Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    135 Benning Dr Destin, FL 32541

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $18 SF/Yr ($7,926 /Mo)

    Adaptable office space with finished and unfinished areas.

    Property size:
    5,284 SF
    Lot size:
    0.72 Acres

    Property Features for 135 Benning Dr

    General Information

    Standard status
    Active
    Size
    5,284 SF
    Lot size
    0.72 Acres

    Building Details

    Year built
    1993

    We can help!

    Listing Contact
    Matthew Mcgee
    Matthew Mcgee
    Source: Exitrealty

    Listing Agency: Livin Right Real Estate LLC Listing Agent: Matthew Mcgee

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Versatile Office Space for Rent

    This commercial real estate offers flexible office space, allowing for customized build-out. Approximately 2400+ sqft is already finished as office space, while another 2400+ sqft remains unfinished and features a large, open, tall atrium. The finished space includes a parking lot on Azalea Drive, and the unfinished space has a parking lot on Benning Drive. The property is zoned RESIDENTIAL, OFFICE & INSTITUTIONAL - VILLAGE RESIDENTIAL (ROI-VR). Uses other than administrative offices require conditional use approval from the City. The total property size is 5284 sqft.
    Location Intelligence

    Current Use by Public Records

    Euphoria Wellness Spa Spa & Massage Center Watertree Health Corporate Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Walton
    State
    Florida
    Longitude
    -86.4957862
    Latitude
    30.3951968

    Nearby Similar for Lease

    • $4,000 /Mo

      Office Space at Destin Commons

      Premier office space for lease in Destin, Florida.
      4300 Legendary Dr, Destin, FL 32541
      View Details
    • Sponsored
      Contact for pricing

      FL, Destin - Airport Road

      Workspaces, services and support to help you work better in FL, Destin - Airport Road
      1012 Airport Rd, Destin, FL 32541
      View Details
    • $8,688 /Mo

      Class A Office Space Destin

      Class A office space in the heart of Destin.
      4608 Opa Locka Ln, Destin, FL 32541
      View Details
    • $13,500 /Mo
      2,372 SF

      Harbor Boulevard Commercial Opportunity

      Commercial property with high visibility and drive-through in Destin, Florida.
      661 Harbor Blvd, Destin, FL 32541
      View Details
    • $10,500 /Mo
      7,000 SF

      Destin Harbor District Office Space

      7000 SF professional office space in Destin's Harbor District.
      503 Harbor Blvd, Destin, FL 32541
      View Details
    • Contact for pricing

      Retail Space in Destin Plaza

      Retail space in a high-traffic Destin shopping plaza.
      36150 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $1,200 /Mo
      6,450 SF

      Regatta Bay Office Space

      Class A office space in Destin's Regatta Bay Commerce Center.
      4460 Legendary Dr, Destin, FL 32541
      View Details
    • $6,000 /Mo
      3,500 SF

      Destin Harbor Boulevard Office Space

      Class A professional or medical office space in Destin, Florida.
      503 Harbor Blvd, Destin, FL 32541
      View Details
    • $24 SF/Yr

      First-Floor Office Suite Available

      First-floor office suite featuring multiple offices, conference rooms, and amenities.
      4458 Legendary Dr, Destin, FL 32541
      View Details
    • $1,640 /Mo

      Destin Office Space For Rent

      Second-floor office space with elevator access, near Destin Commons.
      4458 Legendary Dr, Destin, FL 32541
      View Details
    • $30 SF/Yr

      Crystal Beach Plaza Retail Space

      Retail space for lease in high-traffic Destin location.
      34904 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $1,474 /Mo

      Destin Office Space For Rent

      Three offices with break room available for rent in Destin.
      4458 Legendary Dr, Destin, FL 32541
      View Details

    FAQs

    What type of property is this?
    Office units - Adaptable office space with finished and unfinished areas.
    Where is this office units located?
    The property is located at 135 Benning Dr Destin, FL.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: - Flexible space: **Move-in ready finished office space** (2400+ sqft) and unfinished space (2400+ sqft) for customization.; - Features a **large, open, tall atrium** in the unfinished space.; - Zoned RESIDENTIAL, OFFICE & INSTITUTIONAL - VILLAGE RESIDENTIAL (ROI-VR).
    (850) 865-0116
    Request Owner's contact information
    135 Benning Dr Destin, FL 32541
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    135 Benning Dr
    Destin, FL 32541
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    135 Benning Dr Destin, FL 32541
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Matthew Mcgee
    Matthew Mcgee
    Real Estate License ID: 3227750
    (850) 865-0116 (850) 426-4136
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!