Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    422 Racetrack NW Rd Fort Walton Beach, FL 32547-1556

    • Warehouses
    • 15,710 SF
    • 1.18 lot acres
    OFF-MARKET
    Value Estimations
    $1,395,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4994387
    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

    • Space Saver Self Storage / Storage Facility
    • Clearview Storm Shutters / (Bike/Boat/Book/etc) Store / Home Decor Store

    Property Details for 422 Racetrack NW Rd

    Year built
    1997
    Construction
    STEEL FRAME
    Lot size
    1.18 lot acres
    Property size
    15,710 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    34-1S-24-1990-0000-09B0
    APU
    341S241990000009B0

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,561,000
      Market price range: $1.00M - $1.86M
      AI Estimate
      $1,046,000
      Market price range: $481k - $1.31M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,410,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,625,000
      Change: +15% 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
    -86.6348
    Latitude
    30.451
    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
    $10,713
    $302,103
    $612,683
    $914,786
    -
    $302,103
    $612,683
    $914,786

    Comparable in this City

    • Value Estimation by Request
      2,400 SF

      829 Oakridge Rd

      MINI-WAREHOUSE, STORAGE • 2,400 SF
      829 Oakridge Rd, Fort Walton Beach, FL 32547
      View Details
    • Value Estimation
      $790,000
      18,000 SF

      422 Racetrack NW Rd

      MINI-WAREHOUSE, STORAGE • 18,000 SF
      422 Racetrack NW Rd, Fort Walton Beach, FL 32547-1556
      View Details
    • Value Estimation by Request
      27,150 SF

      1500 Martin Luther King Blvd

      MINI-WAREHOUSE, STORAGE • 27,150 SF
      1500 Martin Luther King Blvd, Ft Walton Beach, FL 32547
      View Details
    • Value Estimation by Request
      2,400 SF

      835 Oakridge Rd

      MINI-WAREHOUSE, STORAGE • 2,400 SF
      835 Oakridge Rd, Fort Walton Beach, FL 32547
      View Details
    • Value Estimation
      $1,645,000
      24,300 SF

      1305 Oddfellow Rd

      MINI-WAREHOUSE, STORAGE • 24,300 SF
      1305 Oddfellow Rd, Fort Walton Beach, FL 32547-1213
      View Details
    • Value Estimation by Request
      3,253 SF

      1100 Crosswinds Lndg

      MINI-WAREHOUSE, STORAGE • 3,253 SF
      1100 Crosswinds Lndg, Fort Walton Beach, FL 32547-7003
      View Details

    Similar Nearby for Sale

    • $1,030,000

      Fort Walton Beach Flex Space

      8700 SF flex space with office and fenced yard.
      107 Truxton Ave, Fort Walton Beach, FL 32547
      View Details
    • $495,000
      3,526 SF

      Mixed-Use Property in Fort Walton

      Mixed-use property ideal for live-work or investment in Fort Walton.
      117 Auburn Rd, Fort Walton Beach, FL 32547
      View Details
    • $1,650,000
      19,821 SF

      Prime Ft. Walton Beach Flex Space

      Fully renovated, 19,000+ SF flex space. Excellent location.
      311 Racetrack Road NW, Fort Walton Beach, FL 32547
      View Details
    • $730,000

      Fort Walton Beach Flex Building

      7,325 SF flex building with three rental spaces for sale.
      817 Navy St, Fort Walton Beach, FL 32547
      View Details
    • $1,299,000
      1.18 Acres

      Fort Walton Beach Commercial Land

      1.18-acre mixed-use land, prime location.
      843 Eglin Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $114,900
      1,000 SF

      Move-in Ready First-Floor Corner Unit

      2BR, 2BA condo with updates, convenient location, and community amenities.
      615 Colonial Dr, Fort Walton Beach, FL 32547
      View Details

    Similar Nearby for Lease

    • $4,200 /Mo

      Fort Walton Beach Warehouse Space

      Warehouse space for lease, convenient location, 3-phase power.
      919 Skipper Ave, Fort Walton Beach, FL 32547
      View Details
    • $6,000 /Mo

      Versatile Office, Retail, Warehouse Space

      Office, retail, and warehouse spaces available for lease.
      749 N Beal Pkwy, Fort Walton Beach, FL 32547
      View Details
    • $16 SF/Yr
      66,624 SF

      Prime Fort Walton Beach Flex Space

      1.52-acre flex space; high visibility; NNN lease.
      921 Harrelson St, Fort Walton Beach, FL 32547
      View Details
    • $5,500 /Mo
      6,100 SF

      Versatile Warehouse with Office Space

      6,100 SF commercial property with warehouse and office space.
      67 Eglin St, Fort Walton Beach, FL 32547
      View Details
    • $1,042 /Mo

      Available Flex Space with Overhead Doors

      Flex space with two overhead doors, suitable for various uses.
      213 Truman St, Fort Walton Beach, FL 32547
      View Details
    • $1,200 /Mo
      768 SF

      Prime Fort Walton Beach Office Space

      768 sq ft office, $1200/month. Ideal location.
      307 Duval St, Fort Walton Beach, FL 32547
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    422 Racetrack NW Rd
    Fort Walton Beach, FL 32547-1556
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.