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

    348 Miracle Strip SW Pkwy Fort Walton Beach, FL 32548-5200

    • Office buildings
    • 3,268 SF
    • 5.22 lot acres
    OFF-MARKET
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6385370
    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

    • Chicken 'N The Egg / Restaurant
    • Crafty Hangout / (Bike/Boat/Book/etc) Store
    • As Seen On TV & More Corporate / Corporate Office / Business Park
    • Element Home Loans, a Division of NFM Lending / Loan Service / Bank
    • New American Funding - Jill Kirkpatrick / Loan Service / Bank

    Property Details for 348 Miracle Strip SW Pkwy

    Year built
    1989
    Construction
    FRAME
    Lot size
    5.22 lot acres
    Property size
    3,268 SF
    Property type
    Office buildings
    APN
    23-2S-24-506A-0000-0150
    APU
    232S24506A00000150

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $750,000
      6.5%
      $695,000
      7%
      $645,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $847,000
      Market price range: $514k - $1.08M

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6392
    Latitude
    30.4061
    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
    $3,520
    $33,417
    $235,819
    $269,236
    -
    $33,417
    $235,819
    $269,236

    Comparable in this City

    • Value Estimation by Request
      1,164 SF

      149 Hollywood NW Blvd

      OFFICE BUILDING • 1,164 SF
      149 Hollywood NW Blvd, Fort Walton Beach, FL 32548
      View Details
    • Value Estimation by Request
      1,768 SF

      348 Miracle Strip Pkwy Sw Ste 3a

      OFFICE BUILDING • 1,768 SF
      348 Miracle Strip Pkwy Sw Ste 3a, Fort Walton Beach, FL 32548-5253
      View Details
    • Value Estimation by Request
      736 SF

      348 Miracle Strip Pkwy Sw Ste 3a

      OFFICE BUILDING • 736 SF
      348 Miracle Strip Pkwy Sw Ste 3a, Fort Walton Beach, FL 32548-5253
      View Details
    • Value Estimation by Request
      1,296 SF

      348 Miracle Strip Pkwy Sw Ste 3a

      OFFICE BUILDING • 1,296 SF
      348 Miracle Strip Pkwy Sw Ste 3a, Fort Walton Beach, FL 32548-5253
      View Details
    • Value Estimation by Request
      880 SF

      50 Beal Pkwy Sw Ste, Unit 5

      OFFICE BUILDING • 880 SF
      50 Beal Pkwy Sw Ste, Fort Walton Beach, FL 32548-5372
      View Details
    • Value Estimation by Request
      1,120 SF

      501 Mary Esther Cut Off 4th Nw Ste, Unit 4

      OFFICE BUILDING • 1,120 SF
      501 Mary Esther Cut Off 4th Nw Ste, Fort Walton Beach, FL 32548-4065
      View Details

    Similar Nearby for Sale

    • $2,750,000
      24,820 SF

      Prime Fort Walton Beach Office Space

      Class B Office, 24,820 SF, Sale/Lease
      634 Anchors St NW, Fort Walton Beach, FL 32548
      View Details
    • $670,000
      6,960 SF

      Fort Walton Beach Office Building Investment

      NNN Leased Office Building, Excellent Location
      30 Ferry Rd SE, Fort Walton Beach, FL 32548
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    • $2,750,000
      24,820 SF

      Two-Story Office Building For Sale

      Centrally located office building near Hurlburt Field and Eglin AFB.
      634 Anchors St NW, Fort Walton Beach, FL 32548
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    • $670,000
      2,208 SF

      Fort Walton Beach Office Building

      NNN leased office building in Fort Walton Beach, Florida.
      30 Ferry Rd SE, Fort Walton Beach, FL 32548
      View Details
    • $670,000
      2,208 SF

      Fort Walton Beach Office Building

      NNN Leased Office Building - Excellent Investment
      30 Ferry Rd SE, Fort Walton Beach, FL 32548
      View Details
    • $899,000
      4,283 SF

      Fort Walton Beach Office Building

      Prime location, +/- 3,825 SF, Sale/Lease
      28 Ferry Rd SE, Fort Walton Beach, FL 32548
      View Details

    Similar Nearby for Lease

    • $23,000
      24,820 SF

      Fort Walton Beach Office Space

      Large Office: Sale or Lease, 24,820 SF
      634 Anchors St NW, Fort Walton Beach, FL 32548
      View Details
    • $23,000
      24,820 SF

      Class B Office Space Available

      Two-story Class B office building in Technology Park for rent.
      634 NW Anchors St, Fort Walton Beach, FL 32548
      View Details
    • $20 SF/Yr
      3,271 SF

      Fort Walton Beach Office Space For Lease

      High-visibility medical/professional office, 3,271 sq ft.
      355 Beal Parkway, Fort Walton Beach, FL 32548
      View Details
    • $29 SF/Yr
      3,188 SF

      Modern Office Building For Lease

      Three-story office building near Eglin Parkway and Uptown Station.
      45 Eglin 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
    • $18 SF/Yr
      1,300 SF

      Fort Walton Beach Office Suite 106

      Modern 1,300 SF office, prime location
      403 Hollywood Blvd NW, Fort Walton Beach, FL 32548
      View Details
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    Fort Walton Beach, FL 32548-5200
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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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