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    Property profile & analytics

    23 SE Miracle Strip Pkwy Fort Walton Beach, FL 32548

    • Retail space
    • 18,532 SF
    • 0.43 lot acres
    For Sale
    View listing
    $1,600,000
    Last Sale
    Apr 19, 2022
    $725,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5399905
    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

    • Whataburger / Restaurant

    Property Details for 23 SE Miracle Strip Pkwy

    Year built
    1966
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.43 lot acres
    Property size
    18,532 SF
    Property type
    Retail space
    APN
    24-2S-24-0000-0023-0000
    APU
    242S24000000230000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $590,000
      ML approach
      $800,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $834,000
      Market price range: $834k - $2.67M

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6117
    Latitude
    30.4044
    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
    $7,613
    $546,031
    $0.00
    $546,031
    -
    $546,031
    $0.00
    $546,031

    Comparable in this City

    • Value Estimation by Request
      480 SF

      150 Miracle Strip SE Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 480 SF
      150 Miracle Strip SE Pkwy, Fort Walton Beach, FL 32548-5883
      View Details
    • Value Estimation by Request
      2,200 SF

      152 Miracle Strip SE Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 2,200 SF
      152 Miracle Strip SE Pkwy, Fort Walton Beach, FL 32548-5883
      View Details
    • Value Estimation by Request
      672 SF

      124 Hollywood SW Blvd

      RETAIL STORES (PERSONAL SERVICES) • 672 SF
      124 Hollywood SW Blvd, Fort Walton Beach, FL 32548-4778
      View Details
    • Value Estimation by Request
      4,017 SF

      7 Walter Martin NE Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,017 SF
      7 Walter Martin NE Rd, Fort Walton Beach, FL 32548-4281
      View Details
    • Value Estimation by Request
      1,500 SF

      206 Brks SE St

      RETAIL STORES (PERSONAL SERVICES) • 1,500 SF
      206 Brks SE St, Fort Walton Beach, FL 32548-5829
      View Details
    • Value Estimation by Request
      1,159 SF

      31 Kelly NE Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,159 SF
      31 Kelly NE Ave, Fort Walton Beach, FL 32548-4412
      View Details

    Similar Nearby for Sale

    • $1,895,000

      Prime Fort Walton Beach Location

      Highly visible retail/office space in downtown Fort Walton Beach.
      96 SE Miracle Strip Pkwy Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $1,895,000

      Prime Corner Location in Fort Walton

      Highly visible office/retail spaces in Fort Walton Beach downtown district.
      96 SE Miracle Strip Pkwy Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $350,000

      Retail Space with Modern Amenities

      1,100 SF retail space with flexible potential uses.
      31 NE Kelly Ave, 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
    • $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
    • $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

    Similar Nearby for Lease

    • $1,500 /Mo
      1,100 SF

      Retail Space with New Renovations

      Renovated retail space featuring open layout and storage room.
      Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $2,650,000
      11,800 SF

      Retail Building on Eglin Parkway

      11,800 SF retail building on 1.48 acres for rent.
      11 Eglin Pkwy SE, Fort Walton Beach, FL 32548
      View Details
    • $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
    • $3,000 /Mo
      1,948 SF

      High Visibility Commercial Building For Rent

      1,800 SF commercial building with high traffic visibility.
      58 Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $1,200 /Mo
      1,100 SF

      Retail Space on High-Traffic Street

      1,100 sq. ft. retail space with excellent visibility.
      6 NW Hollywood Blvd, Fort Walton Beach, FL 32548
      View Details
    • $14 SF/Yr
      4,306 SF

      Uptown Station Retail Space Available

      Prime retail and office space in a popular shopping center.
      99 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details

    Property Visit Statistics

    • Visits by month
      15.0k
    • Visitors by month
      11.0k
    • Avg Time on site
      18 min
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    23 SE Miracle Strip Pkwy
    Fort Walton Beach, FL 32548
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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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