Two-Space Storefront
For Sale
$345,000
127 Harbor Boulevard, Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size1,600 SF
Price / SF$215.63
Days on Market18
Property Features for 127 Harbor Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From the intersection of US-98 & FL-293, travel east for about 1.5 miles and The Plaza will be on the north side of US-98.
Subdivision
14 - Destin
Standard status
Active
APN
00-2S-22-4009-0000-0070
Taxes and HOA fees
Tax Description
PALMETTO PLAZA UNIT 7
Legal Description
PALMETTO PLAZA UNIT 7
Listing Agency:
EXP Realty LLC
(850) 460-2900
Listed By:
Abbott Martin Group · License #TEEX41
(888) 883-8509
Added: Sep 2
Changed: Sep 11
Last Checked: Sep 19 at 1:06AM
MLS# 1011180
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 commercial storefront property includes distinct upstairs and downstairs spaces within the same offering. The current owner occupies the property, and no existing tenant leases are in place, allowing a buyer to take possession without assuming active lease agreements. The configuration supports separate work areas and provides flexibility for retail or professional use.
Located at 127 Harbor Boulevard in Destin, the property offers access to the surrounding commercial corridor. Its two-level arrangement may accommodate an owner-user seeking multiple areas, a business occupying one space while leasing the other, or separate occupancy arrangements, subject to verification of permitted uses.
Located at 127 Harbor Boulevard in Destin, the property offers access to the surrounding commercial corridor. Its two-level arrangement may accommodate an owner-user seeking multiple areas, a business occupying one space while leasing the other, or separate occupancy arrangements, subject to verification of permitted uses.
Key Highlights
- Two separate commercial spaces sold together
- Distinct upstairs and downstairs layout
- Currently owner‑occupied
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
$18,446
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
5.35%
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%
$368,920
$368.9K
Cap Rate 7%
$263,514
$263.5K
Cap Rate 9%
$204,956
$205.0K
Market Conditions
NOI Build-Up for 1,600 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
$28.8K $18.00/SF
− Vacancy
−$2.4K −$1.53/SF
EGI
$26.4K $16.47/SF
− OpEx
−$7.9K −$4.94/SF
NOI
$18.4K $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%
$368,920
Cap Rate 7%
$263,514
Cap Rate 9%
$204,956
Alternative Uses
Best Use
Retail
$263.5K
$230.6K – $307.4K
NOI $18,446 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$402.4K
$352.1K – $469.4K
NOI $28,166 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
25k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 87%
Hotels & Casinos 10%
Home Improvements & Furnishings 2%
Shops & Services 1%
Whataburger
Dining
21,055 visits/mo
0.1 miles
Inn on Destin Harbor, Ascend Hotel Collection
Hotels & Casinos
1,397 visits/mo
0.4 miles
Motel 6
Hotels & Casinos
1,101 visits/mo
0.5 miles
Moe's Original Bar B Que
Dining
790 visits/mo
0.2 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
627 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Owner-occupied commercial property with separate upstairs and downstairs spaces on Harbor Boulevard in Destin.
Where is this storefront property located?
The property is located at 127 Harbor Boulevard Destin, FL.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Two separate commercial spaces sold together; Distinct upstairs and downstairs layout; Currently owner‑occupied
