Spacious Vacation Rental in
For Sale
$1,000,000
228 Kono Way, Destin, FL 32541
Six-bedroom vacation rental in Villages of Crystal Beach.
Property Size2,572 SF
Days on Market271
Property Features for 228 Kono Way
General Information
Standard status
Active
Size
2,572 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$11,363
Building Details
Building Size
2,572 SF
Year Built
2006
Stories
3
Listing Agency:
Innerscope Realty LLC
(414) 640-4653
Listed By:
Steven Wrick
(414) 640-4653
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 13
Last Checked: Aug 26 at 9:34AM
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 Innerscope Realty LLC
Investment Insights
Based on property information with market context.
This spacious vacation rental property is located in the Villages of Crystal Beach. The property features six bedrooms and four bathrooms within its 2,572 square feet of living space. The home is designed with an open floor plan suitable for accommodating multiple families or groups. A well-appointed kitchen connects to a large dining area. Multiple balconies offer space to enjoy outdoor breezes. The first floor includes a living area, a full-sized laundry room, and a guest bedroom with an adjacent bathroom. The second floor features the owner's suite with a double-vanity bathroom, along with additional guest rooms, including one with a twin-over-full bunk setup. Additional bedrooms are located on the third floor with access to a balcony. This property is intended for use as a vacation rental.
Key Highlights
- Located in the desirable Villages of Crystal Beach.
- Spacious 6‑bedroom layout ideal for vacation rentals or large groups.
- 2,572 sq ft of coastal living space.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,484
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$569,680
$569.7K
Cap Rate 7%
$406,914
$406.9K
Cap Rate 9%
$316,489
$316.5K
Market Conditions
NOI Build-Up for 2,572 SF
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.
Gross rent
$61.7K $24.00/SF
− Vacancy
−$9.9K −$3.86/SF
EGI
$51.8K $20.14/SF
− OpEx
−$23.3K −$9.06/SF
NOI
$28.5K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$569,680
Cap Rate 7%
$406,914
Cap Rate 9%
$316,489
Alternative Uses
Best Use
Apartment 5plus
$406.9K
$356.1K – $474.7K
NOI $28,484 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$646.8K
$566.0K – $754.6K
NOI $45,277 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,315
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Six-bedroom vacation rental in Villages of Crystal Beach.
Where is this short term rental property located?
The property is located at 228 Kono Way Destin, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Located in the desirable Villages of Crystal Beach.; Spacious 6‑bedroom layout ideal for vacation rentals or large groups.; 2,572 sq ft of coastal living space.
