Refreshed Second-Floor Office
For Sale
$525,000
3997 Commons Drive, Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size2,400 SF
Lot Size2.64 Acres
Price / SF$218.75
Days on Market113
Property Features for 3997 Commons Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Directly behind Destin Walmart on Commons Dr. Nside of street is Diamond Lakes office park; Upstairs in West bldg. is units M and N to right of elevator- use door M
Subdivision
14 - Destin
Special listing conditions
Real Estate Owned, In Foreclosure
Standard status
Active
APN
00-2S-22-1007-3997-000M
Lot size
2.64 Acres
Taxes and HOA fees
Tax Description
DIAMOND LAKES OFFICE PARK UNIT M and N 3997 WEST TOWER
Legal Description
DIAMOND LAKES OFFICE PARK UNIT M and N 3997 WEST TOWER
Listing Agency:
Scenic Real Estate
(850) 830-8030
Listed By:
Denise A Stegner · License #495624
(850) 865-9301
Added: May 22
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 1003793
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located on the second floor of the professional office park at 3997 Commons Drive, this 2,400-square-foot office configuration combines Units M and N. The space is vacant and has been refreshed with new paint throughout. A glass-front reception area includes a built-in reception desk and two workstation areas, while the interior provides seven private office rooms, several with closets, along with a locked storage room, conference room, and two bathrooms. Two separate air-conditioning closets serve the suite, including one newer unit.
The property is positioned near the elevator within the office park behind Destin Walmart Supercenter. Its former medical-office layout includes multiple enclosed rooms and a substantial waiting area, offering an existing professional-office configuration for a range of office uses.
The property is positioned near the elevator within the office park behind Destin Walmart Supercenter. Its former medical-office layout includes multiple enclosed rooms and a substantial waiting area, offering an existing professional-office configuration for a range of office uses.
Key Highlights
- 2,400 SF combined office configuration comprising Units M and N
- Vacant space refreshed with new paint throughout
- Seven private office rooms, several with closets
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,478
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$649,560
$649.6K
Cap Rate 7%
$463,971
$464.0K
Cap Rate 9%
$360,867
$360.9K
Market Conditions
NOI Build-Up for 2,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.5K $25.20/SF
− Vacancy
−$6.4K −$2.65/SF
EGI
$54.1K $22.55/SF
− OpEx
−$21.7K −$9.02/SF
NOI
$32.5K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$649,560
Cap Rate 7%
$463,971
Cap Rate 9%
$360,867
Alternative Uses
Best Use
Healthcare Medical
$464.0K
$406.0K – $541.3K
NOI $32,478 @ 7.0% cap · market cap 6.19%
Second Best
Office B
$432.0K
$378.0K – $504.0K
NOI $30,240 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$603.6K
$528.1K – $704.2K
NOI $42,250 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 32541, FL
18,419
Population
16,390
Households
1.1
Avg Household Size
45
Median Age
48%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
1,462
Density / Sq Mi
$93,004
Median Household Income
$47,991
Median Earnings
$1,976
Median Rent
$498,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Vacant professional office space with reception, private rooms, conference area, storage, and two restrooms.
Where is this office units located?
The property is located at 3997 Commons Drive Destin, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,400 SF combined office configuration comprising Units M and N; Vacant space refreshed with new paint throughout; Seven private office rooms, several with closets
