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    Destin Mixed-Use Flex Building Title is generated by Realmo AI

    209 Main Street, Destin, FL 32541

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    For Sale
    $1,650,000

    Mixed-use property with office, retail, showroom, and flex space.

    Type:Commercial/Industrial
    Property size:
    31,363 SF
    Lot size:
    0.72 Acres
    Price / SF:
    $52/SF
    Added:
    Jul 1, 2024
    Days on Market:
    692
    Last Refresh:
    May 20 at 2:12 am

    Property Features for 209 Main Street

    General Information

    Standard status
    Active
    Size
    31,363 SF
    Lot size
    0.72 Acres
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    Dustin Parkman
    Dustin Parkman

    Listing agent Dustin Parkman License #3307056

    Listing office NBI Properties Inc

    Listing date Jul 1, 2024

    Source Exitrealty

    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 NBI Properties Inc

    HighLights

    • Flexible mix of uses onsite including office, retail, showroom, flex, and live/work options
    • Prime location in the heart of Destin, FL
    • Recently completed flex building with finished office and mezzanine live/work space
    • Insulated warehouse with 2,100sf, 24' eave height, and two 12' roll‑up bay doors
    • Clear access to Highway 98 and Airport Rd
    • Located near the newly developed Publix shopping center and the Destin Harbor district

    Overview

    Located in the heart of Destin, Florida, the property at 209 Main Street offers a flexible mix of uses. The total square footage is divided between a 2,580 square foot space suitable for office, retail, or showroom purposes, and a recently completed 3,948 square foot flex building. Within the flex building, there is 1,848 square feet of finished office space on the first floor, along with a finished second-floor mezzanine live/work space. The insulated warehouse component encompasses 2,100 square feet, featuring an approximate 24-foot eave height and two 12-foot roll-up bay doors. The property is situated near the newly developed Publix shopping center and the Destin Harbor district, with convenient access to Highway 98 and Airport Road. The property is suitable for commercial real estate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flutterby Antiques Uniques Home Decor Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Walton
    State
    Florida
    Longitude
    -86.4841
    Latitude
    30.3941

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with office, retail, showroom, and flex space.
    Where is this mixed-use property located?
    The property is located at 209 Main Street Destin, FL.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: Flexible mix of uses onsite including office, retail, showroom, flex, and live/work options; Prime location in the heart of Destin, FL; Recently completed flex building with finished office and mezzanine live/work space
    (850) 218-8408
    We can help!
    Listing Contact
    Dustin Parkman
    Dustin Parkman
    Real Estate License ID: 3307056
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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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