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Property profile & analytics
FOR LEASE
Warehouses
311 NW Racetrack Rd Fort Walton Beach, FL 32547
Entity Owned
~
Est. High Equity
Property ID
US18-4170714
For Lease
$1,437,500 SF/Yr
311 NW Racetrack Rd, Fort Walton Beach, FL 32547
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1974
Construction
STEEL FRAME
Total area
20,013 SF
Lot
0.69 ac (30,000 SF)
APN
02-2S-24-0000-0064-0160
UPID
US18-4170714
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pep Boys (Bike/Boat/Book/etc) Store Auto Parts Store
-
Book and Game Emporium (Bike/Boat/Book/etc) Store Newspaper & Magazine
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.62M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.33M
Blend (final)
Blend
$1.29M
Owner & transaction history
311 Racetrack LLC
311 Racetrack LLC
since 2025
Last sale
$1.1M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$2.1M
+14.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Fort Walton Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Fort Walton Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,670,000
ML approach
$1,615,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,800,000
Current use
INDUSTRIAL (GENERAL)
$2,065,000
Change: +15% · Conversion: Easy
Blend value · Realmo final
$1.29M
Range $1.16M – $1.41M · ±10% · vs last sale $1.10M (Apr 17 2023)
Last sale anchor
$1.10M
Apr 17 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$64 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,959
Tax year 2023
Assessed value
$776,396
Assessed 2023
Previous assessed
$619,812
+25.3% YoY
Effective rate
1.15%
On assessed value
Assessed land
$321,201
Assessed improvement
$455,195
Land market value
$321,201
Improvement market value
$455,195
Total market value
$776,396
Applied tax rate
12.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1974
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
OTHER
Stories
1
Rooms
15
Total area
20,013 SF
Lot
0.69 ac (30,000 SF)
APN
02-2S-24-0000-0064-0160
UPID
US18-4170714
Jurisdiction
OKALOOSA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.8M
INDUSTRIAL (GENERAL)
Est. value
$2.1M
WAREHOUSE, STORAGE Current
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1974
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
15
Lot
0.69 ac
Current owner
From public records · entity-resolved
311 Racetrack LLC
Entity
Mailing address
311 RACETRACK RD, FORT WALTON BEACH, FL 32547
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 20, 2025
$1,437,500
311 Racetrack LLC
Trishul Investments LLC
Warranty Deed
$1,150,000 · Fnbt Bank
Apr 17, 2023
$1,100,000
Trishul Investments LLC
Ric Key INC
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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