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 Market566
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
Listing Agency:
(850) 564-0120
Listed By:
Paul
(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 = 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
$46,358
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
4.23%
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%
$927,160
$927.2K
Cap Rate 7%
$662,257
$662.3K
Cap Rate 9%
$515,089
$515.1K
Market Conditions
NOI Build-Up for 4,021 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
$72.4K $18.00/SF
− Vacancy
−$6.2K −$1.53/SF
EGI
$66.2K $16.47/SF
− OpEx
−$19.9K −$4.94/SF
NOI
$46.4K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$927,160
Cap Rate 7%
$662,257
Cap Rate 9%
$515,089
Alternative Uses
Best Use
Retail
$662.3K
$579.5K – $772.6K
NOI $46,358 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$884.8K – $1.18M
NOI $70,786 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
