Harbor Village Mixed-Use
220 Harbor Blvd, Destin, FL 32541
Renovated mixed-use building with retail and residential units.
Type:Mixed Use, Multifamily, Retail
Property size:
21,120 SFLot size:
1.00 AcrePrice / SF:
$213/SF- Added:
- Aug 9, 2023
- Days on Market:
- 1030
- Last Refresh:
- May 12 at 9:11 pm
Property Features for 220 Harbor Blvd
General Information
- Standard status
- Active
- Size
- 21,120 SF
- Lot size
- 1.00 Acre
- Property subtype
- Mixed Use, Multifamily, Retail
Building Details
- Year Built
- 1992
Listing agent John Paul Somers License #FL 3210089
Listing office Somers & Company
Listing date Aug 9, 2023
Source Crexi
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
HighLights
- Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic from a large public parking lot.
- Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.
- Each unit has separate deeds for the commercial and residential spaces, allowing for up to 20 tenants.
- Recently renovated building, minimizing immediate maintenance costs.
- South Harbor Mixed Use (SHMU) zoning provides flexible usage options.
- Substantial frontage (±220') on Highway 98 (Harbor Boulevard) and 56 parking spaces.
Overview
This entire building is offered for sale. Located on the South side of Harbor Boulevard in Destin, Florida, the property includes 10 contiguous commercial retail storefront units, each measuring approximately 1600 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 location creates synergy from patrons walking across Harbor Boulevard from one of the City of Destin's largest public parking lots, which is located on the North side of Harbor Boulevard with a pedestrian crossing directing visitors to the retail storefronts of this venue, known as Harbor Village. The entire building has been renovated. The site contains nearly 1 acre with approximately 220 feet of Highway 98 (aka, Harbor Boulevard) 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 known as South Harbor Mixed Use (SHMU).
Local 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 5.41%
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 8.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
The Sea Cow
Grocery & Convenience Store
Juicebox Charters LLC
Boat Rental Service
Spark Fitness Club
Gym & Fitness Center
Location Insight
- Map
- Local Demand
- City
- Destin
- County
- Walton
- State
- Florida
- Longitude
- -86.5059541
- Latitude
- 30.3940782
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Renovated mixed-use building with retail and residential units.
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 $4,500,000.
What are key features of this property?
This property features: Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic from a large public parking lot.; Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.; Each unit has separate deeds for the commercial and residential spaces, allowing for up to 20 tenants.
