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    981 U.S 98 Destin, FL 32541

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    For Lease
    $27 SF/Yr $190,534/Mo (calc)

    Prime retail space in Destin's high-traffic retail corridor.

    Type:Retail Shopping Center
    Property size:
    84,682 SF
    Added:
    Nov 21, 2025
    Days on Market:
    163
    Last Refresh:
    Apr 5 at 8:15 pm

    Property Features for 981 U.S 98

    General Information

    Standard status
    Active
    Size
    84,682 SF
    Property subtype
    Retail Shopping Center

    Spaces For Lease

    at 981 U.S 98 Contact us

    We can help!

    Listing Contact
    Harry Bell Jr.
    Harry Bell Jr.

    Listing agent Harry Bell Jr. License #FL #BK3026917

    Listing office Bellcore Commercial LLC

    Listing date Nov 21, 2025

    Source Bellcorecommercial

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

    All listing content including descriptions, pricing, images are the copyrighted material of Bellcore Commercial LLC

    Overview

    Retail Space in Destin Corridor

    Located in the heart of the Emerald Coast's primary retail corridor, this retail space offers up to approximately 1,400 square feet. The Winn Dixie-anchored shopping center benefits from excellent visibility and access on Highway 98, which sees over 60,000 vehicles per day. The property is positioned along Highway 98, the major thoroughfare in Destin, Florida, known for its white beaches and emerald blue waters. Destin attracts over 4 million visitors annually. The location is near Hurlburt and Eglin Air Force Base, shopping venues, beaches, and entertainment options. The co-tenant mix includes Winn Dixie, Kwench Juice, Island Wings, Another Broken Egg, UPS Store, Mimmo, Great Clips, a salon, and Workout Anytime. Destin is the third fastest-growing MSA in the U.S., with growth exceeding 22% since 2000.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • Shoppes at Paradise Isle — 34390 Emerald Coast Pkwy, Destin, FL 32541
    • Sunglass Outfitters by Sunglass Hut — 4301 Legendary Dr, Destin, FL 32541
    • Paradise Key at Kelly Plantation — 4427 Commons Dr E, Destin, FL 32541
    • Path To GRACE — 36054 Emerald Coast Pkwy, Destin, FL 32541
    • Crystal Beach Plaza — 34906 Emerald Coast Pkwy, Destin, FL 32541

    Map

    City
    Destin
    County
    Walton
    State
    Florida
    Longitude
    -86.4197
    Latitude
    30.3923

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    FAQs

    What type of property is this?
    Shopping center - Prime retail space in Destin's high-traffic retail corridor.
    Where is this shopping center located?
    The property is located at 981 U.S 98 Destin, FL.
    What is the lease rate?
    The lease rate is $27 SF/Yr.
    What are key features of this property?
    This property features: Located in Destin, the 3rd fastest growing MSA in the U.S.; High traffic location on Hwy 98 with over 60,000 vehicles per day.; Anchored by Winn Dixie with an excellent co‑tenant mix.
    (850) 977-6991
    We can help!
    Listing Contact
    Harry Bell Jr.
    Harry Bell Jr.
    Real Estate License ID: FL #BK3026917
    Learn More
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    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
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    981 U.S 98 , Destin, FL 32541

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