Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Destin Class A Office Building Title is generated by Realmo AI

    4635 Gulfstarr Drive, Destin, FL 32541

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,500,900

    Fully leased Class A office building in Destin, Florida.

    Type:Commercial/Industrial
    Property size:
    15,000 SF
    Lot size:
    1.10 Acres
    Price / SF:
    $233/SF
    Added:
    Mar 12, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 6 at 4:00 am

    Property Features for 4635 Gulfstarr Drive

    General Information

    Standard status
    Active
    Size
    15,000 SF
    Lot size
    1.10 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    2005

    We can help!

    Listing Contact
    Karen K Martineau
    Karen K Martineau

    Listing agent Karen K Martineau License #3096846

    Listing office RE/MAX Coastal Properties

    Listing date Mar 12, 2026

    Source Exitrealty

    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 RE/MAX Coastal Properties

    HighLights

    • 6.3% CAP Rate on a Fully Leased Class A Medical/Professional Office Building
    • Generates $347,884 Annual Income
    • Prime Corner Location with High Visibility and Easy Accessibility via Traffic Light
    • 15,000+ SF of Class A Office Space with High‑Quality Finishes
    • Located in the Heart of Destin, Less Than a Mile from Destin Commons and Whole Foods
    • Highly Visible Large Marquee Sign

    Overview

    This two-story, Class A office building is located in Destin. The property is fully leased and currently operates as a medical and professional office building. Situated on a corner lot with a traffic light, the location provides accessibility and visibility, with over 60,000 vehicles passing daily on Highway 98. A large marquee sign enhances visibility. The building is strategically located less than a mile from Destin Commons, Whole Foods, restaurants, and other businesses. The 15,000+ square feet of Class A office space features high-quality finishes and architectural appeal. The property generates $347,884 in annual income. The current tenant operates on a month-to-month lease and could vacate, offering an opportunity for owner occupancy.

    Financial Insights

    Value Estimation Calculated for Healthcare Medical

    Conservative
    $2.26M
    NOI $202,986 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.90M
    NOI $202,986 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.06M
    NOI $202,986 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Healthcare Medical

    Component $ $/SF
    Gross rent $378.0k $25.20
    − Vacancy −$39.7k −$2.65
    EGI $338.3k $22.55
    − OpEx −$135.3k −$9.02
    NOI $203.0k $13.53
    15,000 SF · lease $25.20/SF/yr · vacancy 10.50% · expense 40.00%

    Alternative Use Scenarios

    Best Use
    Healthcare Medical
    $2.90M
    $2.54M – $3.38M (±1% cap)
    NOI $202,986 @ 7.0% cap · market cap 5.80%
    Second Best
    Office B
    $2.70M
    $2.36M – $3.15M (±1% cap)
    NOI $189,000 @ 7.0% cap · market cap 5.40%
    Theoretical Best
    Office A
    $3.77M
    $3.30M – $4.40M (±1% cap)
    NOI $264,060 @ 7.0% cap · market cap 7.54%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Julia Skinner Dental Office Nicholson Reeder & Reynolds Tax Preparation Westside Psychological Health, ... Physician Julia Sprang Skinner Dental Office Patrick R. Fitzgerald, ... Dental Office

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Real Estate Agency Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Banfield Pet Hospital — 34940 Emerald Coast Pkwy Ste 160, Destin, FL 32541

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Walton
    State
    Florida
    Longitude
    -86.4136
    Latitude
    30.3879

    Nearby Similar for Sale

    • $515,000
      1,536 SF

      Coastal Gem Near Beach Access

      Low-maintenance, furnished home near beach with rental potential.
      3695 Scenic Highway 98, Destin, FL 32541
      View Details
    • $185,000

      Dry Storage Boat Slip

      Bottom level dry storage boat slip in Destin, Florida.
      4601 Legendary Marina Drive, Destin, FL 32541
      View Details
    • $439,500
      1,825 SF

      Spacious Single-Level Home in Destin

      Centrally located three-bedroom home with modern upgrades and investment potential.
      4218 Jade Loop, Destin, FL 32541
      View Details
    • $30
      3,380 SF

      Emerald Coast Office/Retail Space

      1,086 SF office/retail space near Destin's attractions and beaches.
      36164 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $500,000
      1,400 SF

      Renovated Retail/Office Space in Destin

      Fully renovated commercial space in a high-traffic Destin location.
      4507 Furling Lane, Destin, FL 32541
      View Details
    • $1,100,000
      5,258 SF

      Harbor Blvd Commercial Office Buildings

      Two office buildings on 0.46 acres with parking.
      725 Harbor Blvd, Destin, FL
      View Details
    • $200,000

      Destin, FL Boat Slip

      36 x 16 ft wet slip with 24-thousand pound lift.
      770 Harbor Boulevard, Destin, FL 32541
      View Details
    • $669,000
      1,425 SF

      Destin Duplex on Large Lot

      Duplex in Destin, Florida with long-term tenants.
      619 Mimosa Avenue, Destin, FL 32541
      View Details
    • $817,500
      4,314 SF

      4,029 SF Professional Office Space located on the West End of Destin For Sale

      Professional office space on the West End of Destin, Florida.
      150 Azalea Dr, Destin, FL 32541
      View Details
    • $4,995,000
      22,676 SF

      Class A Office Building

      Exceptional Class A office building in Destin, Florida for sale.
      4458 Legendary Drive, Destin, FL 32541
      View Details
    • $465,000
      2,300 SF

      East Destin Office Space

      Nicely appointed office space in a mixed-use condo.
      4507 Furling Ln, Destin, FL
      View Details
    • $649,900
      1,030 SF

      Destin Condo with Gulf Views

      Remodeled two-bedroom condo with gulf views and updated amenities.
      500 Gulf Shore Drive UNIT 119B, Destin, FL 32541
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Fully leased Class A office building in Destin, Florida.
    Where is this medical office space located?
    The property is located at 4635 Gulfstarr Drive Destin, FL.
    What is the asking price?
    The asking price for this property is $3,500,900.
    What are key features of this property?
    This property features: 6.3% CAP Rate on a Fully Leased Class A Medical/Professional Office Building; Generates $347,884 Annual Income; **Prime Corner Location with High Visibility and Easy Accessibility via Traffic Light**
    (850) 837-9900
    We can help!
    Listing Contact
    Karen K Martineau
    Karen K Martineau
    Real Estate License ID: 3096846
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4635 Gulfstarr Drive, Destin, FL 32541
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!