Destin Class A Office
For Sale
$3,500,900
4635 Gulfstarr Drive, Destin, FL 32541
Fully leased Class A office building in Destin, Florida.
Property Size15,000 SF
Lot Size1.10 Acres
Price / SF$233.39
Days on Market522
Property Features for 4635 Gulfstarr Drive
General Information
Standard status
Active
Size
15,000 SF
Lot size
1.10 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
2005
Listing Agency:
RE/MAX Coastal Properties
(850) 499-6930
Listed By:
Karen K Martineau · License #3096846
(850) 499-6930
Source:
Exitrealty
Added: Feb 26, 2025
Changed: Jul 6
Last Checked: Aug 2 at 6:44AM
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 RE/MAX Coastal Properties
Investment Insights
Based on property information with market context.
This two-story, Class A office building is located in Destin. The property is fully leased and currently operates as a medical and professional office building. Situated on a corner lot with a traffic light, the location provides accessibility and visibility, with over 60,000 vehicles passing daily on Highway 98. A large marquee sign enhances visibility. The building is strategically located less than a mile from Destin Commons, Whole Foods, restaurants, and other businesses. The 15,000+ square feet of Class A office space features high-quality finishes and architectural appeal. The property generates $347,884 in annual income. The current tenant operates on a month-to-month lease and could vacate, offering an opportunity for owner occupancy.
Key Highlights
- 6.3% CAP Rate on a Fully Leased Class A Medical/Professional Office Building
- Generates $347,884 Annual Income
- Prime Corner Location with High Visibility and Easy Accessibility via Traffic Light**
Financial Insights For Healthcare Medical
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 | $378.0k | $25.20 |
| − Vacancy | −$39.7k | −$2.65 |
| EGI | $338.3k | $22.55 |
| − OpEx | −$135.3k | −$9.02 |
| NOI | $203.0k | $13.53 |
15,000 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$2.90M
$2.54M – $3.38M
NOI $202,986 @ 7.0% cap · market cap 5.80%
Second Best
Office B
$2.70M
$2.36M – $3.15M
NOI $189,000 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,060 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Banfield Pet Hospital — 34940 Emerald Coast Pkwy Ste 160, Destin, FL 32541
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased Class A office building in Destin, Florida.
Where is this medical office space located?
The property is located at 4635 Gulfstarr Drive Destin, FL.
What is the asking price?
The asking price for this property is $3,500,900.
What are key features of this property?
This property features: 6.3% CAP Rate on a Fully Leased Class A Medical/Professional Office Building; Generates $347,884 Annual Income; Prime Corner Location with High Visibility and Easy Accessibility via Traffic Light**
