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    Property profile & analytics

    3 Miracle Strip SW Pkwy Fort Walton Beach, FL 32548-6612

    • Hotels
    • 46,036 SF
    • 1.31 lot acres
    OFF-MARKET
    Value Estimations
    $1,000,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3424991
    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

    • La Quinta Inn & Suites by Wyndham Fort Walton Beach / Hotel & Motel

    Property Details for 3 Miracle Strip SW Pkwy

    Year built
    2009
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.31 lot acres
    Property size
    46,036 SF
    Property type
    Hotels
    APN
    24-2S-24-0000-0002-0000
    APU
    242S24000000020000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $965,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,031,000
      Market price range: $1.03M - $3.44M

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6139
    Latitude
    30.4047
    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
    $76,445
    $483,166
    $4,999,627
    $5,482,793
    -
    $483,166
    $4,999,627
    $5,482,793

    Comparable in this City

    • Value Estimation
      $1,130,000
      15,088 SF

      1325 Miracle Strip SE Pkwy

      HOTEL • 15,088 SF
      1325 Miracle Strip SE Pkwy, Fort Walton Beach, FL 32548-6204
      View Details
    • Value Estimation by Request
      9,892 SF

      315 Shell SE Ave

      HOTEL • 9,892 SF
      315 Shell SE Ave, Fort Walton Beach, FL 32548-5821
      View Details
    • Value Estimation by Request
      4,500 SF

      1216th Miracle Strip SE Pkwy

      HOTEL • 4,500 SF
      1216th Miracle Strip SE Pkwy, Fort Walton Beach, FL 32548-6208
      View Details
    • Value Estimation by Request
      1,318 SF

      314 Miracle Strip SW Pkwy

      MOTEL • 1,318 SF
      314 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-5220
      View Details
    • Value Estimation
      $10,705,000
      42,278 SF

      522 Mary Esther Cut Off NW

      MOTEL • 42,278 SF
      522 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548-4025
      View Details
    • Value Estimation
      $665,000
      26,014 SF

      349 Miracle Strip SW Pkwy

      MOTEL • 26,014 SF
      349 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-5210
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,089 SF

      Luxury Gulf Front Resort Residence

      Premium 2-bedroom condo with Gulf views and resort amenities.
      520 Santa Rosa Blvd, Fort Walton Beach, FL 32548
      View Details
    • $3,129,000
      43,000 SF

      New Murphy USA Ground Lease

      New 2023 Murphy USA ground lease in Fort Walton Beach.
      604 Beal Pkwy NW, Fort Walton Beach, FL 32548
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    • $1,150,000
      8,409 SF

      Fort Walton Beach Industrial Investment

      8,409 SF Industrial Property - Excellent Location
      50 Hill Ave NW, Fort Walton Beach, FL 32548
      View Details
    • $1,895,000

      Prime Corner Location in Fort Walton

      Highly visible office/retail spaces in Fort Walton Beach downtown district.
      96 SE Miracle Strip Pkwy Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $229,900

      Tastefully Decorated Townhome with Garage

      Two-bedroom, two-and-a-half bath townhome with fenced backyard and garage.
      211 SE 3Rd St, Fort Walton Beach, FL 32548
      View Details
    • Contact for pricing
      2,080 SF

      Waterfront Condo with Boat Slip

      Luxury condo in Fort Walton Beach with boat slip and lift.
      124 SW Miracle Strip Pkwy, Fort Walton Beach, FL 32548
      View Details

    Similar Nearby for Lease

    • $118 SF/Yr
      2,241 SF

      Fort Walton Beach Flex Space

      Prime Industrial Warehouse, 2,241 sq ft.
      658 Lovejoy Rd, Fort Walton Beach, FL 32548
      View Details
    • Contact for pricing
      3,188 SF

      Forty-Five Eglin: Prime Office Space

      Prestigious Office Building, Excellent Location, Multiple Uses.
      45 Eglin Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $4,099 /Mo
      2,589 SF

      Fort Walton Beach Office Suite

      Prime 2,589 SF executive office, fully furnished.
      403 Hollywood Blvd NW, Fort Walton Beach, FL 32548
      View Details
    • $1,750 /Mo
      2,500 SF

      Beal Parkway Office Suite

      Office suite for rent on Beal Parkway, approximately 2500 sqft.
      102 SE Beal Pkwy, Fort Walton Beach, FL 32548
      View Details
    • $1,575 /Mo
      1,260 SF

      Fort Walton Beach Office Space

      1,260 sq ft office, prime location.
      215 Hollywood Blvd NE, Fort Walton Beach, FL 32548
      View Details
    • $3,600 /Mo
      2,200 SF

      Fort Walton Beach Office Space

      Office space available for lease in Fort Walton Beach.
      150 Industrial Rd, Fort Walton Beach, FL 32548
      View Details
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    Fort Walton Beach, FL 32548-6612
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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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