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

    2497 Hwy 98 Mary Esther, FL 32569-2145

    • Retail properties
    • 2,400 SF
    • 0.40 lot acres
    OFF-MARKET
    Last Sale
    Sep 23, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0291799
    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

    • Retail properties

    Property Details for 2497 Hwy 98

    Year built
    1995
    Construction
    STEEL FRAME
    Lot size
    0.40 lot acres
    Property size
    2,400 SF
    Property type
    Retail properties
    APN
    16-2S-25-0000-0021-0090
    APU
    162S25000000210090

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mary Esther
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.7599
    Latitude
    30.4107
    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
    $2,569
    $148,287
    $61,780
    $210,067
    -
    $148,287
    $61,780
    $210,067

    Comparable in this City

    • Value Estimation
      $1,450,000
      30,513 SF

      Mary Esther Blvd

      DEPARTMENT STORE • 30,513 SF
      Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • Value Estimation
      $8,420,000
      95,127 SF

      Mary Esther Blvd

      DEPARTMENT STORE • 95,127 SF
      Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • Value Estimation by Request
      2,271 SF

      Italian Restaurant For Sale Profitable! Owner Motivated To Sell!

      Restaurants • 2,271 SF
      0 Italian Restaurant For Sale Profitable! Owner Motivated To Sell!, Navarre, FL 32569
      View Details
    • Value Estimation
      $865,000
      11,387 SF

      2250 Hwy 98

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 11,387 SF
      2250 Hwy 98, Mary Esther, FL 32569-1452
      View Details
    • Value Estimation by Request
      2,355 SF

      3397 Hwy 98

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,355 SF
      3397 Hwy 98, Mary Esther, FL 32569-2389
      View Details
    • Value Estimation by Request
      6,000 SF

      2960 Us-98

      Retail properties • 6,000 SF
      2960 Us-98, Mary Esther, FL 32569
      View Details

    Similar Nearby for Sale

    • $650,000
      0.83 Acres

      Highway 98 Restaurant Redevelopment

      Prime .83-acre redevelopment site, high traffic.
      3397 Highway 98, Mary Esther, FL 32569
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    • $900,000
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      Westwood Retail: Prime Hwy 98 Location

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    • $3,500,000

      Circle K Gas Station Opportunity

      High-volume gas station and convenience store in Okaloosa County, Florida.
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      Prime Retail Opportunity Near Hurlburt

      Commercial property with high traffic, ideal for retail or entertainment.
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    • $1,395,000

      Italian Pizza Restaurant For Sale

      Thriving Italian pizza restaurant with real estate and all FFE.
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    • $1,395,000

      Italian Restaurant Business Opportunity

      Thriving Italian pizza restaurant with real estate and all FFE.
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    Similar Nearby for Lease

    • $18 SF/Yr
      6,000 SF

      Prime Mary Esther Retail Space

      High-traffic location, 6,000 SF available.
      401 Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • $18 SF/Yr
      6,000 SF

      Retail Space on Mary Esther

      Retail space available in a high-traffic location.
      401 Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • $2,750 /Mo
      1,152 SF

      Warehouse/Office Space For Rent

      Warehouse/office space with rollup doors and parking.
      110 Mary Esther Blvd, Mary Esther, FL 32569
      View Details
    • $6,450 /Mo
      3,818 SF

      Retail End Unit Available

      Retail end unit available in a highly visible outparcel.
      330 Mary Esther Blvd, Mary Esther, FL 32569
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    • $19 SF/Yr
      2,850 SF

      Prime Office Space, Fort Walton Beach

      Stunning Sound Views, 2850 SF Office
      348 Miracle Strip Pkwy SW, Fort Walton Beach, FL 32569
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    • Contact for pricing
      24,820 SF

      Navarre Executive Office Building

      Prime Navarre Office Space, 24,820 SF
      634 Anchors St, Navarre, FL 32569
      View Details
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    2497 Hwy 98
    Mary Esther, FL 32569-2145
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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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