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    Property profile & analytics

    500 Hospital Dr Crestview, FL 32539-7355

    • Assisted living facilities
    • 53,892 SF
    • 6.97 lot acres
    OFF-MARKET
    Last Sale
    Nov 06, 2023
    $13,800,000
    Value Estimations
    $13,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0945727
    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

    • Aspire at Shoal Creek / Rehabilitation Center / Medical Center
    • Cornisha Goldsmith / Physician
    • Darlene Jester / Physician
    • Kimberly Brown / Physician
    • Cynthia Riley / Physician

    Property Details for 500 Hospital Dr

    Year built
    2000
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.97 lot acres
    Property size
    53,892 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    29-3N-23-0000-0001-0010
    APU
    293N23000000010010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $11,865,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $13,860,000
      COMMERCIAL (GENERAL)
      $11,435,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Crestview
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.5622
    Latitude
    30.7332
    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
    $68,457
    $792,492
    $3,439,048
    $4,231,540
    -
    $792,492
    $3,439,048
    $4,231,540

    Comparable in this City

    • Value Estimation by Request
      2,790 SF

      3091 Skyline Dr

      HOMES (RETIRED, NURSING) • 2,790 SF
      3091 Skyline Dr, Crestview, FL 32539-8176
      View Details
    • Value Estimation
      $730,000
      14,321 SF

      1849 1st Ave

      HOMES (RETIRED, NURSING) • 14,321 SF
      1849 1st Ave, Crestview, FL 32539-3109
      View Details
    • Value Estimation by Request
      6,590 SF

      3215 James Lee Blvd

      HOMES (RETIRED, NURSING) • 6,590 SF
      3215 James Lee Blvd, Crestview, FL 32539-6037
      View Details
    • Value Estimation
      $6,220,000
      22,018 SF

      910 Brookmeade Dr

      HOMES (RETIRED, NURSING) • 22,018 SF
      910 Brookmeade Dr, Crestview, FL 32539-6056
      View Details
    • Value Estimation by Request

      1299 Industrial Dr

      Medical Office Space
      1299 Industrial Dr, Crestview, FL 32539
      View Details
    • Value Estimation by Request

      710 Hospital Dr

      Two-story medical office building
      710 Hospital Dr | Crestview, FL 32539, Crestview, FL 32539
      View Details

    Similar Nearby for Sale

    • $5,400,000

      28.92 Acres Mixed Use Land

      28.92 acres of mixed-use commercial land in Crestview, FL.
      5908 Houston Ln, Crestview, FL 32539
      View Details
    • Contact for pricing
      8,040 SF

      Crestview Commercial Space - 8040 sq ft

      High-traffic location, versatile commercial space.
      128 John King Rd, Crestview, FL 32539
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    • $599,000

      Land For Sale Crestview

      Land available for sale in Crestview, Florida.
      E Redstone Ave, Crestview, FL 32539
      View Details

    Similar Nearby for Lease

    • $0.08 SF/Yr
      3,000 SF

      710 Hospital Drive Office Space

      Prime Single-Tenant Office Building, 3,000 sq ft.
      710 Hospital Dr, Crestview, FL 32539
      View Details
    • $6,000 /Mo

      Commercial Land Ground Lease Opportunity

      Ground lease opportunity in growing Crestview commercial corridor.
      333 S Ferdon Blvd, Crestview, FL 32539
      View Details
    • $1,000 /Mo
      8,040 SF

      Office Space with Flexible Layout

      Adaptable office space with potential for single or dual occupancy.
      128 John King Rd, Crestview, FL 32539
      View Details
    • $25,000
      8,934 SF

      Crestview Office Space Available

      Large Office Space for Lease in Crestview, FL
      214 Covell Rd, Crestview, FL 32539
      View Details
    • Contact for pricing
      48,808 SF

      Crestview Retail Outparcels: Prime Location

      Three buildings, high visibility, flexible space.
      0 Industrial Dr, Crestview, FL 32539
      View Details
    • $28 SF/Yr
      2,196 SF

      Crestview Retail Space For Lease

      High-traffic location, 2,196 sq ft, NNN lease.
      2221 - 2223 S Ferdon Blvd, Crestview, FL 32539
      View Details
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    500 Hospital Dr
    Crestview, FL 32539-7355
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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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