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

    2951 Parsonage Ln Crestview, FL 32539-9028

    • Outlet malls
    • 9,274 SF
    • 1.60 lot acres
    OFF-MARKET
    Last Sale
    Nov 25, 2024
    $1,280,000
    Value Estimations
    $1,490,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-7901862
    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

    • Dollar General / Dollar Store / Convenience Store
    • Western Union / Money Transfer Service / Money Order Service

    Property Details for 2951 Parsonage Ln

    Year built
    2015
    Construction
    STEEL FRAME
    Lot size
    1.60 lot acres
    Property size
    9,274 SF
    Property type
    Outlet malls
    APN
    33-4N-23-0000-0006-0040
    APU
    334N23000000060040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,280,000
      ML approach
      $1,280,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,220,000
      6.5%
      $2,050,000
      7%
      $1,905,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,518,000
      Market price range: $640k - $1.75M
      AI Estimate
      $1,165,000
      Market price range: $446k - $1.41M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,210,000
      Current use
      RESTAURANT
      $1,970,000
      Change: +63% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,710,000
      Change: +41% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,450,000
      Change: +20% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,430,000
      Change: +18% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,050,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Crestview
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.5466
    Latitude
    30.8078
    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
    $7,066
    $95,689
    $609,889
    $705,578
    -
    $95,689
    $609,889
    $705,578

    Comparable in this City

    • Value Estimation
      $325,000
      9,504 SF

      5227 Hwy 393

      WHOLESALE OUTLET, DISCOUNT STORE • 9,504 SF
      5227 Hwy 393, Crestview, FL 32539-8874
      View Details
    • Value Estimation
      $1,960,000
      9,230 SF

      6130 Gdn City Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 9,230 SF
      6130 Gdn City Rd, Crestview, FL 32539-5415
      View Details
    • Value Estimation
      $1,680,000
      9,463 SF

      1601 James Lee Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 9,463 SF
      1601 James Lee Blvd, Crestview, FL 32539-3243
      View Details
    • Value Estimation
      $380,000
      13,204 SF

      1133 Industrial Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 13,204 SF
      1133 Industrial Dr, Crestview, FL 32539-8950
      View Details
    • Value Estimation
      $1,715,000
      11,200 SF

      961 Pearl St

      SHOPPING CENTER, STRIP CENTER • 11,200 SF
      961 Pearl St, Crestview, FL 32539
      View Details
    • Value Estimation by Request
      9,148 SF

      128 John King Rd

      SHOPPING CENTER, STRIP CENTER • 9,148 SF
      128 John King Rd, Crestview, FL 32539-5772
      View Details

    Similar Nearby for Sale

    • $1,394,000
      4,350 SF

      Crestview, FL Multi-Building Investment

      High-traffic retail investment opportunity.
      3301 S Ferdon Blvd, Crestview, FL 32539
      View Details
    • $385,000

      Crestview Retail/Automotive Property For Sale

      Retail/Automotive property available for purchase in Crestview, Florida.
      210 Citadel Ln, Crestview, FL 32539
      View Details
    • $335,000
      1,500 SF

      Versatile Commercial Property with Expansion Potential

      Retail/office space with ample room for parking or storage.
      2785 Goodwin Ave, Crestview, FL 32539
      View Details
    • $899,900
      9.24 Acres

      Crestview, FL Residential Land - 9.24 Acres

      9.24 acres, two homes, barns, RV storage. Excellent development potential.
      5771 Flora Lee Ln, Crestview, FL 32539
      View Details
    • $5,400,000

      28.92 Acres Mixed Use Land

      28.92 acres of mixed-use commercial land in Crestview, FL.
      5908 Houston Ln, Crestview, FL 32539
      View Details
    • $779,000

      Crestview Land with C-3 Zoning

      10+- acre commercial land parcel near downtown Crestview, Florida.
      3312 E James Lee Blvd, Crestview, FL 32539
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      3,548 SF

      Crestview Retail Space Available

      High-traffic location, 3,548 sq ft building.
      3045 S Ferdon Blvd, Crestview, FL 32539
      View Details
    • $28 SF/Yr
      2,196 SF

      Crestview Retail Space For Lease

      High-traffic location, 2,196 sq ft, NNN lease.
      2221 - 2223 S Ferdon Blvd, Crestview, FL 32539
      View Details
    • $3,500 /Mo
      1,590 SF

      Retail Space with Large Lot

      Retail property for rent with highway frontage and large lot.
      488 E James Lee Blvd, Crestview, FL 32539
      View Details
    • $19 SF/Yr
      1,600 SF

      Crestview Retail Space For Lease

      High-traffic location, 1600 sq ft freestanding building.
      3301 S Ferdon Blvd, Crestview, FL 32539
      View Details
    • Contact for pricing
      48,808 SF

      Crestview Retail Outparcels: Prime Location

      Three buildings, high visibility, flexible space.
      0 Industrial Dr, Crestview, FL 32539
      View Details
    • $25,000
      8,934 SF

      Crestview Office Space Available

      Large Office Space for Lease in Crestview, FL
      214 Covell Rd, Crestview, FL 32539
      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.
    2951 Parsonage Ln
    Crestview, FL 32539-9028
    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.