Second-Floor Office
For Sale
$339,000
42 Business Centre Drive, Miramar Beach, FL 32550
Commercial for Sale, Miramar Beach, FL
Property Size1,475 SF
Price / SF$229.83
Days on Market87
Property Features for 42 Business Centre Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From the intersection of Hwy 98 & Holiday Road, continue one block east. The Summit office building is 4 stories and on the south side of Hwy 98. 2nd floor units located in the SW corner.
Subdivision
15 - Miramar/Sandestin Resort
Standard status
Active
APN
29-2S-21-42625-000-0205; 29-2S-21-42625-000-0204
Taxes and HOA fees
Tax Description
Units 204 & 205 The Summit
Legal Description
Units 204 & 205 The Summit
Listing Agency:
Taylor Allen Properties LLC
(850) 259-2894
Listed By:
Brett D Stuart · License #678851
(850) 865-9123
Added: Jun 19
Changed: Sep 11
Last Checked: Sep 13 at 2:06PM
MLS# 1005813
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 1475 SF office unit occupies the second floor of the Summit Office building, positioned near the elevator in the building’s southwest corner. The interior includes six offices with windows, a substantial open area with built-in cabinetry, and several storage rooms. Floor-to-ceiling windows are featured in several of the offices, bringing natural light into the workspace.
The property is located at 42 Business Centre Drive in Miramar Beach, Florida, within Walton County. Its combination of enclosed offices, open workspace, cabinetry, and storage provides a clearly defined office configuration for professional use.
The property is located at 42 Business Centre Drive in Miramar Beach, Florida, within Walton County. Its combination of enclosed offices, open workspace, cabinetry, and storage provides a clearly defined office configuration for professional use.
Key Highlights
- 1475 SF second‑floor office unit in the Summit Office building
- Six windowed offices plus a large open area
- Built‑in cabinetry within the open workspace
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
$18,585
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
5.48%
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%
$371,700
$371.7K
Cap Rate 7%
$265,500
$265.5K
Cap Rate 9%
$206,500
$206.5K
Market Conditions
NOI Build-Up for 1,475 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
$31.0K $21.00/SF
− Vacancy
−$6.2K −$4.20/SF
EGI
$24.8K $16.80/SF
− OpEx
−$6.2K −$4.20/SF
NOI
$18.6K $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%
$371,700
Cap Rate 7%
$265,500
Cap Rate 9%
$206,500
Alternative Uses
Best Use
Office B
$265.5K
$232.3K – $309.8K
NOI $18,585 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$370.9K
$324.6K – $432.8K
NOI $25,966 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
884
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Six windowed offices, an open work area, built-in cabinetry, and storage rooms create a practical professional layout.
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 $339,000.
What are key features of this property?
This property features: 1475 SF second‑floor office unit in the Summit Office building; Six windowed offices plus a large open area; Built‑in cabinetry within the open workspace
