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    4582 Hwy 20 Niceville, FL 32578-9724
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    Property profile & analytics

    4582 Hwy 20, Niceville, FL 32578-9724

    View on Map
    • Drug stores
    • 15,786 SF
    • 1.88 lot acres
    Off-Market
    Last Sale Feb 11, 2022
    $5,137,100
    Property ID
    US18-5305774
    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
    $5,205,000
    Show details
    Cap Rate Potential
    4.1%
    Drug stores
    Location Intelligence

    Current Use by Public Records

    • Drug stores

    Property Details for 4582 Hwy 20

    Year built
    2002
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.88 lot acres
    Property type
    Drug stores
    APN
    23-1S-22-0000-0001-0360
    APU
    231S22000000010360

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 11, 2022 — Walgreen Co Ds Niceville Fl Landlord LLC Lease —
    Feb 11, 2022 $5,137,100 Ds Niceville Fl Landlord LLC Walgreen Co Special Warranty Deed —
    Oct 9, 2001 $800,000 Walgreen Co Conrad Properties Of America Grant Deed —
    Sep 11, 2000 $230,300 Visconti Family LP Bluewater Commercial Developer Grant Deed —
    Oct 29, 1999 $225,700 Visconti Family LP Bluewater Commercial Dev INC Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,585,000
      ML approach
      $5,545,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,780,000
      6.5%
      $3,490,000
      7%
      $3,240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,633,000
      Market price range: $1.33M - $4.63M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $8,420,000
      COMMERCIAL (GENERAL)
      $5,435,000
      RESTAURANT
      $3,355,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Niceville
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.413
    Latitude
    30.4817
    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
    $27,371
    $1,095,883
    $1,100,555
    $2,196,438
    -
    $1,095,883
    $1,100,555
    $2,196,438

    Comparable in this City

    • Value Estimation
      $2,060,000
      14,140 SF

      4562 Hwy 20

      DRUG STORE, PHARMACY
      4562 Hwy 20, Niceville, FL 32578-8831
      View Details
    • Value Estimation
      $2,085,000
      14,559 SF

      1096 John Sims E Pkwy

      DRUG STORE, PHARMACY
      1096 John Sims E Pkwy, Niceville, FL 32578-2201
      View Details
    • Value Estimation
      $605,000
      9,361 SF

      4563 Hwy 20

      CONVENIENCE STORE
      4563 Hwy 20, Niceville, FL 32578-9702
      View Details
    • Value Estimation by Request
      940 SF

      132 Partin N Dr

      BARBER, HAIR SALON
      132 Partin N Dr, Niceville, FL 32578-2054
      View Details
    • Value Estimation by Request
      1,942 SF

      703 Powell Dr

      RETAIL STORES (PERSONAL SERVICES)
      703 Powell Dr, Niceville, FL 32578-2040
      View Details
    • Value Estimation by Request
      3,376 SF

      1603 John Sims E Pkwy

      RETAIL STORES (PERSONAL SERVICES)
      1603 John Sims E Pkwy, Niceville, FL 32578-1709
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Former Restaurant on John Sims

      Former Burger King with drive-thru near Eglin Air Force Base.
      297 John Sims Pkwy E, Niceville, FL 32578
      View Details
    • $1,275,000

      Free-Standing Retail Building Investment

      3,000 SF retail building built in 2021 in Niceville, FL.
      4641 State Highway 20, Niceville, FL 32578
      View Details
    • Contact for pricing

      Niceville Multi-Use Redevelopment Opportunity

      0.80-acre parcel with redevelopment potential in Niceville CRA district.
      311 Kelly Rd, Niceville, FL 32578
      View Details
    • $95,000
      0.20 Acres

      Residential Lot in Niceville, FL

      Residential lot ready for development in a desirable location.
      716 Cypress Dr, Niceville, FL 32578
      View Details
    • $400,000
      0.80 Acres

      Niceville Commercial Land For Sale

      Two commercial lots totaling 0.80 acres in Niceville, Florida.
      309 Kelly Rd, Niceville, FL 32578
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr

      Niceville Retail/Office Freestanding Building

      3,000 SF retail/office space in the heart of Niceville.
      212 Government Ave, Niceville, FL 32578
      View Details
    • Contact for pricing
      7,116 SF

      Class A Retail/Office Space

      Highly visible retail/office spaces in Niceville, strong traffic flow.
      4576 End Cap, Niceville, FL 32578
      View Details
    • $25,000
      47,906 SF

      Versatile Commercial Building for Lease

      Large, well-maintained commercial building with multiple uses available for lease.
      200 Hart St, Niceville, FL 32578
      View Details
    • Contact for pricing

      Bluewater Bay Retail/Office Space

      Retail, restaurant, and office spaces available in Niceville, Florida.
      4506 Fl-20, Niceville, FL 32578
      View Details
    • $15 SF/Yr

      Bluewater Bay Retail/Office Space

      Retail, restaurant, and office spaces available in Niceville, Florida.
      4506-4546 Merchants Way, Niceville, FL 32578
      View Details
    • $2,650 /Mo

      Niceville Land Lease Opportunity

      Highly visible land for lease in Niceville, Florida.
      201 Government Ave, Niceville, FL 32578
      View Details
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    Niceville, FL 32578-9724
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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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