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    297 W James Lee Blvd Crestview, FL 32536
    Property profile & analytics

    297 W James Lee Blvd Crestview, FL 32536

    View on Map
    • Retail space
    • 14,766 SF
    • 0.95 lot acres
    For Sale
    $2,899,000
    View Listing →
    Prime Crestview Commercial Land For Sale
    $2,899,000
    22,000 SF

    Prime Crestview Commercial Land

    2.5 acres with buildings in Crestview's commercial heart.

    297 W James Lee Boulevard, Crestview, FL 32536
    View Listing
    Property ID
    US18-0145266
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 297 W James Lee Blvd

    Year built
    1940
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.95 lot acres
    Property size
    14,766 SF
    Property type
    Retail space
    APN
    17-3N-23-2490-0174-0010
    APU
    173N23249001740010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,360,000
      ML approach
      $1,305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,493,000
      Market price range: $1.02M - $2.70M
      AI Estimate
      $1,132,000
      Market price range: $752k - $2.16M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,865,000
      Current use
      WAREHOUSE, STORAGE
      $1,675,000
      Change: -10% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,525,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Crestview
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.5759
    Latitude
    30.7619
    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
    $11,782
    $271,895
    $456,368
    $728,263
    -
    $271,895
    $456,368
    $728,263

    Comparable in this City

    • Value Estimation by Request
      1,978 SF

      5395 Old Bethel Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,978 SF
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      View Details
    • Value Estimation by Request
      891 SF

      567 Main St

      RETAIL STORES (PERSONAL SERVICES) • 891 SF
      567 Main St, Crestview, FL 32536-4249
      View Details
    • Value Estimation
      $990,000
      5,400 SF

      2493 Ferdon Blvd

      RETAIL STORES (PERSONAL SERVICES) • 5,400 SF
      2493 Ferdon Blvd, Crestview, FL 32536-8463
      View Details
    • Value Estimation by Request
      1,568 SF

      958 James Lee Blvd, Unit A

      RETAIL STORES (PERSONAL SERVICES) • 1,568 SF
      958 James Lee Blvd, Crestview, FL 32536-5137
      View Details
    • Value Estimation
      $1,545,000
      6,600 SF

      1505 Ferdon Blvd

      RETAIL STORES (PERSONAL SERVICES) • 6,600 SF
      1505 Ferdon Blvd, Crestview, FL 32536-8445
      View Details
    • Value Estimation by Request
      2,125 SF

      114 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,125 SF
      114 Main St, Crestview, FL 32536-3546
      View Details

    Similar Nearby for Sale

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      Versatile Commercial Space Available

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    • $1,000,000
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      Commercial Land in Crestview

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      Iconic building with exceptional visibility and endless business potential.
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    • $1,000,000

      Retail Property on South Hwy 85

      Retail property with high visibility and income-producing billboard.
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    • $795,000

      High-Visibility Commercial Property on Hwy 85

      Versatile commercial property with income potential in prime location.
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    Similar Nearby for Lease

    • $3,500 /Mo
      3,000 SF

      Retail Space on Highway 85

      Retail space in Crestview with potential for various uses.
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    • $19 SF/Yr
      2,100 SF

      Retail Space in Court Plaza

      Retail space for lease in Crestview, Florida shopping center.
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    • $2,900 /Mo

      Retail Space in Classic Center

      Retail space available in Crestview's Classic Center.
      4381 S Ferdon Blvd #6, Crestview, FL 32536
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    • $3,900 /Mo

      Retail Space in Classic Center

      Retail space in Crestview's Classic Center with high visibility.
      4381 S Ferdon Blvd #1, Crestview, FL 32536
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    • $5,250 /Mo

      Crestview Flex Space For Rent

      4,500 SF commercial flex space with high visibility.
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    • $210 SF/Yr
      5,000 SF

      Crestview Commercial Space For Rent

      Commercial space suitable for office, retail, warehouse, and storage.
      404 W James Lee Blvd, Crestview, FL 32536
      View Details
    View Listing
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    Crestview, FL 32536
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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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