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

    3 Racetrack NE Rd Fort Walton Beach, FL 32547-1875

    • Banks
    • 5,912 SF
    • 1.29 lot acres
    OFF-MARKET
    Last Sale
    Aug 13, 2021
    $800,000
    Value Estimations
    $830,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4346907
    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

    • Beach Bank / Bank
    • Aqua Medical Spa / Medical Spa
    • Modern Antiques Mall / Antique Store
    • Modern Antique Mall / Store
    • Dermatology Specialists of Florida / Dermatologist / Skin Care Clinic

    Property Details for 3 Racetrack NE Rd

    Year built
    1977
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.29 lot acres
    Property size
    5,912 SF
    Property type
    Banks
    APN
    02-2S-24-0000-0004-0010
    APU
    022S24000000040010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $940,000
      ML approach
      $910,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $694,000
      Market price range: $254k - $776k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $555,000
      Current use
      COMMERCIAL (GENERAL)
      $1,055,000
      Change: +90% Conversion: Difficult
      RESTAURANT
      $745,000
      Change: +35% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $585,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6141
    Latitude
    30.4483
    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
    $10,828
    $467,668
    $406,933
    $874,601
    -
    $467,668
    $406,933
    $874,601

    Comparable in this City

    • Value Estimation
      $720,000
      12,271 SF

      91 Racetrack NW Rd

      FINANCIAL BUILDING • 12,271 SF
      91 Racetrack NW Rd, Fort Walton Beach, FL 32547-1637
      View Details
    • Value Estimation by Request
      3,668 SF

      24 Racetrack NE Rd

      FINANCIAL BUILDING • 3,668 SF
      24 Racetrack NE Rd, Fort Walton Beach, FL 32547-1801
      View Details
    • Value Estimation
      $605,000
      2,766 SF

      206 Racetrack NW Rd

      FINANCIAL BUILDING • 2,766 SF
      206 Racetrack NW Rd, Fort Walton Beach, FL 32547-1645
      View Details
    • Value Estimation
      $2,400,000
      60,787 SF

      838 Eglin NE Pkwy

      FINANCIAL BUILDING • 60,787 SF
      838 Eglin NE Pkwy, Fort Walton Beach, FL 32547-2530
      View Details
    • Value Estimation
      $875,000
      9,047 SF

      815 Beal Pkwy Na

      FINANCIAL BUILDING • 9,047 SF
      815 Beal Pkwy Na, Fort Walton Beach, FL 32547-1955
      View Details
    • Value Estimation
      $675,000
      6,168 SF

      768 Beal N Pkwy

      FINANCIAL BUILDING • 6,168 SF
      768 Beal N Pkwy, Fort Walton Beach, FL 32547-3042
      View Details

    Similar Nearby for Sale

    • $425,000

      Service Shop on Half Acre

      Half acre parcel with shop and house near school.
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    • Contact for pricing
      62,504 SF

      Divisible Retail/Office Space in Plaza

      10,265 SF space ideal for retail or office use.
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    • Contact for pricing
      67,945 SF

      Eglin Parkway Retail Opportunity

      Retail spaces for lease in Fort Walton Beach, starting at 1,800 SF.
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    • $1,300,000

      Prime Real Estate on Racetrack Road

      Nearly 1 acre with road frontage and development possibilities.
      120 NE Racetrack Rd, Fort Walton Beach, FL 32547
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      Fort Walton Beach Flex Building

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      Commercial Corner Land For Sale

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    Similar Nearby for Lease

    • $375 /Mo

      Retail Space in Great Location

      Easily accessible retail space in a prime Fort Walton Beach location.
      700 Beal Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $3,400 /Mo

      Fort Walton Beach Office/Retail Space

      3,000 SF office/retail space in high-traffic Fort Walton Beach.
      652 Beal Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $1,500 /Mo

      Move-in Ready Retail Space Available

      Open retail space with new flooring, paint, and AC.
      284 NE Eglin Pkwy Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $12 SF/Yr
      10,265 SF

      Retail/Office Space in Fort Walton

      10,265 SF space ideal for retail or office use.
      109-113 Racetrack Rd NE, Fort Walton Beach, FL 32547
      View Details
    • $10 SF/Yr
      8,450 SF

      Retail Space in Mariner Plaza

      Retail or office space available in Mariner Plaza.
      224 NE Eglin Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $10 SF/Yr
      9,760 SF

      Fort Walton Beach Commercial Space

      Prime Office, Showroom, & Warehouse Space
      2 Racetrack Rd NE, Fort Walton Beach, FL 32547
      View Details
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    Fort Walton Beach, FL 32547-1875
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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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