Renovated Mixed-Use
For Sale
$4,500,000
220 Harbor Boulevard, Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size20,000 SF
Lot Size1.00 Acre
Price / SF$225
Days on Market1828
Property Features for 220 Harbor Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SHMU
Directions
MapQuest: 220 Harbor Boulevard, Destin, FL 32541
Subdivision
14 - Destin
Standard status
Active
APN
00-2S-22-0636-0000-0100
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
Lots 1 to 10, Destin Renaissance
Legal Description
Lots 1 to 10, Destin Renaissance
Amenities
front and rear balconies
Building Details
Buildings
1
Listing Agency:
Somers & Company
Listed By:
John Paul Somers · License #3210089
(850) 654-7777
Added: Oct 29, 2021
Changed: Oct 29
Last Checked: Oct 30 at 3:06PM
MLS# 884792
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
The property consists of 10 retail storefronts of approximately 600 SF each and 10 two-story apartments measuring approximately 1,400 SF apiece. Each residence includes 2 bedrooms, 2.5 baths, and front and rear balconies. The building has been renovated, and every commercial-residential pairing provides independent access for the two uses. Across the 10 separate deeds, the property can accommodate up to 20 different tenants.
The site covers nearly 1 acre with approximately 220 feet of frontage along Highway 98, also known as Harbor Boulevard. On-site parking totals 56 spaces. A large public parking lot sits across Harbor Boulevard, with a pedestrian crossing connecting it to the retail frontage. The property is located within the City of Destin’s South Harbor Mixed Use district, designated SHMU.
The site covers nearly 1 acre with approximately 220 feet of frontage along Highway 98, also known as Harbor Boulevard. On-site parking totals 56 spaces. A large public parking lot sits across Harbor Boulevard, with a pedestrian crossing connecting it to the retail frontage. The property is located within the City of Destin’s South Harbor Mixed Use district, designated SHMU.
Key Highlights
- 10 retail storefronts, each measuring +/-600 SF
- 10 two‑story apartments, each measuring +/-1,400 SF with 2 bedrooms and 2.5 baths
- Nearly 1‑acre site with approximately 220' of Highway 98 frontage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$287,490
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,749,800
$5.7M
Cap Rate 7%
$4,107,000
$4.1M
Cap Rate 9%
$3,194,333
$3.2M
Market Conditions
NOI Build-Up for 20,000 SF
Gross rent
$444.0K $22.20/SF
− Vacancy
−$33.3K −$1.67/SF
EGI
$410.7K $20.54/SF
− OpEx
−$123.2K −$6.16/SF
NOI
$287.5K $14.37/SF
Area
Okaloosa County, FL
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,749,800
Cap Rate 7%
$4,107,000
Cap Rate 9%
$3,194,333
Alternative Uses
Best Use
Retail
$4.11M
$3.59M – $4.79M
NOI $287,490 @ 7.0% cap · market cap 6.39%
Second Best
Mixed Use
$3.47M
$3.04M – $4.05M
NOI $243,000 @ 7.0% cap · market cap 5.40%
Theoretical Best
Specialty Retail
$7.71M
$6.74M – $8.99M
NOI $539,514 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,421
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail space is paired with upstairs residences, with separate access for each use.
Where is this mixed-use property located?
The property is located at 220 Harbor Boulevard Destin, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 10 retail storefronts, each measuring +/-600 SF; 10 two‑story apartments, each measuring +/-1,400 SF with 2 bedrooms and 2.5 baths; Nearly 1‑acre site with approximately 220' of Highway 98 frontage
