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

    229 Pitts Ave Freeport, FL 32439-5113

    • Specialty properties
    • 3,588 SF
    • 44.83 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6223905
    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

    • Live Oak Landing / Cottage / Fishing Store

    Property Details for 229 Pitts Ave

    Year built
    2010
    Lot size
    44.83 lot acres
    Property size
    3,588 SF
    Zone code
    BAYN
    Property type
    Specialty properties
    APN
    02-2S-19-24000-034-0030
    APU
    022S19240000340030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Alternative Use

      Use
      Estimation
      CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
      $330,000
      Current use
      AUTO REPAIR, GARAGE
      $375,000
      Change: +13% Conversion: Difficult
      RETAIL STORES
      $360,000
      Change: +9% Conversion: Difficult
      WAREHOUSE, STORAGE
      $275,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.1134
    Latitude
    30.4305
    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
    $8,236
    $351,505
    $500,201
    $851,706
    -
    $351,505
    $500,201
    $851,706

    Comparable in this City

    • Value Estimation
      $285,000
      173.12 Acres

      Freeport, FL 32439

      CHARITABLE ORGANIZATION • 173.12 Acres
      Freeport, FL 32439
      View Details
    • Value Estimation
      $280,000
      228.74 Acres

      Freeport, FL 32439

      CHARITABLE ORGANIZATION • 228.74 Acres
      Freeport, FL 32439
      View Details
    • Value Estimation
      $280,000
      173.78 Acres

      Co Hwy 3280

      CHARITABLE ORGANIZATION • 173.78 Acres
      Co Hwy 3280, Freeport, FL 32439
      View Details
    • Value Estimation
      $850,000
      6,995 SF

      1850 Great Hammock Bnd

      PROFESSIONAL CLUBS/ASSOCIATIONS • 6,995 SF
      1850 Great Hammock Bnd, Freeport, FL 32439-6695
      View Details
    • Value Estimation by Request
      6.80 Acres

      104 George Ellis Pt Rd

      Multifamily properties • 6.80 Acres
      104 George Ellis Pt Rd, Freeport, FL 32439
      View Details
    • Value Estimation
      $290,000
      3,516 SF

      150 State Hwy 20th E

      CREMATORIUM, MORTUARY • 3,516 SF
      150 State Hwy 20th E, Freeport, FL 32439-3917
      View Details

    Similar Nearby for Sale

    • $1,200,000
      840 SF

      Highway 20 RV Park Land

      12+ Acres, Freeport, FL Development Opportunity
      4515 State Highway 20, Freeport, FL 32439
      View Details
    • $1,299,000
      5,354 SF

      Freeport Church on US Highway

      1.53 acre property with church building in Freeport, Florida.
      17457 Us Highway 331 S, Freeport, FL 32439
      View Details
    • $10,500,000
      Pending

      Freeport, FL Commercial Development Land

      34-acre commercial development opportunity near Choctawhatchee Bay.
      130 Lagrange Rd, Freeport, FL 32439
      View Details
    • $1,300,000

      Freeport Assembly of God Property

      1.53 acre property in growing Freeport, Florida.
      17457 Us-331, Freeport, FL 32439
      View Details
    • $1,899,000

      Bayfront Estate Versatile Income Opportunity

      3.5-acre waterfront estate ideal for events or family compound.
      13000 W State Highway 20, Freeport, FL 32439
      View Details
    • $4,000,000
      117.50 Acres

      Freeport Commercial Land Development

      117.5 Acres, Prime Hwy 20 Location
      3717 Fl-20, Freeport, FL 32439
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      2,500 SF

      Freeport Industrial Space Available

      2,500 SF Warehouse/Office Space for Lease
      363 Bulldog Rd, Freeport, FL 32439
      View Details
    • $30 SF/Yr

      Highway 331 Retail Space

      3,000 SF retail building on 1.4 acres for lease.
      17287 Us-331, Freeport, FL 32439
      View Details
    • $21 SF/Yr
      39,986 SF

      40,000 SF Warehouse Development

      High-visibility warehouse space with easy highway access in growing market.
      20431 Us Highway 331 S, Freeport, FL 32439
      View Details
    • $30 SF/Yr
      13,900 SF

      New Class A Office Building

      New Class A office building in growing Freeport market.
      67 Joe Campbell Rd, Freeport, FL 32439
      View Details
    • $14 SF/Yr
      7,000 SF

      Freeport Industrial Space For Lease

      7,000 SF flex space in Alaqua Business Park.
      435 W county 83a highway, Freeport, FL 32439
      View Details
    • $500 /Mo
      110 SF

      Freeport Office Suite - 110 SF

      Executive suite, all utilities included. Ideal for small business.
      18235 US Highway 331 S, Freeport, FL 32439
      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.
    229 Pitts Ave
    Freeport, FL 32439-5113
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.