Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Holiday Isle Canal Frontage Land Title is generated by Realmo AI

    506 Vera Cruz Drive, Destin, FL 32541

    View on Map
    Claim this Listing
    For Sale
    $1,225,000

    Vacant land with canal frontage in Holiday Isle, Destin.

    Type:Land / Vacant Land
    Property size:
    11,325 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $108/SF
    Added:
    Feb 21, 2026
    Days on Market:
    102
    Last Refresh:
    Mar 17 at 3:15 am

    Property Features for 506 Vera Cruz Drive

    General Information

    Standard status
    Active
    Size
    11,325 SF
    Lot size
    0.26 Acres
    Property subtype
    Land / Vacant Land

    We can help!

    Listing Contact
    Christian L Wade
    Christian L Wade

    Listing agent Christian L Wade License #3465410

    Listing office EXP Realty LLC

    Listing date Feb 21, 2026

    Source Compass

    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 EXP Realty LLC

    HighLights

    • Canal Frontage: Enjoy nearly 90 feet of waterfront property.
    • Vacant Lot: One of the last remaining vacant lots in Holiday Isle.
    • Boater/Builder Opportunity: Ideal for boaters and those looking to build your dream home.
    • Location: Situated in the heart of Destin.
    • Gulf Access: Quick access to Destin's ''East Pass'' and the Gulf of America.
    • Fishing: Located in Destin, the ''World's Luckiest Fishing Village''.

    Overview

    This vacant land offers an opportunity for boaters and builders in Holiday Isle. The property features nearly 90 feet of canal frontage and provides access to Destin's East Pass and the Gulf of America. Destin is known as the World's Luckiest Fishing Village. The property size is 11325 square feet.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Walton
    State
    Florida
    Longitude
    -86.4981047
    Latitude
    30.3853509

    Nearby Similar for Sale

    • $699,000

      Destin Lakefront Homesite Opportunity

      Private lakefront homesite near beach access in Destin, Florida.
      55 Kokomo Row, Destin, FL 32541
      View Details
    • $4,650,000

      Gulf Front Lot in Destin

      Rare gulf front lot in gated Destiny by the Sea.
      4710 Ocean Boulevard, Destin, FL 32541
      View Details
    • $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
    • $1,225,000

      Waterfront Land in Destin, Florida

      Vacant lot with canal frontage in Holiday Isle, Destin.
      506 Vera Cruz Drive, 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
    • $650,000

      Destin Land in Gated Community

      Undeveloped lot in Destiny East with resort-style amenities.
      4713 Seastar, Destin, FL 32541
      View Details
    • $3,500,900
      15,000 SF

      Destin Class A Office Building

      Fully leased Class A office building in Destin, Florida.
      4635 Gulfstarr Drive, Destin, FL 32541
      View Details
    • $699,900

      Destin Land Near Joe's Bayou

      Four residential lots in Destin, near Joe's Bayou.
      4 Lots First Street, Destin, FL 32541
      View Details
    • $399,900

      Destin Land in Gated Community

      Homesite in Destiny, near beaches and amenities.
      4600 Paradise Isle, 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
    • $6,975,000

      Gulf Front Lot in Destin

      Gulf front lot in gated Destin Pointe beach resort.
      73 Lands End Drive, Destin, FL 32541
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Vacant land with canal frontage in Holiday Isle, Destin.
    Where is this waterfront land located?
    The property is located at 506 Vera Cruz Drive Destin, FL.
    What is the asking price?
    The asking price for this property is $1,225,000.
    What are key features of this property?
    This property features: Canal Frontage: Enjoy nearly 90 feet of waterfront property.; Vacant Lot: One of the last remaining vacant lots in Holiday Isle.; Boater/Builder Opportunity: Ideal for boaters and those looking to build your dream home.
    (850) 454-5841
    We can help!
    Listing Contact
    Christian L Wade
    Christian L Wade
    Real Estate License ID: 3465410
    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
    506 Vera Cruz 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!