Two-Story Office
For Sale
$1,100,000
725 Harbor Blvd., Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size3,202 SF
Lot Size0.23 Acres
Price / SF$343.54
Days on Market219
Property Features for 725 Harbor Blvd.
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
On north side of Harbor Blvd aka Highway 98, just west of Main Street
Subdivision
14 - Destin
Standard status
Active
APN
002S220701000G0070
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
East Pass 2nd Add Revised Lot 7 Blk G
Legal Description
East Pass 2nd Add Revised Lot 7 Blk G
Listing Agency:
RE/MAX Coastal Properties · RE/MAX International
(850) 837-9900
Listed By:
Janet F Hays · License #3299874
(850) 533-9086
Added: Feb 4
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 994854
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.
This two-story office building contains 3,202 SF, with 1,568 SF on the lower level and 1,634 SF upstairs. The lower floor includes reception space, a small kitchen, utility room, conference or front office, two bathrooms, and five private offices. The upper level provides additional offices and an open work area, with access from both interior and exterior stairs. Separate HVAC systems serve the building, and bathrooms are located on both floors. The interior has been freshly painted, and the main entrance is handicap accessible.
The property is located at 725 Harbor Blvd. in Destin, with frontage and signage exposure along Highway 98. A median cut provides access to the site. Parking includes seven spaces at the front, including one ADA space, plus six spaces at the rear. The layout can accommodate a single office user or multiple occupants; two-thirds of the offices are currently rented, while the owner’s lower-level area will become available upon sale.
The property is located at 725 Harbor Blvd. in Destin, with frontage and signage exposure along Highway 98. A median cut provides access to the site. Parking includes seven spaces at the front, including one ADA space, plus six spaces at the rear. The layout can accommodate a single office user or multiple occupants; two-thirds of the offices are currently rented, while the owner’s lower-level area will become available upon sale.
Key Highlights
- 3,202 SF two‑story office building with 1,568 SF downstairs and 1,634 SF upstairs
- Separate HVAC systems support operational separation and multi‑tenant flexibility
- Highway 98 frontage at 725 Harbor Blvd. with signage in place
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
$40,345
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
3.67%
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%
$806,900
$806.9K
Cap Rate 7%
$576,357
$576.4K
Cap Rate 9%
$448,278
$448.3K
Market Conditions
NOI Build-Up for 3,202 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
$67.2K $21.00/SF
− Vacancy
−$13.4K −$4.20/SF
EGI
$53.8K $16.80/SF
− OpEx
−$13.4K −$4.20/SF
NOI
$40.3K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$806,900
Cap Rate 7%
$576,357
Cap Rate 9%
$448,278
Alternative Uses
Best Use
Office B
$576.4K
$504.3K – $672.4K
NOI $40,345 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$805.3K
$704.6K – $939.5K
NOI $56,368 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,233
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible professional office layout with separate HVAC systems, dual entrances, and parking on both sides of the building.
Where is this office building located?
The property is located at 725 Harbor Blvd. Destin, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 3,202 SF two‑story office building with 1,568 SF downstairs and 1,634 SF upstairs; Separate HVAC systems support operational separation and multi‑tenant flexibility; Highway 98 frontage at 725 Harbor Blvd. with signage in place
