Office Units with Private
For Sale
$950,000
42 Business Centre Drive, Miramar Beach, FL 32550
Commercial for Sale, Miramar Beach, FL
Property Size4,294 SF
Price / SF$221.24
Days on Market15
Property Features for 42 Business Centre Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
LOCATED ON THE SOUTH SIDE OF HWY 98 A FEW HUNDRED FEET EAST OF HOLIDAY ROAD IN THE SUMMIT BUILDING
Subdivision
15 - Miramar/Sandestin Resort
Standard status
Active
APN
29-2S-21-42625-000-0106
Taxes and HOA fees
Tax Description
Unit 106 The Summit And A Fractional Interest In All Common Areas And Appurtenant Limited Common Elements As Desc In Or 2691-2956. Or 2736- 496
Legal Description
Unit 106 The Summit And A Fractional Interest In All Common Areas And Appurtenant Limited Common Elements As Desc In Or 2691-2956. Or 2736- 496
Listing Agency:
Better Homes and Gardens Real Estate Coast Properties
(850) 200-0523
Listed By:
Bell Smith Team
(850) 502-0117
Added: Aug 28
Changed: Sep 11
Last Checked: Sep 11 at 6:06PM
MLS# 1010792
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 4,294-square-foot professional office configuration combines Units 106 and 112 into a coordinated workplace with two entrance doors. The layout includes 15 private offices, two large conference rooms, two kitchens, a private bathroom, work room, and storage rooms. Solid-wood built-in cabinetry provides integrated storage and finish detail throughout multiple areas of the suite.
Conference rooms measure 18.5'x15' and 18.5'x24', while private offices range from 7.5'x9' to 11'x13'. The HOA recently installed new AC units serving floors 1-3, supporting updated building mechanical equipment for the office environment. The property is located at 42 Business Centre Drive in Miramar Beach, Florida.
Conference rooms measure 18.5'x15' and 18.5'x24', while private offices range from 7.5'x9' to 11'x13'. The HOA recently installed new AC units serving floors 1-3, supporting updated building mechanical equipment for the office environment. The property is located at 42 Business Centre Drive in Miramar Beach, Florida.
Key Highlights
- 4,294 square feet of office space across Units 106 and 112
- 15 private offices ranging from 7.5'x9' to 11'x13'
- Two conference rooms measuring 18.5'x15' and 18.5'x24'
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
$54,104
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
5.70%
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%
$1,082,080
$1.1M
Cap Rate 7%
$772,914
$772.9K
Cap Rate 9%
$601,156
$601.2K
Market Conditions
NOI Build-Up for 4,294 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
$90.2K $21.00/SF
− Vacancy
−$18.0K −$4.20/SF
EGI
$72.1K $16.80/SF
− OpEx
−$18.0K −$4.20/SF
NOI
$54.1K $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%
$1,082,080
Cap Rate 7%
$772,914
Cap Rate 9%
$601,156
Alternative Uses
Best Use
Office B
$772.9K
$676.3K – $901.7K
NOI $54,104 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$944.9K – $1.26M
NOI $75,592 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
833
Businesses Nearby
Explore this area
Business Placement
Demographics for 32550, FL
7,828
Population
14,909
Households
0.5
Avg Household Size
58
Median Age
55%
College-Educated
98%
High-School Grad
7.0 sq mi
ZIP Area
1,118
Density / Sq Mi
$96,269
Median Household Income
$60,634
Median Earnings
$2,108
Median Rent
$679,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Office units - Professional office suite with conference rooms, kitchens, work areas, storage, and dedicated entry points.
Where is this office units located?
The property is located at 42 Business Centre Drive Miramar Beach, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,294 square feet of office space across Units 106 and 112; 15 private offices ranging from 7.5'x9' to 11'x13'; Two conference rooms measuring 18.5'x15' and 18.5'x24'
