Subdividable Retail Strip
For Sale
Contact for pricing
12889 Emerald Coast Pkwy, Miramar Beach, FL 32550
Retail space with an open layout that can be subdivided, plus a dedicated turn lane and signage opportunities.
Property Size10,000 SF
Price / SF$179
Days on Market411
Property Features for 12889 Emerald Coast Pkwy
General Information
Standard status
Active
Size
10,000 SF
Property subtype
RETAIL
Amenities
Dedicated turn lane
Signage opportunity
Listing Agency:
Graham & Co - Corporate
(205) 871-7100
Listed By:
Jason Carnes
(850) 830-6593
Source:
Moodyscre
Added: Jul 30, 2025
Changed: Sep 11
Last Checked: Sep 12 at 5:58AM
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 Graham & Co - Corporate
Investment Insights
Based on property information with market context.
This retail strip center offers an open floor plan with the option to subdivide into smaller units. Depending on configuration, the smaller-unit option is noted as 1,800 SF, with a listed price of $749,000 for that setup. The property is also presented as an opportunity to lease or own.
The asset is located at 12889 Emerald Coast Pkwy in Miramar Beach, Florida. A dedicated turn lane supports convenient access, and the offering includes a signage opportunity for tenant visibility.
Overall, the space is designed to flex between a larger open environment and a smaller, subdivided configuration, making it workable for a range of retail operations that benefit from adaptable square footage.
The asset is located at 12889 Emerald Coast Pkwy in Miramar Beach, Florida. A dedicated turn lane supports convenient access, and the offering includes a signage opportunity for tenant visibility.
Overall, the space is designed to flex between a larger open environment and a smaller, subdivided configuration, making it workable for a range of retail operations that benefit from adaptable square footage.
Key Highlights
- Retail space with an open layout that can be subdivided into smaller units
- Subdivision option: 1,800 SF unit listed at $749,000
- Dedicated turn lane
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
$115,290
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
6.44%
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%
$2,305,800
$2.3M
Cap Rate 7%
$1,647,000
$1.6M
Cap Rate 9%
$1,281,000
$1.3M
Market Conditions
NOI Build-Up for 10,000 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
$180.0K $18.00/SF
− Vacancy
−$15.3K −$1.53/SF
EGI
$164.7K $16.47/SF
− OpEx
−$49.4K −$4.94/SF
NOI
$115.3K $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%
$2,305,800
Cap Rate 7%
$1,647,000
Cap Rate 9%
$1,281,000
Alternative Uses
Best Use
Retail
$1.65M
$1.44M – $1.92M
NOI $115,290 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $176,040 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
81k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 55%
Shops & Services 21%
Dining 14%
Hotels & Casinos 10%
DICK'S Sporting Goods
Apparel
29,032 visits/mo
0.4 miles
Dollar Tree
Shops & Services
14,501 visits/mo
0.3 miles
Bealls Florida
Apparel
13,801 visits/mo
0.5 miles
Joe's Crab Shack
Dining
4,951 visits/mo
0.1 miles
Bubba Gump Shrimp Co.
Dining
4,317 visits/mo
0.1 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
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space with an open layout that can be subdivided, plus a dedicated turn lane and signage opportunities.
Where is this retail space located?
The property is located at 12889 Emerald Coast Pkwy Miramar Beach, FL.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Retail space with an open layout that can be subdivided into smaller units; Subdivision option: 1,800 SF unit listed at $749,000; Dedicated turn lane
