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

    306 Racetrack NW Rd Fort Walton Beach, FL 32547-1511

    • Grocery and convenience stores
    • 5,040 SF
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Apr 19, 2022
    $1,000,000
    Value Estimations
    $955,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4336344
    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

    • 76 / Gas Station
    • Sabor de mi pueblo / Honduran Restaurant
    • A.O.C. FOOD MART / Convenience Store
    • Texaco / Gas Station / Convenience Store
    • Super Station 7 / Gas Station / Convenience Store

    Property Details for 306 Racetrack NW Rd

    Year built
    1972
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.94 lot acres
    Property size
    5,040 SF
    Property type
    Grocery and convenience stores
    APN
    35-1S-24-0000-0042-0020
    APU
    351S24000000420020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $810,000
      ML approach
      $1,015,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $790,000
      Current use
      AUTO REPAIR, GARAGE
      $1,155,000
      Change: +47% Conversion: Difficult
      RESTAURANT
      $1,150,000
      Change: +46% Conversion: Difficult
      RETAIL STORES
      $1,090,000
      Change: +38% Conversion: Easy
      COMMERCIAL (GENERAL)
      $980,000
      Change: +25% 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
    -86.627
    Latitude
    30.4498
    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
    $6,774
    $436,833
    $110,319
    $547,152
    -
    $436,833
    $110,319
    $547,152

    Comparable in this City

    • Value Estimation by Request
      2,700 SF

      727 Mayflower Ave

      CONVENIENCE STORE • 2,700 SF
      727 Mayflower Ave, Fort Walton Beach, FL 32547-3173
      View Details
    • Value Estimation
      $7,925,000
      73,027 SF

      610 Eglin NE Pkwy

      GROCERY, SUPERMARKET • 73,027 SF
      610 Eglin NE Pkwy, Fort Walton Beach, FL 32547-2832
      View Details
    • Value Estimation by Request
      5,050 SF

      325 Lewis Turner Blvd

      CONVENIENCE STORE • 5,050 SF
      325 Lewis Turner Blvd, Fort Walton Beach, FL 32547
      View Details
    • Value Estimation
      $5,775,000
      54,195 SF

      796 Beal Pkwy

      GROCERY, SUPERMARKET • 54,195 SF
      796 Beal Pkwy, Fort Walton Beach, FL 32547-6013
      View Details
    • Value Estimation
      $565,000
      8,481 SF

      910 Beal N Pkwy

      CONVENIENCE STORE • 8,481 SF
      910 Beal N Pkwy, Fort Walton Beach, FL 32547-1401
      View Details
    • Value Estimation by Request
      5,046 SF

      100 Bob Sikes Blvd

      CONVENIENCE STORE • 5,046 SF
      100 Bob Sikes Blvd, Fort Walton Beach, FL 32547-2023
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Eglin Parkway Retail Opportunity

      Retail spaces for lease in Fort Walton Beach, starting at 1,800 SF.
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      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.
      109 Racetrack Rd NE, Fort Walton Beach, FL 32547
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    • $1,299,000
      1.18 Acres

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      1.18-acre mixed-use land, prime location.
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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
    • $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
    • $1,248 /Mo
      892 SF

      Retail Space with High Visibility

      Retail space with front and rear access and parking.
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      View Details
    • $10 SF/Yr
      8,450 SF

      Retail Space in Mariner Plaza

      Retail or office space available in Mariner Plaza.
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    • $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
    • $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
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    Fort Walton Beach, FL 32547-1511
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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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