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Property profile & analytics
FOR LEASE
Turn key restaurants
402 Mary Esther Cut Off NW Fort Walton Beach, FL 32548
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US18-4465251
For Lease
1 / 90
$42 SF/Yr
402 Mary Esther Cut Off NW, Fort Walton Beach, FL 32548
View Listing →
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
2017
Construction
STEEL FRAME
Total area
5,675 SF
Lot
0.52 ac (22,500 SF)
APN
09-2S-24-1860-0008-0010
UPID
US18-4465251
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
-
Wings and Rings Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.16M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.67M
Blend (final)
Blend
$2.05M
Owner & transaction history
G R Central Associates · 3 yrs held
G R Central Associates
since 2022
Last sale
$2.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.0M
+133.5%
Auto repair, garage
$1.3M
+0.5%
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
$1,850,000
ML approach
$2,160,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$2.05M
Range $1.84M – $2.25M · ±10% · vs last sale $2.28M (Oct 19 2022)
Last sale anchor
$2.28M
Oct 19 2022
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
$360 / 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
$12,782
Tax year 2023
Assessed value
$916,742
Assessed 2023
Previous assessed
$879,361
+4.3% YoY
Effective rate
1.39%
On assessed value
Assessed land
$516,141
Assessed improvement
$400,601
Land market value
$516,141
Improvement market value
$400,601
Total market value
$916,742
Applied tax rate
4.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
For Lease
Year built
2017
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
6
Total area
5,675 SF
Lot
0.52 ac (22,500 SF)
APN
09-2S-24-1860-0008-0010
UPID
US18-4465251
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
RESTAURANT Current
Est. value
$1.3M
OFFICE BUILDING
Est. value
$3.0M
AUTO REPAIR, GARAGE
Est. value
$1.3M
RESTAURANT Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
2017
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
6
Lot
0.52 ac
Current owner
From public records · entity-resolved
G R Central Associates
Entity
Mailing address
287 BOWMAN AVE, PURCHASE, NY 10577-2568
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 19, 2022
$2,275,000
G R Central Associates
Hermanas Morel LLC
Special Warranty Deed
$1,510,000 · Fairwinds Cu
Jan 26, 2021
—
Hermanas Morel LLC
Ana Morel Saruski
Deed Of Distribution
—
Dec 13, 2018
—
Bwr Of Fwb LLC
—
Deed
related
$781,321 · 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
$875,000 · Hancock Bk
May 2, 2016
—
Waste Energy Of Nw Fl LLC
—
Deed
related
$800,000 · 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
$781,321 · Summit Bk
—
—
Waste Energy Of Nw Fl LLC
—
Deed Of Trust
related
$800,000 · Hancock Bk
—
—
Waste Energy Of Nw Fl LLC
—
Loan Modification
related
$875,000 · Hancock Bk
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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