Flex Space with Dual
For Sale
$825,000
36468 Emerald Coast Pkwy Lot 5, Destin, FL 32541
Adaptable commercial building with private offices, warehouse areas, kitchens, restrooms, and separate suite access.
Property Size3,000 SF
Lot Size0.64 Acres
Price / SF$275
Days on Market37
Property Features for 36468 Emerald Coast Pkwy Lot 5
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.64 Acres
Zoning
ROI-TD
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Amenities
conference space
kitchen
washer/dryer hookups
reception areas
front desk/concierge area
Building Details
Year Built
2000
Buildings
1
Building Size
3,000 SF
Listing Agency:
Watersound Real Estate
(813) 399-1580
Listed By:
Olivia J Catanese · License #3610943
Source:
Cloviscannonhomes
Added: Jul 26
Changed: Aug 30
Last Checked: Aug 30 at 3:03PM
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 Watersound Real Estate
Investment Insights
Based on property information with market context.
This flex property combines office, storage, and warehouse functionality within a two-suite configuration. The building includes more than 9 private offices, multiple reception areas, conference space, 3 restrooms, 2 kitchens, and rear warehouse or garage areas. Each suite has its own entry and operational layout, while an interior connection allows the spaces to function together. One side includes five executive offices, a conference room, waiting area, kitchen, restroom, and direct warehouse access. The other provides reception space, two restrooms, washer/dryer hookups, a kitchen, and a 570 Sq Ft open flex area suitable for office, showroom, operational, or storage use.
Built in 2000, the property occupies approximately 0.64 acres within the Old South Centre business complex and is zoned ROI-TD. Dual front and rear access, on-site parking, and proximity to Highway 98 support daily business operations. The property is located at 36468 Emerald Coast Pkwy Lot 5, Destin, FL 32541.
Built in 2000, the property occupies approximately 0.64 acres within the Old South Centre business complex and is zoned ROI-TD. Dual front and rear access, on-site parking, and proximity to Highway 98 support daily business operations. The property is located at 36468 Emerald Coast Pkwy Lot 5, Destin, FL 32541.
Key Highlights
- Approximately 0.64 acres with dual front and rear access
- More than 9 private offices, multiple reception areas, conference space, 3 restrooms, and 2 kitchens
- Two suites with private access and an interior connecting door
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
$37,800
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
4.58%
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%
$756,000
$756.0K
Cap Rate 7%
$540,000
$540.0K
Cap Rate 9%
$420,000
$420.0K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$12.6K −$4.20/SF
EGI
$50.4K $16.80/SF
− OpEx
−$12.6K −$4.20/SF
NOI
$37.8K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$756,000
Cap Rate 7%
$540,000
Cap Rate 9%
$420,000
Alternative Uses
Best Use
Office B
$540.0K
$472.5K – $630.0K
NOI $37,800 @ 7.0% cap · market cap 4.58%
Second Best
Flex RnD
$399.8K
$349.8K – $466.4K
NOI $27,986 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$754.5K
$660.2K – $880.2K
NOI $52,812 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Under-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building with private offices, warehouse areas, kitchens, restrooms, and separate suite access.
Where is this flex space located?
The property is located at 36468 Emerald Coast Pkwy Lot 5 Destin, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Approximately 0.64 acres with dual front and rear access; More than 9 private offices, multiple reception areas, conference space, 3 restrooms, and 2 kitchens; Two suites with private access and an interior connecting door
