Second-Floor Office
For Sale
$335,000
4507 Furling Lane 205 & 206, Destin, FL 32541
Built-out commercial suite with reception, restrooms, kitchenette, and storage.
Property Size2,300 SF
Price / SF$145.65
Days on Market22
Property Features for 4507 Furling Lane 205 & 206
General Information
Standard status
Active
Size
2,300 SF
Additional Details
Floor
2
Highway Access
Yes
Listing Agency:
Taylor Allen Properties LLC
(850) 865-9123
Listed By:
Brett D Stuart · License #678851
Source:
Cloviscannonhomes
Added: Aug 11
Changed: Aug 31
Last Checked: Aug 30 at 8:04PM
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.
This second-floor office offering combines two condominium units into a single 2,300 SF workplace. The layout provides 7 private offices, a substantial reception area, 2 restrooms, a compact kitchen area, and additional storage. The space is located within the mixed-use condominium at THE PLAZA.
Positioned in East Destin along Highway 98, the property provides access to on-site parking in both front and rear lots. Exterior signage is also available, supporting identification for occupants and visitors.
Positioned in East Destin along Highway 98, the property provides access to on-site parking in both front and rear lots. Exterior signage is also available, supporting identification for occupants and visitors.
Key Highlights
- 2,300 SF office configuration combining two units into one space
- 7 offices with a large reception area
- 2 restrooms, small kitchen area, 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
Current Use
Lease Details
Yes
Highway 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Built-out commercial suite with reception, restrooms, kitchenette, and storage.
Where is this office units located?
The property is located at 4507 Furling Lane 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 office configuration combining two units into one space; 7 offices with a large reception area; 2 restrooms, small kitchen area, and additional storage
