Harbor Village Mixed-Use
For Sale
Contact for pricing
220 Harbor Blvd, Destin, FL 32541
Renovated mixed-use building with retail and residential units.
Property Size21,120 SF
Lot Size1.00 Acre
Price / SF$213.07
Days on Market1167
Property Features for 220 Harbor Blvd
General Information
Standard status
Active
Size
21,120 SF
Lot size
1.00 Acre
Property subtype
Mixed Use, Multifamily, Retail
Zoning
SHMU
Occupancy
100%
Building Details
Year Built
1992
Buildings
1
Stories
2
Units
10
Tenancy
Multi
Listing Agency:
Somers & Company
Listed By:
John Paul Somers · License #FL 3210089
(850) 654-7777
Source:
Crexi
Added: Aug 9, 2023
Changed: Oct 14
Last Checked: Oct 16 at 9:42AM
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 Somers & Company
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Investment Insights
Based on property information with market context.
This entire building is offered for sale. Located on the South side of Harbor Boulevard in Destin, Florida, the property includes 10 contiguous commercial retail storefront units, each measuring approximately 1600 square feet, and 10 two-story apartments, each measuring approximately 1,400 square feet with 2 bedrooms and 2.5 baths, featuring front and rear balconies. The location creates synergy from patrons walking across Harbor Boulevard from one of the City of Destin's largest public parking lots, which is located on the North side of Harbor Boulevard with a pedestrian crossing directing visitors to the retail storefronts of this venue, known as Harbor Village. The entire building has been renovated. The site contains nearly 1 acre with approximately 220 feet of Highway 98 (aka, Harbor Boulevard) frontage, and a total of 56 parking spaces. Each of the 10 separate deeds include 1 commercial retail storefront and 1 residential apartment atop the commercial space, both offering independent access, thus allowing for two different tenants in each of the units; in other words, the building in entirety could host 20 different tenants. The City of Destin zoning is known as South Harbor Mixed Use (SHMU).
Key Highlights
- Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic from a large public parking lot.
- Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.
- Each unit has separate deeds for the commercial and residential spaces, allowing for up to 20 tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$303,589
Cap Rate
6.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,071,780
$6.1M
Cap Rate 7%
$4,336,986
$4.3M
Cap Rate 9%
$3,373,211
$3.4M
Market Conditions
NOI Build-Up for 21,120 SF
Gross rent
$468.9K $22.20/SF
− Vacancy
−$35.2K −$1.67/SF
EGI
$433.7K $20.54/SF
− OpEx
−$130.1K −$6.16/SF
NOI
$303.6K $14.37/SF
Area
Okaloosa County, FL
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,071,780
Cap Rate 7%
$4,336,986
Cap Rate 9%
$3,373,211
Alternative Uses
Best Use
Retail
$4.34M
$3.79M – $5.06M
NOI $303,589 @ 7.0% cap · market cap 6.75%
Second Best
Mixed Use
$3.67M
$3.21M – $4.28M
NOI $256,608 @ 7.0% cap · market cap 5.70%
Theoretical Best
Specialty Retail
$8.14M
$7.12M – $9.50M
NOI $569,727 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,421
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building with retail and residential units.
Where is this mixed-use property located?
The property is located at 220 Harbor Blvd Destin, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Prime location on Harbor Boulevard in Destin, benefiting from pedestrian traffic from a large public parking lot.; Consists of 10 commercial retail storefront units and 10 two‑story apartments, offering diverse income streams.; Each unit has separate deeds for the commercial and residential spaces, allowing for up to 20 tenants.
