Two-Suite Flex Industrial
For Sale
$825,000
Pending
36468 Emerald Coast Parkway lot 5, Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size3,250 SF
Lot Size0.64 Acres
Days on Market220
Property Features for 36468 Emerald Coast Parkway lot 5
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
The Old South Centre is one mile east of Regatta Bay on the North Side of Emerald Coast Pkwy/98 just before Emerald Bay Golf Course Community. The warehouse is straight in the back.
Subdivision
14 - Destin
Standard status
Pending
APN
002S22194500000050
Lot size
0.64 Acres
Taxes and HOA fees
Tax Description
Old South Centre Offc Complex Ph II Lot 5
Legal Description
Old South Centre Offc Complex Ph II Lot 5
Amenities
conference space
kitchen
washer/dryer hookups
Listing Agency:
Watersound Real Estate
(850) 231-7792
Listed By:
Olivia J Catanese · License #3610943
(813) 399-1580
Added: Feb 3
Changed: Sep 11
Last Checked: Sep 11 at 4:06PM
MLS# 994448
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.
Investment Insights
Based on property information with market context.
This flex industrial property is arranged as two independently accessible suites within an approximately 0.64-acre site. The building includes more than 9 private offices, multiple reception areas, conference space, 3 restrooms, 2 kitchens, and warehouse or storage areas. A 570-square-foot open flex area provides additional room for office buildout, showroom use, operations, or storage. Rear garage access and a private interior connection support either separate occupancy or a larger combined operation.
Constructed in 2000, the property is zoned ROI-TD and includes on-site parking with front and rear access. It is positioned along Emerald Coast Parkway/Hwy 98 in the Old South Centre commercial corridor in Destin, with access to Miramar Beach and the greater Destin market. The surrounding complex includes professional and medical users.
Constructed in 2000, the property is zoned ROI-TD and includes on-site parking with front and rear access. It is positioned along Emerald Coast Parkway/Hwy 98 in the Old South Centre commercial corridor in Destin, with access to Miramar Beach and the greater Destin market. The surrounding complex includes professional and medical users.
Key Highlights
- Two‑suite configuration with separate access and independent functionality
- Approximately 0.64‑acre site with on‑site parking and front and rear access
- More than 9 private offices, multiple reception areas, and conference 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
$30,319
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
3.68%
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%
$606,380
$606.4K
Cap Rate 7%
$433,129
$433.1K
Cap Rate 9%
$336,878
$336.9K
Market Conditions
NOI Build-Up for 3,250 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
$50.7K $15.60/SF
− Vacancy
−$4.1K −$1.25/SF
EGI
$46.6K $14.35/SF
− OpEx
−$16.3K −$5.02/SF
NOI
$30.3K $9.33/SF
Area
Walton County, FL
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$606,380
Cap Rate 7%
$433,129
Cap Rate 9%
$336,878
Alternative Uses
Best Use
Flex RnD
$433.1K
$379.0K – $505.3K
NOI $30,319 @ 7.0% cap · market cap 3.68%
Second Best
Warehouse
$399.2K
$349.3K – $465.8K
NOI $27,947 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$817.3K
$715.2K – $953.6K
NOI $57,213 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
698
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial 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 - Flexible office and warehouse configuration with separate access, parking, kitchens, restrooms, and adaptable workspace.
Where is this flex space located?
The property is located at 36468 Emerald Coast Parkway 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: Two‑suite configuration with separate access and independent functionality; Approximately 0.64‑acre site with on‑site parking and front and rear access; More than 9 private offices, multiple reception areas, and conference space
