Harbor Village Mixed-Use
For Sale
Contact for pricing
220 Harbor Blvd, Destin, FL
Renovated mixed-use building with retail and residential units in Destin.
Property Size21,120 SF
Lot Size0.86 Acres
Price / SF$212.83
Days on Market1749
Property Features for 220 Harbor Blvd
General Information
Standard status
Active
Size
21,120 SF
Lot size
0.86 Acres
Property subtype
RETAIL
Listing Agency:
Somers & Company
(850) 654-7777
Listed By:
John Paul Somers · License #3210089
(850) 654-7777
Source:
Moodyscre
Added: Oct 29, 2021
Changed: Aug 8
Last Checked: Aug 8 at 12:38PM
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 Somers & Company
Investment Insights
Based on property information with market context.
Located on the south side of Harbor Boulevard in Destin, Florida, this entire building is offered for sale. The property, known as Harbor Village, includes 10 contiguous commercial retail storefront units, each measuring approximately 1,600 square feet, and 10 two-story apartments, each measuring approximately 1,400 square feet with 2 bedrooms and 2.5 baths, featuring front and rear balconies. The site is strategically located across Harbor Boulevard from one of the City of Destin's largest public parking lots, with a pedestrian crossing leading visitors to the retail storefronts. The entire building has been renovated. The site contains nearly 1 acre with approximately 220 feet of Highway 98 frontage, and a total of 56 parking spaces. Each of the 10 separate deeds include 1 commercial retail storefront and 1 residential apartment atop the commercial space, both offering independent access, thus allowing for two different tenants in each of the units; in other words, the building in entirety could host 20 different tenants. The City of Destin zoning is South Harbor Mixed Use (SHMU).
Key Highlights
- Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic.
- Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.
- Each unit has independent access, allowing for up to 20 different tenants.
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
$243,492
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
5.42%
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%
$4,869,840
$4.9M
Cap Rate 7%
$3,478,457
$3.5M
Cap Rate 9%
$2,705,467
$2.7M
Market Conditions
NOI Build-Up for 21,120 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
$380.2K $18.00/SF
− Vacancy
−$32.3K −$1.53/SF
EGI
$347.8K $16.47/SF
− OpEx
−$104.4K −$4.94/SF
NOI
$243.5K $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%
$4,869,840
Cap Rate 7%
$3,478,457
Cap Rate 9%
$2,705,467
Alternative Uses
Best Use
Retail
$3.48M
$3.04M – $4.06M
NOI $243,492 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$3.34M
$2.92M – $3.90M
NOI $233,900 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$5.31M
$4.65M – $6.20M
NOI $371,796 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,421
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building with retail and residential units in Destin.
Where is this mixed-use property located?
The property is located at 220 Harbor Blvd Destin, FL.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic.; Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.; Each unit has independent access, allowing for up to 20 different tenants.
