Class A Office
For Sale
$4,995,000
4458 Legendary Drive, Destin, FL 32541
Exceptional Class A office building in Destin, Florida for sale.
Property Size22,676 SF
Price / SF$220.28
Days on Market1207
Property Features for 4458 Legendary Drive
General Information
Standard status
Active
Size
22,676 SF
Property subtype
Commercial
Listing Agency:
SOMERS & COMPANY
(850) 654-7777
Listed By:
JOHN PAUL SOMERS · License #3210089
Source:
Corcoran
Added: Apr 12, 2023
Changed: Jul 6
Last Checked: Jul 23 at 9:05AM
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.
Constructed in 2008, 4458 Legendary Drive is a Class A office building situated in Regatta Commons, a business community fronting Regatta Bay. The property is connected via a secondary thoroughfare to the mixed-use district of Destin Commons. This three-story building contains 10 suites, totaling approximately 22,676 square feet of conditioned space. The property is located in Destin, Florida and offers an income-producing asset.
Key Highlights
- Immediate income‑producing asset with credit‑rated tenants.
- Class A office building constructed in 2008.
- Located in the elite Regatta Commons business community.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $476.2k | $21.00 |
| − Vacancy | −$95.2k | −$4.20 |
| EGI | $381.0k | $16.80 |
| − OpEx | −$95.2k | −$4.20 |
| NOI | $285.7k | $12.60 |
22,676 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.08M
$3.57M – $4.76M
NOI $285,718 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.70M
$4.99M – $6.65M
NOI $399,188 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,282
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Exceptional Class A office building in Destin, Florida for sale.
Where is this office building located?
The property is located at 4458 Legendary Drive Destin, FL.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: Immediate income‑producing asset with credit‑rated tenants.; Class A office building constructed in 2008.; Located in the elite Regatta Commons business community.
