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    402 Mary Esther Cut Off NW Fort Walton Beach, FL 32548
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    402 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548

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    • Turn key restaurants
    • 5,675 SF
    • 0.52 lot acres
    For Lease
    $42 SF/Yr
    View Listing →
    Restaurant Space in Fort Walton For Lease
    $42 SF/Yr
    5,145 SF

    Restaurant Space in Fort Walton

    Prime restaurant space for lease in Fort Walton Beach, FL.

    402 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548
    View Listing
    Property ID
    US18-4465251
    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.
    Value Estimations
    $2,045,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Wings and Rings / Bar & Pub

    Property Details for 402 Mary Esther Cut Off NW

    Year built
    2017
    Construction
    STEEL FRAME
    Lot size
    0.52 lot acres
    Property type
    Turn key restaurants
    APN
    09-2S-24-1860-0008-0010
    APU
    092S24186000080010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 19, 2022 $2,275,000 G R Central Associates Hermanas Morel LLC Special Warranty Deed $1.5M · Fairwinds Cu
    Jan 26, 2021 — Hermanas Morel LLC Ana Morel Saruski Deed Of Distribution —
    Dec 13, 2018 — Bwr Of Fwb LLC — Deed · related $781k · Summit Bk
    Jul 19, 2017 $2,025,000 Morel,jose Living Trust Waste Energy Of Nw Fl LLC Warranty Deed —
    Mar 17, 2017 — Waste Energy Of Nw Fl LLC — Deed · related $875k · Hancock Bk
    May 2, 2016 — Waste Energy Of Nw Fl LLC — Deed · related $800k · Hancock Bk
    Dec 21, 2015 $428,571 Waste Energy Of Nw Fl LLC Kelly Virginia C Trust Warranty Deed —
    Jan 20, 2005 — Kelly Virginia C Trust Kelly,virginia C Quit Claim Deed · related —
    — — Bwr Of Fwb LLC — Deed Of Trust · related $781k · Summit Bk
    — — Waste Energy Of Nw Fl LLC — Deed Of Trust · related $800k · Hancock Bk
    — — Waste Energy Of Nw Fl LLC — Loan Modification · related $875k · Hancock Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,850,000
      ML approach
      $2,160,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,668,000
      Market price range: $659k - $1.99M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,295,000
      Current use
      OFFICE BUILDING
      $3,025,000
      Change: +134% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,300,000
      Change: +0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Walton Beach
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.6391
    Latitude
    30.4274
    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
    $12,782
    $516,141
    $400,601
    $916,742
    -
    $516,141
    $400,601
    $916,742

    Comparable in this City

    • Value Estimation
      $1,350,000
      10,073 SF

      547 Mary Esther Cut Off NW

      RESTAURANT
      547 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548-4058
      View Details
    • Value Estimation by Request
      3,449 SF

      141 Miracle Strip SW Pkwy

      RESTAURANT
      141 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-6614
      View Details
    • Value Estimation
      $520,000
      6,463 SF

      504 Mary Esther Cut Off NW

      RESTAURANT
      504 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548-4047
      View Details
    • Value Estimation
      $3,400,000

      131 Miracle Strip SW Pkwy

      RESTAURANT
      131 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-6614
      View Details
    • Value Estimation by Request
      1,856 SF

      7 Carson NE Dr

      RESTAURANT
      7 Carson NE Dr, Fort Walton Beach, FL 32548-4905
      View Details
    • Value Estimation
      $1,435,000
      11,216 SF

      309 Miracle Strip SW Pkwy

      RESTAURANT
      309 Miracle Strip SW Pkwy, Fort Walton Beach, FL 32548-5202
      View Details

    Similar Nearby for Sale

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      5,050 SF

      Two-Tenant Investment Opportunity For Sale

      Two-tenant property with Aspen Dental and Dunkin’ in Fort Walton Beach.
      516 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548
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    • $1,800,000

      Established Restaurant on Mary Esther

      Established 6380 SF restaurant on 0.78 acres for sale.
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    • $1,075,000

      Prime Commercial Building For Sale

      2,776 SF building on 0.68 acres near Gulf.
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      6,334 SF

      NNN Leased Investment Opportunity

      NNN leased investment property with stable income and growth potential.
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    Similar Nearby for Lease

    • $42 SF/Yr

      Restaurant Space in Fort Walton

      Prime restaurant space for lease in Fort Walton Beach, FL.
      402 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548
      View Details
    • $2,344 /Mo
      2,250 SF

      Versatile Office and Retail Space

      Office and retail space in the heart of Fort Walton Beach.
      36 SE Tupelo Ave SE, Fort Walton Beach, FL 32548
      View Details
    • Contact for pricing
      11,820 SF

      Fort Walton Beach Flex Building

      11,820 SF flex building with warehouse and office space.
      702 NW Anchors St, Fort Walton Beach, FL 32548
      View Details
    View Listing
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    Fort Walton Beach, FL 32548
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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.

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