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 Market82
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
Listed By:
Olivia J Catanese · License #3610943
(813) 399-1580
Source:
Cloviscannonhomes
Added: Jul 26
Changed: Oct 10
Last Checked: Oct 15 at 12:16AM
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 / Yr
$38,745
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,900
$774.9K
Cap Rate 7%
$553,500
$553.5K
Cap Rate 9%
$430,500
$430.5K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$63.0K $21.00/SF
− Vacancy
−$11.3K −$3.78/SF
EGI
$51.7K $17.22/SF
− OpEx
−$12.9K −$4.31/SF
NOI
$38.7K $12.92/SF
Area
Okaloosa County, FL
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,900
Cap Rate 7%
$553,500
Cap Rate 9%
$430,500
Alternative Uses
Best Use
Office B
$553.5K
$484.3K – $645.8K
NOI $38,745 @ 7.0% cap · market cap 4.70%
Second Best
Flex RnD
$471.3K
$412.4K – $549.9K
NOI $32,994 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,927 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Office in South region
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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
