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Property profile & analytics
OFF-MARKET
Estimated value
$625,000
Manufacturing properties
634 Lovejoy NW Rd Fort Walton Beach, FL 32548-3832
Individually Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-4056040
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1974
Construction
STEEL FRAME
Total area
6,853 SF
Lot
1.07 ac (46,609 SF)
APN
09-2S-24-0508-0000-0020
UPID
US18-4056040
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
-
Marathon Electrical Contractors LLC Electrical Service General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$545k
Comparable Approach
Comparable
$411k
Blend (final)
Blend
$625k
Owner & transaction history
Zeb L Watts · 1 yrs held
Zeb L Watts
since 2025
Last sale
$740,000
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$590,000
6.5%
$545,000
7%
$505,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$710,000
Current use
WAREHOUSE, STORAGE
$615,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$625k
Range $563k – $688k · ±10% · vs last sale $740k (Oct 27 2024)
Last sale anchor
$740k
Oct 27 2024
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
$91 / 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
$5,118
Tax year 2023
Assessed value
$367,040
Assessed 2023
Previous assessed
$356,641
+2.9% YoY
Effective rate
1.39%
On assessed value
Assessed land
$111,402
Assessed improvement
$255,638
Land market value
$111,402
Improvement market value
$255,638
Total market value
$367,040
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1974
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
4
Total area
6,853 SF
Lot
1.07 ac (46,609 SF)
APN
09-2S-24-0508-0000-0020
UPID
US18-4056040
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
INDUSTRIAL (GENERAL) Current
Est. value
$710,000
WAREHOUSE, STORAGE
Est. value
$615,000
INDUSTRIAL (GENERAL) Current
WAREHOUSE, STORAGE
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
1974
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
4
Lot
1.07 ac
Current owner
From public records · entity-resolved
Zeb L Watts
Individual
Free & Clear · 1 yrs held
Mailing address
2830 COMMERCE BLVD, IRONDALE, AL 35210-1216
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2025
$740,000
Zeb L Watts
Gce LLC
Warranty Deed
—
Mar 3, 2017
$320,000
Gcf LLC
Gilbert Properties II LLC
Warranty Deed
$272,000 · Servisfirst Bank
Mar 28, 2016
—
Gilbert Properties II LLC
Gilbert,danny G & Mary J
Quit Claim Deed
related
—
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.
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