Harbor Village Mixed-Use
220 Harbor Blvd, Destin, FL
For Sale
Contact for pricing
Renovated mixed-use building with retail and residential units in Destin.
Property Size21,120 SF
Lot Size0.86 Acres
Price / SF$212.83
Days on Market1840
Property Features for 220 Harbor Blvd
General Information
Standard status
Size
Lot size
Property subtype
Listing Agency:
Somers & Company
Listed By:
John Paul Somers · License FL #3210089
(850) 654-7777
Source:
Moodyscre
Added: Oct 29, 2021
Changed: Aug 8
Last Checked: Aug 15 at 3:20AM
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
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Investment Insights
Based on property information with market context.
Located on the south side of Harbor Boulevard in Destin, Florida, this entire building is offered for sale. The property, known as Harbor Village, includes 10 contiguous commercial retail storefront units, each measuring approximately 1,600 square feet, and 10 two-story apartments, each measuring approximately 1,400 square feet with 2 bedrooms and 2.5 baths, featuring front and rear balconies. The site is strategically located across Harbor Boulevard from one of the City of Destin's largest public parking lots, with a pedestrian crossing leading visitors to the retail storefronts. The entire building has been renovated. The site contains nearly 1 acre with approximately 220 feet of Highway 98 frontage, and a total of 56 parking spaces. Each of the 10 separate deeds include 1 commercial retail storefront and 1 residential apartment atop the commercial space, both offering independent access, thus allowing for two different tenants in each of the units; in other words, the building in entirety could host 20 different tenants. The City of Destin zoning is South Harbor Mixed Use (SHMU).
Key Highlights
- Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic.
- Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.
- Each unit has independent access, allowing for up to 20 different tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$243,492
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,869,840
$4.9M
Cap Rate 7%
$3,478,457
$3.5M
Cap Rate 9%
$2,705,467
$2.7M
Market Conditions
NOI Build-Up for 21,120 SF
Gross rent
$380.2K $18.00/SF
− Vacancy
−$32.3K −$1.53/SF
EGI
$347.8K $16.47/SF
− OpEx
−$104.4K −$4.94/SF
NOI
$243.5K $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 Rate 5%
$4,869,840
Cap Rate 7%
$3,478,457
Cap Rate 9%
$2,705,467
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.
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Location Intelligence
Trade Area within ½ mile
1,421
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building with retail and residential units in Destin.
Where is this mixed-use 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: Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic.; Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.; Each unit has independent access, allowing for up to 20 different tenants.
