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 Market267
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 30
Last Checked: Oct 28 at 2:06PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$35,744
Cap Rate
4.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$714,880
$714.9K
Cap Rate 7%
$510,629
$510.6K
Cap Rate 9%
$397,156
$397.2K
Market Conditions
NOI Build-Up for 3,250 SF
Gross rent
$58.5K $18.00/SF
− Vacancy
−$3.5K −$1.08/SF
EGI
$55.0K $16.92/SF
− OpEx
−$19.2K −$5.92/SF
NOI
$35.7K $11.00/SF
Area
Okaloosa County, FL
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$714,880
Cap Rate 7%
$510,629
Cap Rate 9%
$397,156
Alternative Uses
Best Use
Flex RnD
$510.6K
$446.8K – $595.7K
NOI $35,744 @ 7.0% cap · market cap 4.33%
Second Best
Warehouse
$315.6K
$276.1K – $368.2K
NOI $22,091 @ 7.0% cap · market cap 2.68%
Theoretical Best
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,671 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
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
