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

    302 Racetrack Rd NW Fort Walton Beach, FL 32547

    • Drive through restaurants
    • 4,034 SF
    • 1.16 lot acres
    For Lease
    View listing
    $28 SF/Yr
    Last Sale
    Jul 06, 2025
    $1,224,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3443376
    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

    • Burger King / Restaurant / Fast Food Restaurant

    Property Details for 302 Racetrack Rd NW

    Year built
    2000
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.16 lot acres
    Property size
    4,034 SF
    Property type
    Drive through restaurants
    APN
    35-1S-24-0000-0042-000A
    APU
    351S2400000042000A

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,019,000
      Market price range: $468k - $1.41M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $920,000
      Current use
      AUTO REPAIR, GARAGE
      $925,000
      Change: +0% Conversion: Difficult
      RETAIL STORES
      $875,000
      Change: -5% Conversion: Easy
      COMMERCIAL (GENERAL)
      $785,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6262
    Latitude
    30.4497
    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
    $9,346
    $519,274
    $235,614
    $754,888
    -
    $519,274
    $235,614
    $754,888

    Comparable in this City

    • Value Estimation by Request
      2,717 SF

      693 Beal N Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,717 SF
      693 Beal N Pkwy, Fort Walton Beach, FL 32547-3526
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    • Value Estimation
      $505,000
      2,770 SF

      945 Beal N Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,770 SF
      945 Beal N Pkwy, Fort Walton Beach, FL 32547-1430
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    • Value Estimation by Request
      3,236 SF

      299 Racetrack NW Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,236 SF
      299 Racetrack NW Rd, Fort Walton Beach, FL 32547-1550
      View Details
    • Value Estimation
      $5,090,000
      9,062 SF

      771 Beal N Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 9,062 SF
      771 Beal N Pkwy, Fort Walton Beach, FL 32547-3047
      View Details
    • Value Estimation by Request
      826 SF

      215 Racetrack NW Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 826 SF
      215 Racetrack NW Rd, Fort Walton Beach, FL 32547-1574
      View Details
    • Value Estimation by Request
      2,568 SF

      754 Beal N Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,568 SF
      754 Beal N Pkwy, Fort Walton Beach, FL 32547-3002
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Eglin Parkway Retail Opportunity

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      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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      1.18 Acres

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      1.18-acre mixed-use land, prime location.
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    Similar Nearby for Lease

    • $28 SF/Yr
      3,644 SF

      Fort Walton Beach Retail Space

      High-visibility retail property with drive-thru and commercial kitchen.
      302 Racetrack Rd NW, Fort Walton Beach, FL 32547
      View Details
    • $15 SF/Yr
      62,504 SF

      Beltway Plaza Restaurant Space

      High-traffic, 1,540 sq ft restaurant space.
      109 Racetrack Rd, Fort Walton Beach, FL 32547
      View Details
    • $1.00 SF/Yr

      Fort Walton Beach Retail Space

      Retail space available for rent in Fort Walton Beach.
      11 NE Racetrack Rd Rd NE, Fort Walton Beach, FL 32547
      View Details
    • $1,248 /Mo
      892 SF

      Retail Space with High Visibility

      Retail space with front and rear access and parking.
      294 Eglin Pkwy NE, Fort Walton Beach, FL 32547
      View Details
    • $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
    • $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
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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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