Remodeled Office Condo
For Sale
Contact for pricing
1223 Airport Rd, Destin, FL 32541
Recently remodeled 1,312 SF office condominium with an existing tenant lease in place through May 2026.
Property Size1,312 SF
Price / SF$209.60
Days on Market228
Property Features for 1223 Airport Rd
General Information
Standard status
Active
Size
1,312 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1999
Tenancy
Single
Owner Occupied
No
Listing Agency:
NAI TALCOR | Tallahassee
(850) 224-2300
Listed By:
Patrick Jones
(850) 814-5878
Source:
Moodyscre
Added: Feb 3
Changed: Sep 12
Last Checked: Sep 18 at 11:07AM
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 NAI TALCOR | Tallahassee
Investment Insights
Based on property information with market context.
This +/-1,312 SF commercial office condominium is located within a well-maintained professional office setting and built in 1999. The suite has been recently remodeled and is currently occupied by a regional staffing company, with the existing lease extending through May 2026.
The property is situated on Airport Road, with close proximity to US-98, Destin’s primary east–west corridor. The surrounding area includes a dense mix of professional offices, medical users, retail, and hospitality, supporting consistent daytime activity in a centralized, easily accessible location.
The offering combines a functional office layout with an in-place tenant, positioned within a submarket described as having limited supply of small-format office space.
The property is situated on Airport Road, with close proximity to US-98, Destin’s primary east–west corridor. The surrounding area includes a dense mix of professional offices, medical users, retail, and hospitality, supporting consistent daytime activity in a centralized, easily accessible location.
The offering combines a functional office layout with an in-place tenant, positioned within a submarket described as having limited supply of small-format office space.
Key Highlights
- +/-1,312 SF office condominium in a professional office setting
- Recently remodeled suite
- Tenant in place with lease extending through May 2026
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
$16,531
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
6.01%
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%
$330,620
$330.6K
Cap Rate 7%
$236,157
$236.2K
Cap Rate 9%
$183,678
$183.7K
Market Conditions
NOI Build-Up for 1,312 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
$27.6K $21.00/SF
− Vacancy
−$5.5K −$4.20/SF
EGI
$22.0K $16.80/SF
− OpEx
−$5.5K −$4.20/SF
NOI
$16.5K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$330,620
Cap Rate 7%
$236,157
Cap Rate 9%
$183,678
Alternative Uses
Best Use
Office B
$236.2K
$206.6K – $275.5K
NOI $16,531 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.9K
$288.7K – $384.9K
NOI $23,096 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
761
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Recently remodeled 1,312 SF office condominium with an existing tenant lease in place through May 2026.
Where is this office units located?
The property is located at 1223 Airport Rd Destin, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: +/-1,312 SF office condominium in a professional office setting; Recently remodeled suite; Tenant in place with lease extending through May 2026
