Destin Retail Investment
For Sale
$1,095,000
15 Palmetto St, Destin, FL 32541
3,600 SF Retail For Sale 115 Palmetto St
Property Size4,021 SF
Price / SF$272.32
Days on Market612
Property Features for 15 Palmetto St
General Information
Standard status
Active
Property type
Other retail properties, Individual retail properties, Other investment properties, Retail properties & Spaces, Investment properties
Size
4,021 SF
Net Rentable
3,600 SF
Class
C
Elevators
N/A
Building Details
Year Built
1985
Buildings
1
Stories
1
Listed By:
Paul Salter
(850) 564-0120
Added: Feb 10, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This 3,600 square foot retail/office property is situated in Destin, Florida. The building is located on a 0.34-acre lot, providing space for operations and parking. The versatile layout is suitable for a variety of businesses, including retail, office, or a combination of both. The high-visibility location ensures foot traffic and accessibility, maximizing exposure. This property is an option for owner-operators seeking a location for their business and investors looking for a stable income stream. The flexible space allows for customization to suit various business models, making it a desirable asset in a commercial area. The property's location in Destin, Florida, offers access to a local economy and a pool of potential customers. The property size is 4,021 PropertySizeUnits.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,800
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,156,000
$1.2M
Cap Rate 7%
$825,714
$825.7K
Cap Rate 9%
$642,222
$642.2K
Market Conditions
NOI Build-Up for 4,021 SF
Gross rent
$89.3K $22.20/SF
− Vacancy
−$6.7K −$1.67/SF
EGI
$82.6K $20.54/SF
− OpEx
−$24.8K −$6.16/SF
NOI
$57.8K $14.37/SF
Area
Okaloosa County, FL
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,156,000
Cap Rate 7%
$825,714
Cap Rate 9%
$642,222
Alternative Uses
Best Use
Retail
$825.7K
$722.5K – $963.3K
NOI $57,800 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,469 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,212
Businesses Nearby
556k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 46%
Dining 12%
Shops & Services 11%
Leisure 6%
Bass Pro Shops
Apparel
76,054 visits/mo
0.2 miles
Belk
Apparel
37,560 visits/mo
0.3 miles
AMC Destin Commons 14
Leisure
34,379 visits/mo
0.2 miles
Whole Foods Market
Groceries
31,994 visits/mo
0.2 miles
Best Buy
Electronics
31,695 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Other retail property - 3,600 SF Retail For Sale 115 Palmetto St
Where is this other retail property located?
The property is located at 15 Palmetto St Destin, FL.
What is the asking price?
The asking price for this property is $1,095,000.
