Mixed-Use Harbor Village
For Sale
Contact for pricing
220 Harbor Blvd, Destin, FL 32541
Renovated building offering 10 retail storefronts with apartments above, featuring independent access and on-site parking.
Property Size21,120 SF
Lot Size1.00 Acre
Price / SF$212.83
Days on Market1741
Property Features for 220 Harbor Blvd
General Information
Standard status
Active
Size
21,120 SF
Total Parking Spaces
56
Lot size
1.00 Acre
Property subtype
RETAIL
Zoning
SHMU
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
10
Building Details
Tenancy
Multi
Listing Agency:
Somers & Company
(850) 654-7777
Listed By:
John Paul Somers · License #3210089
(850) 654-7777
Source:
Moodyscre
Added: Oct 29, 2021
Changed: Jul 26
Last Checked: Aug 3 at 12:47PM
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.
This renovated mixed-use property includes 10 contiguous commercial retail storefront units and 10 two-story apartments. Each storefront measures approximately 1,600 SF, while each apartment is approximately 1,400 SF with two bedrooms and 2.5 baths and includes front and rear balconies. Each of the 10 deeds covers one commercial retail space and its apartment atop it, and both levels offer independent access.
The site is located on the south side of Harbor Boulevard in Destin, Florida, with pedestrian crossing access from a large public parking lot on the north side of the boulevard. The property also includes nearly 1 acre of site area with approximately 220 feet of frontage along Highway 98 (Harbor Boulevard) and a total of 56 parking spaces.
With separate access for retail below and residential above on each deed, the overall building could accommodate up to 20 different tenants. The City of Destin zoning is South Harbor Mixed Use (SHMU).
The site is located on the south side of Harbor Boulevard in Destin, Florida, with pedestrian crossing access from a large public parking lot on the north side of the boulevard. The property also includes nearly 1 acre of site area with approximately 220 feet of frontage along Highway 98 (Harbor Boulevard) and a total of 56 parking spaces.
With separate access for retail below and residential above on each deed, the overall building could accommodate up to 20 different tenants. The City of Destin zoning is South Harbor Mixed Use (SHMU).
Key Highlights
- Entire building for sale: 10 contiguous commercial retail storefronts, each ±1,600 SF, plus 10 two‑story apartments, each ±1,400 SF (2BD/2.5BA).
- Each unit has independent access for retail and the apartment above, with 10 separate deeds allowing up to 20 different tenants.
- Nearly 1‑acre site with ±220' of frontage on U.S. Hwy 98/Harbor Boulevard and 56 parking spaces on site.
Financial Insights For Retail
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 | $380.2k | $18.00 |
| − Vacancy | −$32.3k | −$1.53 |
| EGI | $347.8k | $16.47 |
| − OpEx | −$104.4k | −$4.94 |
| NOI | $243.5k | $11.53 |
21,120 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.48M
$3.04M – $4.06M
NOI $243,492 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$3.34M
$2.92M – $3.90M
NOI $233,900 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$5.31M
$4.65M – $6.20M
NOI $371,796 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,421
Businesses Nearby
Balanced
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated building offering 10 retail storefronts with apartments above, featuring independent access and on-site parking.
Where is this storefront property located?
The property is located at 220 Harbor Blvd 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: Entire building for sale: 10 contiguous commercial retail storefronts, each ±1,600 SF, plus 10 two‑story apartments, each ±1,400 SF (2BD/2.5BA).; Each unit has independent access for retail and the apartment above, with 10 separate deeds allowing up to 20 different tenants.; Nearly 1‑acre site with ±220' of frontage on U.S. Hwy 98/Harbor Boulevard and 56 parking spaces on site.
