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    Beachside Retail/Office Space For Lease Title is generated by Realmo AI

    1688 Scenic Gulf Dr Miramar Bch # FL, Miramar Beach, FL 32550

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    Claim this Listing
    For Lease
    $7,500/Mo $85 SF/Yr (calc)

    Rare Beachside Lease | Scenic Hwy 98 Frontage | Destin, FL

    Property size:
    1,050 SF - 1,075 SF
    Lease type:
    NNN
    Added:
    Apr 13, 2026
    Days on Market:
    35
    Last Refresh:
    Apr 13 at 5:05 pm

    Property Features for 1688 Scenic Gulf Dr Miramar Bch # FL

    General Information

    Standard status
    Active
    Property type
    Retail properties & Spaces, Specialty properties, Restaurants
    Size
    1,050 SF - 1,075 SF
    Class
    C
    Total Parking Spaces
    14
    Elevators
    No
    Lease Type
    NNN Lease
    Lease Term
    5+ Years
    Rate Type
    Monthly

    Building Details

    Year Built
    1974
    Year Renovated
    2026
    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Maria White
    Maria White

    Listing agent Maria License #3590705

    Listing office FMIG

    Listing date Apr 13, 2026

    Overview

    This retail/office space is positioned directly across from Miramar Beach, offering visibility and access in a high-traffic, tourism-driven market. Located along Scenic Gulf Drive, the property benefits from coastal traffic plus pedestrian, bicycle, and golf cart activity driven by over 5 million annual visitors to the South Walton area. The property has frontage on US Hwy 98, providing easy access to the area’s primary commercial corridor. The exterior has been recently updated, and the space is delivered in vanilla shell condition. On-site parking is available for customers and staff. The location is ideal for establishing a flagship or lifestyle-driven concept. It is best suited for high-margin, tourism-oriented concepts that benefit from pedestrian flow and destination-driven traffic. The property is adjacent to resorts, vacation rentals, and affluent residential communities. It is ideal for retail, boutique, wellness, or service-oriented tenants. The property offers exposure along Scenic Gulf Drive, a heavily traveled coastal corridor, and is steps from public beach access points. The property size is 1075 square feet.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Real Estate Agency Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miramar Beach
    County
    Walton
    State
    Florida
    Longitude
    -86.4958
    Latitude
    30.3934

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    FAQs

    What type of property is this?
    Retail property - Rare Beachside Lease | Scenic Hwy 98 Frontage | Destin, FL
    Where is this retail property located?
    The property is located at 1688 Scenic Gulf Dr Miramar Bch # FL Miramar Beach, FL.
    What is the lease rate?
    The lease rate is $7,500 /Mo.
    (404) 431-2602
    We can help!
    Listing Contact
    Maria White
    Maria White
    Real Estate License ID: 3590705
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    1688 Scenic Gulf Dr Miramar Bch # FL, Miramar Beach, FL 32550
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