Second-Floor Office
For Sale
$335,000
4507 Furling Lane, Destin, FL 32541
Commercial for Sale, Destin, FL
Property Size2,300 SF
Price / SF$145.65
Days on Market444
Property Features for 4507 Furling Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From the intersection of Highway 98 & 293, travel east. The Plaza will be on the northside of Highway 98.
Subdivision
14 - Destin
Standard status
Active
APN
00-2S-22-2057-0000-2050; 00-2S-22-2057-0000-2060
Taxes and HOA fees
Tax Description
The Plaza Units 205 & 206
Legal Description
The Plaza Units 205 & 206
Listing Agency:
Taylor Allen Properties LLC
(850) 259-2894
Listed By:
Brett D Stuart · License #678851
(850) 865-9123
Added: Jun 25, 2025
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 979561
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.
Located on the second floor of the mixed-use condominium known as THE PLAZA, this office property combines two units into a single 2,300-square-foot workspace. The layout includes seven offices, a substantial reception area, two restrooms, a compact kitchen, and additional storage, providing a practical configuration for professional operations.
The property is in East Destin along Highway 98, with access from the corridor and signage serving the office location. Parking is available in both the front and rear lots, adding convenience for occupants and visitors.
The property is in East Destin along Highway 98, with access from the corridor and signage serving the office location. Parking is available in both the front and rear lots, adding convenience for occupants and visitors.
Key Highlights
- 2,300 SF office configuration combining two units
- Seven private offices with a large reception area
- Two restrooms, small kitchen, and additional storage
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
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Open Analytics
Current Use
Lease Details
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
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 - Configured professional workspace within a mixed-use condominium, with private offices, reception, support areas, and on-site parking.
Where is this office units located?
The property is located at 4507 Furling Lane 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 office configuration combining two units; Seven private offices with a large reception area; Two restrooms, small kitchen, and additional storage
