Refreshed Second-Floor Office
For Sale
$525,000
3997 Commons Drive, Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size2,400 SF
Lot Size2.64 Acres
Price / SF$218.75
Days on Market160
Property Features for 3997 Commons Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Directly behind Destin Walmart on Commons Dr. Nside of street is Diamond Lakes office park; Upstairs in West bldg. is units M and N to right of elevator- use door M
Subdivision
14 - Destin
Special listing conditions
In Foreclosure, Real Estate Owned
Standard status
Active
APN
00-2S-22-1007-3997-000M
Lot size
2.64 Acres
Taxes and HOA fees
Tax Description
DIAMOND LAKES OFFICE PARK UNIT M and N 3997 WEST TOWER
Legal Description
DIAMOND LAKES OFFICE PARK UNIT M and N 3997 WEST TOWER
Listing Agency:
Scenic Real Estate
(850) 830-8030
Listed By:
Denise A Stegner · License #495624
(850) 865-9301
Added: May 22
Changed: Oct 21
Last Checked: Oct 28 at 2:06AM
MLS# 1003793
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.
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Investment Insights
Based on property information with market context.
Located on the second floor of the professional office park at 3997 Commons Drive, this 2,400-square-foot office configuration combines Units M and N. The space is vacant and has been refreshed with new paint throughout. A glass-front reception area includes a built-in reception desk and two workstation areas, while the interior provides seven private office rooms, several with closets, along with a locked storage room, conference room, and two bathrooms. Two separate air-conditioning closets serve the suite, including one newer unit.
The property is positioned near the elevator within the office park behind Destin Walmart Supercenter. Its former medical-office layout includes multiple enclosed rooms and a substantial waiting area, offering an existing professional-office configuration for a range of office uses.
The property is positioned near the elevator within the office park behind Destin Walmart Supercenter. Its former medical-office layout includes multiple enclosed rooms and a substantial waiting area, offering an existing professional-office configuration for a range of office uses.
Key Highlights
- 2,400 SF combined office configuration comprising Units M and N
- Vacant space refreshed with new paint throughout
- Seven private office rooms, several with closets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,996
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$619,920
$619.9K
Cap Rate 7%
$442,800
$442.8K
Cap Rate 9%
$344,400
$344.4K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$50.4K $21.00/SF
− Vacancy
−$9.1K −$3.78/SF
EGI
$41.3K $17.22/SF
− OpEx
−$10.3K −$4.31/SF
NOI
$31.0K $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%
$619,920
Cap Rate 7%
$442,800
Cap Rate 9%
$344,400
Alternative Uses
Best Use
Office B
$442.8K
$387.5K – $516.6K
NOI $30,996 @ 7.0% cap · market cap 5.90%
Second Best
Healthcare Medical
$386.6K
$338.3K – $451.1K
NOI $27,065 @ 7.0% cap · market cap 5.16%
Theoretical Best
Specialty Retail
$924.9K
$809.3K – $1.08M
NOI $64,742 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Office unit - Vacant professional office space with reception, private rooms, conference area, storage, and two restrooms.
Where is this office unit located?
The property is located at 3997 Commons Drive Destin, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,400 SF combined office configuration comprising Units M and N; Vacant space refreshed with new paint throughout; Seven private office rooms, several with closets
