Freestanding Retail
For Sale
$5,995,000
12244 US-98, Destin, FL 32550
Commercial for Sale, Destin, FL
Property Size26,893 SF
Lot Size1.18 Acres
Price / SF$222.92
Days on Market454
Property Features for 12244 US-98
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
MapQuest: 12244 US Highway 98 West, Miramar Beach, FL 32550
Subdivision
15 - Miramar/Sandestin Resort
Standard status
Active
APN
28-2S-21-42000-003-0060
Lot size
1.18 Acres
Taxes and HOA fees
Tax Description
COMMENCE AT THE NE/C OF THE NE1/4 OF THE NW1/4 OF SW4 OF SEC 28, N 87 DEG 29'14'' W ALONG N LINE OF SW4 128.09 FT TO THE P.O.B. THENCE CONTINUE N 87 DEG 29'14'' W ON SAID N LINE A DISTANCE OF 162.96 FT TO THE POINT OF INTERSECTION WITH THE EAST R/W LINE OF 66 FT WIDE ROAD THENCE DEPARTING SAID NORTH LINE PROCEED S 02 DEG 02'37'' W ON SAID EAST R/W OF ROAD A DISTANCE OF 254.46 FT TO THE POINT OF IN
Legal Description
COMMENCE AT THE NE/C OF THE NE1/4 OF THE NW1/4 OF SW4 OF SEC 28, N 87 DEG 29'14'' W ALONG N LINE OF SW4 128.09 FT TO THE P.O.B. THENCE CONTINUE N 87 DEG 29'14'' W ON SAID N LINE A DISTANCE OF 162.96 FT TO THE POINT OF INTERSECTION WITH THE EAST R/W LINE OF 66 FT WIDE ROAD THENCE DEPARTING SAID NORTH LINE PROCEED S 02 DEG 02'37'' W ON SAID EAST R/W OF ROAD A DISTANCE OF 254.46 FT TO THE POINT OF IN
Listing Agency:
Somers & Company
Listed By:
John Paul Somers · License #3210089
(850) 654-7777
Added: Jun 15, 2025
Changed: Sep 11
Last Checked: Sep 11 at 7:06PM
MLS# 978842
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding retail property includes a two-story main building with approximately 26,893 conditioned square feet across showroom, retail, and private office areas. Renovations include escalators serving the second-floor showroom, while a separate executive office on the third floor is reached by a private floating staircase. The property occupies 1.18 acres and includes a 196-foot frontage along US-98.
Located at 12244 US-98 in Miramar Beach, the building sits at the signalized intersection of US-98 and North Geronimo Street. The site experiences approximately +/-50,000 vehicles passing daily, with access provided through the traffic signal. The property is near Silver Sands Premium Outlets and surrounding mixed-use districts in South Walton County.
Located at 12244 US-98 in Miramar Beach, the building sits at the signalized intersection of US-98 and North Geronimo Street. The site experiences approximately +/-50,000 vehicles passing daily, with access provided through the traffic signal. The property is near Silver Sands Premium Outlets and surrounding mixed-use districts in South Walton County.
Key Highlights
- Approximately 26,893 conditioned square feet of retail, showroom, and office space
- 1.18‑acre parcel with 196 fronting feet along US‑98
- Approximately +/-50,000 vehicles pass the property daily
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
$310,049
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
5.17%
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%
$6,200,980
$6.2M
Cap Rate 7%
$4,429,271
$4.4M
Cap Rate 9%
$3,444,989
$3.4M
Market Conditions
NOI Build-Up for 26,893 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
$484.1K $18.00/SF
− Vacancy
−$41.1K −$1.53/SF
EGI
$442.9K $16.47/SF
− OpEx
−$132.9K −$4.94/SF
NOI
$310.0K $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%
$6,200,980
Cap Rate 7%
$4,429,271
Cap Rate 9%
$3,444,989
Alternative Uses
Best Use
Retail
$4.43M
$3.88M – $5.17M
NOI $310,049 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.76M
$5.92M – $7.89M
NOI $473,424 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
50,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
161k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 53%
Dining 23%
Shops & Services 12%
Hotels & Casinos 6%
Nike Factory Store
Apparel
37,772 visits/mo
0.4 miles
Whataburger
Dining
20,747 visits/mo
0.4 miles
Circle K
Shops & Services
17,583 visits/mo
0.5 miles
Tommy Hilfiger
Apparel
12,146 visits/mo
0.4 miles
Gap
Apparel
9,754 visits/mo
0.5 miles
Demographics for 32550, FL
7,828
Population
14,909
Households
0.5
Avg Household Size
58
Median Age
55%
College-Educated
98%
High-School Grad
7.0 sq mi
ZIP Area
1,118
Density / Sq Mi
$96,269
Median Household Income
$60,634
Median Earnings
$2,108
Median Rent
$679,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Showroom - Renovated commercial facility with private offices, showroom space, and escalator access to the upper level.
Where is this showroom located?
The property is located at 12244 US-98 Destin, FL.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Approximately 26,893 conditioned square feet of retail, showroom, and office space; 1.18‑acre parcel with 196 fronting feet along US‑98; Approximately +/-50,000 vehicles pass the property daily
