Marina & Bay View
For Sale
$615,000
9500 Grand Sandestin Boulevard #UNIT 2910 Miramar, Miramar Beach, FL 32550
Penthouse with panoramic marina and bay views in Sandestin.
Property Size1,761 SF
Days on Market470
Property Features for 9500 Grand Sandestin Boulevard #UNIT 2910 Miramar
General Information
Standard status
Active
Size
1,761 SF
Property subtype
Condominium
Amenities
Cable Ready
Ceiling Fans
Central
Central Air
Dishwasher
Disposal
Dryer
Microwave
Refrigerator W/IceMk
Smoke Detector
Smooth Stovetop Rnge
Stove/Oven Electric
Washer
Water Heater - Elect
Deck, Electric, Phone, Public Water, TV Cable
Building Details
Building Size
1,761 SF
Year Built
2003
Stories
11
Listing Agency:
COLDWELL BANKER REALTY
(310) 600-6702
Listed By:
COLDWELL BANKER REALTY
Source:
Kw
Added: May 15, 2025
Changed: Aug 27
Last Checked: Aug 26 at 3:35PM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
Located on the 11th floor of The Grand, Penthouse 2910 offers views of the marina and Choctawhatchee Bay. This 3-bed/3-bath penthouse features contemporary elegance with wood accents, tray ceilings, designer flooring, and custom lighting. The open-concept layout connects the living, dining, and kitchen areas. The residence includes 1,761 square feet of living space, a private garage parking space, and a dedicated storage unit. The kitchen features stainless steel appliances and a full utility closet with washer/dryer. The property is offered fully furnished with decor. Sandestin Golf and Beach Resort spans 2,400 acres from the beach to the bay. The resort includes over seven miles of shoreline, four championship golf courses, 15 tennis courts, a 226-slip marina, a fitness center, a spa, and dining experiences. The Village of Baytowne Wharf features boutique shopping, waterfront dining, and year-round entertainment. Scenic paths wind through live oak groves, lagoons, lakes, and fairways.
Key Highlights
- Unrivaled panoramic marina and Choctawhatchee Bay views from the 11th‑floor penthouse.
- Located within Sandestin Golf and Beach Resort, offering access to extensive amenities.
- Turn‑key, fully furnished 3‑bed/3‑bath penthouse with 1,761 sq ft of luxurious living space.
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
$19,503
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
3.17%
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%
$390,060
$390.1K
Cap Rate 7%
$278,614
$278.6K
Cap Rate 9%
$216,700
$216.7K
Market Conditions
NOI Build-Up for 1,761 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
$42.3K $24.00/SF
− Vacancy
−$6.8K −$3.86/SF
EGI
$35.5K $20.14/SF
− OpEx
−$16.0K −$9.06/SF
NOI
$19.5K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$390,060
Cap Rate 7%
$278,614
Cap Rate 9%
$216,700
Alternative Uses
Best Use
Apartment 5plus
$278.6K
$243.8K – $325.1K
NOI $19,503 @ 7.0% cap · market cap 3.17%
Second Best
Hotel Hospitality
$75.3K
$65.9K – $87.8K
NOI $5,270 @ 7.0% cap · market cap 0.86%
Theoretical Best
Office A
$442.9K
$387.5K – $516.7K
NOI $31,001 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,303
Businesses Nearby
Explore this area
Business Placement
Demographics for 32550, FL
7,828
Population
14,909
Households
0.5
Avg Household Size
58
Median Age
55%
College-Educated
98%
High-School Grad
7.0 sq mi
ZIP Area
1,118
Density / Sq Mi
$96,269
Median Household Income
$60,634
Median Earnings
$2,108
Median Rent
$679,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Penthouse with panoramic marina and bay views in Sandestin.
Where is this apartment building located?
The property is located at 9500 Grand Sandestin Boulevard #UNIT 2910 Miramar Miramar Beach, FL.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Unrivaled panoramic marina and Choctawhatchee Bay views from the **11th‑floor penthouse**.; Located within Sandestin Golf and Beach Resort, offering access to extensive amenities.; Turn‑key, fully furnished **3‑bed/3‑bath penthouse with 1,761 sq ft** of luxurious living space.
