Harbor Boulevard Mixed-Use
For Sale
$4,495,000
220 Harbor Boulevard #Units 1-10, Destin, FL 32541
Renovated mixed-use building with retail and residential units.
Property Size20,000 SF
Lot Size1.00 Acre
Price / SF$224.75
Days on Market1275
Property Features for 220 Harbor Boulevard #Units 1-10
General Information
Standard status
Active
Size
20,000 SF
Lot size
1.00 Acre
Property subtype
Commercial
Listing Agency:
SOMERS & COMPANY
(850) 654-7777
Listed By:
JOHN PAUL SOMERS · License #3210089
Source:
Corcoran
Added: Apr 12, 2023
Changed: Sep 3
Last Checked: Aug 14 at 6:01AM
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.
The entire building for sale is located on the South side of Harbor Boulevard in Destin, Florida. It encompasses 10 contiguous commercial retail storefront units, each measuring approximately 600 square feet, in addition to 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 contains nearly 1-acre with approximately 220 feet of Highway 98 (aka, Harbor Boulevard) 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 entire building has been renovated. The City of Destin zoning is known as South Harbor Mixed Use (SHMU). The strategic location of the site creates exceptional synergy from patrons walking across Harbor Boulevard from one of the City of Destin's largest public parking lots, which is located on the North side of Harbor Boulevard with a pedestrian crossing directing visitors to the retail storefronts of this subject venue, known as Harbor Village.
Key Highlights
- Strategic location on Harbor Boulevard with direct pedestrian access from a large public parking lot.
- Mix of (10) commercial retail storefront units and (10) two‑story apartments, offering diverse income streams.
- Recently renovated building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$243,000
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,860,000
$4.9M
Cap Rate 7%
$3,471,429
$3.5M
Cap Rate 9%
$2,700,000
$2.7M
Market Conditions
NOI Build-Up for 20,000 SF
Gross rent
$432.0K $21.60/SF
− Vacancy
−$43.2K −$2.16/SF
EGI
$388.8K $19.44/SF
− OpEx
−$145.8K −$7.29/SF
NOI
$243.0K $12.15/SF
Area
Okaloosa County, FL
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,860,000
Cap Rate 7%
$3,471,429
Cap Rate 9%
$2,700,000
Alternative Uses
Best Use
Mixed Use
$3.47M
$3.04M – $4.05M
NOI $243,000 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.71M
$6.74M – $8.99M
NOI $539,514 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,421
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building with retail and residential units.
Where is this mixed-use property located?
The property is located at 220 Harbor Boulevard #Units 1-10 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: Strategic location on Harbor Boulevard with direct pedestrian access from a large public parking lot.; Mix of (10) commercial retail storefront units and (10) two‑story apartments, offering diverse income streams.; Recently renovated building.
