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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    550 Hwy 85th N Niceville, FL 32578

    • Specialty properties
    • 12,302 SF
    • 0.98 lot acres
    OFF-MARKET
    Last Sale
    Jun 21, 2024
    $2,162,500
    Value Estimations
    $2,075,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5328971
    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

    • Specialty properties

    Property Details for 550 Hwy 85th N

    Year built
    1994
    Construction
    FRAME
    Lot size
    0.98 lot acres
    Property size
    12,302 SF
    Property type
    Specialty properties
    APN
    06-1S-22-0000-0022-0030
    APU
    061S22000000220030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,165,000
      ML approach
      $2,165,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,807,000
      Market price range: $1.76M - $3.68M

    • Alternative Use

      Use
      Estimation
      VETERINARY, ANIMAL HOSPITAL
      $2,530,000
      Current use
      RESTAURANT
      $2,615,000
      Change: +3% Conversion: Difficult
      RETAIL STORES
      $2,360,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Niceville
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.4935
    Latitude
    30.5337
    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
    $15,091
    $245,384
    $886,602
    $1,131,986
    -
    $245,384
    $886,602
    $1,131,986

    Comparable in this City

    • Value Estimation
      $680,000
      13,976 SF

      554 Hwy 85th N

      VETERINARY, ANIMAL HOSPITAL • 13,976 SF
      554 Hwy 85th N, Niceville, FL 32578
      View Details
    • Value Estimation
      $715,000
      7,445 SF

      1000 College E Blvd

      VETERINARY, ANIMAL HOSPITAL • 7,445 SF
      1000 College E Blvd, Niceville, FL 32578-1729
      View Details
    • Value Estimation
      $290,000
      5,630 SF

      1101 John Sims E Pkwy

      VETERINARY, ANIMAL HOSPITAL • 5,630 SF
      1101 John Sims E Pkwy, Niceville, FL 32578-2752
      View Details
    • Value Estimation
      $2,735,000
      10,140 SF

      1950 Bluewater Blvd

      VETERINARY, ANIMAL HOSPITAL • 10,140 SF
      1950 Bluewater Blvd, Niceville, FL 32578-3887
      View Details
    • Value Estimation
      $270,000
      5,198 SF

      115 Bailey Dr

      VETERINARY, ANIMAL HOSPITAL • 5,198 SF
      115 Bailey Dr, Niceville, FL 32578-2747
      View Details
    • Value Estimation
      $405,000
      4,441 SF

      1103 John Sims E Pkwy

      VETERINARY, ANIMAL HOSPITAL • 4,441 SF
      1103 John Sims E Pkwy, Niceville, FL 32578-2752
      View Details

    Similar Nearby for Sale

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      Specialty property available for sale in Niceville, Florida.
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    • $474,000

      Waterfront Property Near Niceville Center

      Waterfront property with 200+ ft of waterfront access.
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      Waterfront Property with Marina in Niceville

      Waterfront property with 10-slip marina near Destin Pass.
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    • Contact for pricing
      11.30 Acres

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      11.3 Acres, High-Visibility Retail Opportunity
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    • $1,100,000
      5,584 SF

      Modern Industrial Warehouse with Office

      Air-conditioned warehouse with office, fenced yard, and storage container.
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    • $99,000
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      Residential Lot in Deer Moss Creek

      Residential lot in master-planned community of Deer Moss Creek.
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    Similar Nearby for Lease

    • $1.12 SF/Yr

      Hwy 285 & College Blvd Land

      8.7-acre commercial parcel, prime location.
      0 Hwy 285 & College Blvd, Niceville, FL 32578
      View Details
    • $8,250 /Mo

      Commercial Land on Main Corridor

      Commercial land for lease with high traffic volume.
      00 John Sims Pkwy, Niceville, FL 32578
      View Details
    • $19,750 /Mo

      Corner Land Opportunity in Niceville

      Corner land available for ground lease on Niceville's main corridor.
      John Sims Pkwy E, Niceville, FL 32578
      View Details
    • $99,000

      Commercial Land on Highway 20

      Commercial land for rent on Niceville's main corridor.
      E John Sims Pkwy, Niceville, FL 32578
      View Details
    • $4,083 /Mo

      Land Parcel For Lease

      Land available for lease near Northwest Florida State College.
      285 Xx Hwy, Niceville, FL 32578
      View Details
    • $82,810
      73,616 SF

      Prime Niceville Land - Hwy 85 Access

      1.69 acres, ideal for various uses. Excellent location.
      Highway 85 N, Niceville, FL 32578
      View Details
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    550 Hwy 85th N
    Niceville, FL 32578
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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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