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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    238 Scenic Gulf Dr Miramar Beach, FL 32550-4941

    • Office buildings
    • 6,042 SF
    • 1.15 lot acres
    OFF-MARKET
    Value Estimations
    $1,250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2256697
    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

    • Office buildings

    Property Details for 238 Scenic Gulf Dr

    Year built
    1997
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.15 lot acres
    Property size
    6,042 SF
    Zone code
    HWY 98
    Property type
    Office buildings
    APN
    28-2S-21-42000-008-0011
    APU
    282S21420000080011

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,355,000
      6.5%
      $1,250,000
      7%
      $1,160,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,494,000
      Market price range: $986k - $1.49M
      AI Estimate
      $1,005,000
      Market price range: $367k - $1.22M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,210,000
      Current use
      RETAIL STORES
      $1,945,000
      Change: +60% Conversion: Moderate
      RESTAURANT
      $1,795,000
      Change: +48% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,715,000
      Change: +41% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Miramar Beach
    County
    Walton
    State
    Florida
    Longitude
    -86.353
    Latitude
    30.3762
    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
    $0.00
    $753,809
    $672,257
    $1,426,066
    -
    $753,809
    $672,257
    $1,426,066

    Comparable in this City

    • Value Estimation
      $700,000
      3,250 SF

      9561 Us Hwy 98th W

      OFFICE BUILDING • 3,250 SF
      9561 Us Hwy 98th W, Miramar Beach, FL 32550-7272
      View Details
    • Value Estimation
      $960,000
      5,165 SF

      13346 Us Hwy 98th W

      OFFICE BUILDING • 5,165 SF
      13346 Us Hwy 98th W, Miramar Beach, FL 32550-6835
      View Details
    • Value Estimation
      $1,300,000
      5,254 SF

      178 Geronimo St

      OFFICE BUILDING • 5,254 SF
      178 Geronimo St, Miramar Beach, FL 32550-4062
      View Details
    • Value Estimation by Request
      1,630 SF

      1117 Geronimo St

      OFFICE BUILDING • 1,630 SF
      1117 Geronimo St, Miramar Beach, FL 32550
      View Details
    • Value Estimation by Request
      2,400 SF

      484 Holiday Rd

      OFFICE BUILDING • 2,400 SF
      484 Holiday Rd, Miramar Beach, FL 32550
      View Details
    • Value Estimation by Request
      2,112 SF

      136 Holiday Rd, Unit 2

      OFFICE BUILDING • 2,112 SF
      136 Holiday Rd, Miramar Beach, FL 32550-8604
      View Details

    Similar Nearby for Sale

    • $1,900,000
      4,842 SF

      Beachfront Commercial Condo, Miramar Beach

      Prime Miramar Beach commercial space, stunning ocean views.
      1200 Scenic Gulf Drive, Miramar Beach, FL 32550
      View Details
    • $4,300,000

      Modern Office Building For Sale

      18,029 SF office building in prime Gulf Coast location.
      13331 Emerald Coast Pkwy, Miramar Beach, FL 32550
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    • $1,850,000
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      Prime Commercial Property Near Beach

      Highly visible commercial property near Silver Sands Premium Outlets.
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    • $475,000

      Miramar Beach Mixed-Use Commercial Space

      1,054 SF commercial unit in high-traffic Miramar Beach location.
      180 Poinciana Blvd, Miramar Beach, FL 32550
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    • $415,000

      Retail/Office Space with Highway Visibility

      Highly visible retail/office space with easy access and parking.
      12273 Us Highway 98, Miramar Beach, FL 32550
      View Details
    • $3,995,000

      Freestanding Retail Building on Highway

      Retail building with showroom, warehouse, offices, and loading dock.
      12170 Us Highway 98, Miramar Beach, FL 32550
      View Details

    Similar Nearby for Lease

    • $550 /Mo

      Small Office in Miramar Beach

      Small office space with shared amenities in Fountain Plaza.
      12671 Emerald Coast Pkwy, Miramar Beach, FL 32550
      View Details
    • $550 /Mo

      Small Offices in Miramar Beach

      Individual offices with shared amenities in Fountain Plaza for rent.
      12671 Emerald Coast Pkwy, Miramar Beach, FL 32550
      View Details
    • $1,700 /Mo
      1,000 SF

      Miramar Beach Office Space For Lease

      1000 sq ft office, great location, all-inclusive rent.
      10065 us 98, Destin, FL 32550
      View Details
    • $24 SF/Yr
      26,470 SF

      Miramar Beach Office Space Available

      3,910 SF Office Suite, Prime Location
      12598 Emerald Coast Pkwy, Miramar Beach, FL 32550
      View Details
    • $800 /Mo

      Executive Suites For Lease

      Individual offices/executive suites for lease with shared amenities.
      12598 Us Highway 98 W, Miramar Beach, FL 32550
      View Details
    • $800 /Mo
      3,910 SF

      Miramar Beach Class A Office Suites

      Prime Office Space, Flexible Lease Terms, Miramar Beach
      12598 US Highway 98 W, Miramar Beach, FL 32550
      View Details
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    238 Scenic Gulf Dr
    Miramar Beach, FL 32550-4941
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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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