Second-Floor Office
For Sale
$335,000
4507 Furling Ln 205 & 206, Destin, FL 32541
Built-out office configuration includes private offices, reception, restrooms, kitchen space, and storage.
Property Size2,300 SF
Price / SF$145.65
Days on Market288
Property Features for 4507 Furling Ln 205 & 206
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
2
Amenities
large reception area
two restrooms
small kitchen area
plenty of additional storage
signage
Listing Agency:
Taylor Allen Properties LLC
Listed By:
Brett D Stuart · License #678851
(850) 865-9123
Source:
Emeraldcoasthomefinder
Added: Nov 23, 2025
Changed: Sep 7
Last Checked: Sep 6 at 2:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Taylor Allen Properties LLC
Investment Insights
Based on property information with market context.
Located on the second floor of The Plaza, this 2,300-square-foot office property combines two units into a single built-out workspace. The layout includes 7 offices, a generous reception area, two restrooms, a compact kitchen, and additional storage. The property is part of a mixed-use condominium setting and includes parking areas at both the front and rear of the building.
The office is positioned along Highway 98 in East Destin, with access from Furling Ln and on-site signage. The address is 4507 Furling Ln, Units 205 and 206, Destin, Florida 32541.
The office is positioned along Highway 98 in East Destin, with access from Furling Ln and on-site signage. The address is 4507 Furling Ln, Units 205 and 206, Destin, Florida 32541.
Key Highlights
- 2,300 SF second‑floor office combining Units 205 and 206
- 7 offices with reception, 2 restrooms, kitchen area, and storage
- Mixed‑use condominium setting at The Plaza
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
$28,980
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
8.65%
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%
$579,600
$579.6K
Cap Rate 7%
$414,000
$414.0K
Cap Rate 9%
$322,000
$322.0K
Market Conditions
NOI Build-Up for 2,300 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
$48.3K $21.00/SF
− Vacancy
−$9.7K −$4.20/SF
EGI
$38.6K $16.80/SF
− OpEx
−$9.7K −$4.20/SF
NOI
$29.0K $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%
$579,600
Cap Rate 7%
$414,000
Cap Rate 9%
$322,000
Alternative Uses
Best Use
Office B
$414.0K
$362.3K – $483.0K
NOI $28,980 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$578.4K
$506.1K – $674.8K
NOI $40,489 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
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
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 - Built-out office configuration includes private offices, reception, restrooms, kitchen space, and storage.
Where is this office units located?
The property is located at 4507 Furling Ln 205 & 206 Destin, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 2,300 SF second‑floor office combining Units 205 and 206; 7 offices with reception, 2 restrooms, kitchen area, and storage; Mixed‑use condominium setting at The Plaza
