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    94 Herbert Miller Rd Freeport, FL 32439
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    94 Herbert Miller Rd Freeport, FL 32439

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    • Industrial land
    For Sale
    $5,000,000
    View Listing →
    80 Acres Heavy Industrial Land For Sale
    $5,000,000
    85.88 Acres

    80 Acres Heavy Industrial Land

    Large heavy industrial parcel in rapidly growing Freeport area.

    94 Herbert Miller Road, Freeport, FL 32439
    View Listing
    Property ID
    US18-8012650
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Freeport Metal / Big Box & Wholesale Store / Building Supply

    Property Details for 94 Herbert Miller Rd

    Property type
    Industrial land
    Property subtype
    Commercial real estate

    Description

    PRICE REDUCED *80 ACRES ZONED HEAVY INDUSTRIAL* Don't let this opportunity pass you by—this is the largest heavy industrial parcel currently on the market in Walton County. This property offers a remarkable chance for industrial development in the rapidly growing Freeport area. Covering 80 acres, it ... is strategically situated for easy access to major commercial routes, including Hwy 331 to I-10. Additionally, it provides convenient access to NW Florida Beaches International Airport in Panama City, as well as Destin-Ft Walton Airport and Eglin AFB to the west. City water is available and sewer is being installed in the area. Survey, Environmental, allowable uses and conceptual plan located in documents. Seller will consider owner financing!Call to set up your tour

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.0861565
    Latitude
    30.4782845

    Comparable in this City

    • Contact for pricing

      Prime Acreage on Highway 331

      Over 3 acres of industrial land on Highway 331.
      20502 Us Highway 331, Freeport, FL 32439
      View Details
    • $5,000,000

      80 Acres Heavy Industrial Land

      Large heavy industrial parcel in rapidly growing Freeport area.
      94 Herbert Miller Rd, Freeport, FL 32439
      View Details
    • $12,500,000
      4,007,520 SF

      92 Acres Prime Development Land

      92 acres for commercial, mixed-use, or light industrial development.
      92 W State Highway 20, Freeport, FL 32439
      View Details
    • Contact for pricing

      Corner Lot Development Site

      Development site with frontage on Hwy 331.
      331 S & Jolly Bay Road, Freeport, FL 32439
      View Details
    • $399,999

      Walton County Land for Sale

      10 acres of land in Walton County, Florida.
      SW Off Bay Loop Co Hwy 83A Rd, Freeport, FL 32439
      View Details
    • $239,000

      Freeport Development-Ready Residential/Commercial Lot

      Vacant lot zoned for residential and commercial development in Freeport.
      287 S Jackson St, Freeport, FL 32439
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Acreage on Highway 331

      Over 3 acres of industrial land on Highway 331.
      20502 Us Highway 331, Freeport, FL 32439
      View Details
    • $5,000,000

      80 Acres Heavy Industrial Land

      Large heavy industrial parcel in rapidly growing Freeport area.
      94 Herbert Miller Rd, Freeport, FL 32439
      View Details
    • $12,500,000
      4,007,520 SF

      92 Acres Prime Development Land

      92 acres for commercial, mixed-use, or light industrial development.
      92 W State Highway 20, Freeport, FL 32439
      View Details
    • Contact for pricing

      Corner Lot Development Site

      Development site with frontage on Hwy 331.
      331 S & Jolly Bay Road, Freeport, FL 32439
      View Details
    • $399,999

      Walton County Land for Sale

      10 acres of land in Walton County, Florida.
      SW Off Bay Loop Co Hwy 83A Rd, Freeport, FL 32439
      View Details
    • $239,000

      Freeport Development-Ready Residential/Commercial Lot

      Vacant lot zoned for residential and commercial development in Freeport.
      287 S Jackson St, Freeport, FL 32439
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Space Available For Rent

      Single tenant industrial space for rent, 1,000 SqFt.
      19323 Us Highway 331, Freeport, FL 32439
      View Details
    • $3,400 /Mo

      Commercial Land For Lease

      1.92 acre commercial lot available for ground lease.
      W St Hwy 20, Freeport, FL 32439
      View Details
    • $43 SF/Yr

      Retail Space on US-331

      Retail space for lease in Freeport, FL, coming Spring 2026.
      Us Highway 331, Freeport, FL 32439
      View Details
    • $28 SF/Yr
      14,973 SF

      Freeport Commercial Campus Opportunity

      Two freestanding buildings and warehouse on 4 acres in Freeport.
      15167 331 Business, Freeport, FL 32439
      View Details
    • $14 SF/Yr
      11,600 SF

      Freeport Flex Space: 2,000-11,600 SF

      Flexible Freeport Industrial Space for Lease
      13295 US-331 BUS, Freeport, FL 32439
      View Details
    • $14 SF/Yr
      11,600 SF

      Freeport Flex Space - 11,600 SF

      Flexible Industrial Space in Freeport, FL
      13295 US-331 BUS, Freeport, FL 32439
      View Details
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    94 Herbert Miller Rd
    Freeport, FL 32439
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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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