28 Fry SE Rd Fort Walton Beach, FL 32548-5600
Entity Owned
~
Est. High Equity
Estimated value (blended)
$1.48M
Range $1.33M – $1.63M (±10%)
Implied cap rate
3.50%
In-place · NOI ÷ last sale
Property ID
US18-2548282
Property summary
AI-generated overview
The property is a free-standing office building located at 28 Ferry Rd SE in Fort Walton Beach, Florida, within a retail trade area. The building has a total size of approximately 4,283 square feet and is situated on a 0.35-acre lot, with approximately 3,825 square feet of office space referenced in the listing. The site provides frontage and traffic exposure on Ferry Rd SE and is positioned near major retail and service businesses, including Ross Dress For Less, Ulta Beauty, Five Below, West Marine, Winn-Dixie, Party City, Buffalo Wild Wings, Five Guys Burgers and Fries, Starbucks, and Firehouse Subs. The property is configured as an office use and is offered as both a sale and a lease option.
Property profile
Verified
Property type
Other commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1989
Construction
STEEL FRAME
Total area
4,275 SF
Lot
0.35 ac (15,340 SF)
APN
13-2S-24-1910-0290-0000
UPID
US18-2548282
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Business Management Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$800k
Comparable Approach
Comparable
$995k
Blend (final)
Blend
$1.48M
Owner & transaction history
since 2025
Last sale
$710,000
6 recorded transactions
Zoning & alternative use
Top alternative use upside
Auto repair, garage
$980,000
+25.3%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 5 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$1.48M
Value range
$1.33M – $1.63M
±10% around blend
Estimated value / SF
$346 / SF
Confidence
High
5 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
50
$1.33M
blend $1.48M
$1.63M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,275 SF
Lot area
0.35 ac
Year built
1989
Stories
1
APN
13-2S-24-1910-0290-0000
Assessed value
$434,014
Annual tax
$6,051
3
Income approach: direct capitalization
Partial preview
Income approach indication
$800k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$865k
@ 6.5% CAP return
$800k
@ 7% CAP return
$740k
4
Sales comparison
Partial preview
Sales approach indication
$972k
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
10.9 mi away · 5,248 SF
22.6 mi away · 3,404 SF
24.4 mi away · 3,552 SF
24.8 mi away · 3,428 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.48M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 70 sales
$183
+89%
Submarket 111 sales
$180
+92%
County 335 sales
$246
+41%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $346/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+25%
vs current-use indication
Commercial (general) · current use
Retail Stores
Neighborhood: Shopping Center
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
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Overview
Implied cap rate
3.50%
Implied, in-place cap rate for this other commercial real estate
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 3.50%
9.0%
NOI (est.)
$50k *
Last sale · Jul 2025
$710k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.42M
Move the market yield to see immediate price impact.
Value / SF
$332
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.00%3.50%4.00%
$45k
$1.49M
$1.28M
$1.12M
$50k
$1.66M
$1.42M
$1.24M
$55k
$1.82M
$1.56M
$1.37M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$1.05M
0.6 mi · Nov 2025 · $241/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$6,051
Tax year 2023
Assessed value
$434,014
Assessed 2023
Previous assessed
$428,131
+1.4% YoY
Effective rate
1.39%
On assessed value
Assessed land
$66,599
Assessed improvement
$367,415
Land market value
$66,599
Improvement market value
$367,415
Total market value
$434,014
Applied tax rate
4.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Other commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1989
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
10
Total area
4,275 SF
Lot
0.35 ac (15,340 SF)
APN
13-2S-24-1910-0290-0000
UPID
US18-2548282
Jurisdiction
OKALOOSA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1989
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
10
Lot
0.35 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
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Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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