beach, FL 32548-4893
      View Details
    • Value Estimation
      $560,000
      7,995 SF

      128 Perry SE Ave

      SHOPPING CENTER, STRIP CENTER • 7,995 SF
      128 Perry SE Ave, Fort Walton Beach, FL 32548-5563
      View Details
    • Value Estimation
      $1,955,000
      36,149 SF

      3 Eglin Pkwy

      SHOPPING CENTER, STRIP CENTER • 36,149 SF
      3 Eglin Pkwy, Ft Walton Beach, FL 32548
      View Details

    Similar Nearby for Sale

    • $569,000
      4,855 SF

      Fort Walton Beach Shopping Center

      Prime Retail Location, High Visibility
      49 Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $520,000
      2,828 SF

      Prime FWB Retail Space - 2828 SF

      High-traffic location, versatile space, great investment.
      12 Eglin Pkwy SE, , FL, Fort Walton Beach, FL 32548
      View Details
    • $4,950,000
      16,133 SF

      Prime Dealership Site on Beal Parkway

      High-visibility 4.40-acre parcel with existing 16,133 SF building.
      350 Beal Pkwy NW, Fort Walton Beach, FL 32548
      View Details
    • $1,250,000
      4,800 SF

      Historic Downtown Fort Walton Beach Retail Building

      Prime 4,800 SF retail space, high visibility, ample parking.
      209 Miracle Strip Pkwy SW, Fort Walton Beach, FL 32548
      View Details
    • $2,869,111
      6,562 SF

      Prime Fort Walton Beach Investment Opportunity

      Safelite-Leased Retail Building, High Traffic Area
      123 Hollywood Blvd NE, Fort Walton Beach, FL 32548
      View Details
    • $395,000

      Freestanding Commercial Building Ready Now

      Commercial freestanding building in a prime location, ready for occupancy.
      216 NE Troy St, Fort Walton Beach, FL 32548
      View Details

    Similar Nearby for Lease

    • $875 /Mo

      Retail Space in Busy Center

      Retail space in a high-traffic Fort Walton Beach location.
      1 NW Holmes Blvd, Fort Walton Beach, FL 32548
      View Details
    • Contact for pricing
      1,553 SF

      Retail Space in Fort Walton

      Retail property in a high-traffic area with convenient access.
      247-263 Miracle Strip Pkwy SE, Fort Walton Beach, FL 32548
      View Details
    • $12 SF/Yr
      300,000 SF

      Uptown Station Retail Space

      Fort Walton Beach prime retail center
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $14 SF/Yr
      4,306 SF

      Uptown Station Retail/Office Space

      Fort Walton Beach prime retail space available.
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $23 SF/Yr
      1,800 SF

      Uptown Station Retail Space, Suite 122

      1800 sq ft retail/office space in prime location.
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $17 SF/Yr
      8,210 SF

      Uptown Station Retail & Office Space

      8,210 SF prime space in thriving Fort Walton Beach.
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
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    Fort Walton Beach, FL 32548-5820
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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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