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    4447 Commons Dr Destin, FL 32541

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    4447 Commons Dr Destin, FL 32541

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    • Lifestyle centers
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Thai Basil Destin / Restaurant
    • Engel & Völkers Destin / Real Estate Agency
    • Destin Homes / Real Estate Agency
    • Christine von dem Bach, Realtor / Real Estate Agency
    • Eric Howell - Real Estate Advisor / Real Estate Agency

    Property Details for 4447 Commons Dr

    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Located in Okaloosa County, Florida, the Shoppes at Paradise Key offers prime retail space on US Highway 98, at the main intersection of Destin's primary shopping district. This single-story shopping center boasts a high-profile tenant mix including nationally recognized brands such as Publix, Old Navy, Bed Bath & Beyond, Ross, and The Men's Warehouse, along with a variety of boutiques and restaurants. The property offers flexible space options, with a minimum divisible space of 900 square feet and a maximum contiguous space of 30,000 square feet, making it suitable for a range of retail businesses. Benefit from the exceptional visibility and high traffic volume of this location, averaging nearly 78,000 vehicles daily. The Shoppes at Paradise Key is situated at a key entry point to Florida's Emerald Coast, attracting approximately 5 million annual tourists. The immediate trade area also enjoys a strong average household income exceeding $106,000, providing a robust consumer base. This is a unique opportunity to establish a presence in one of Destin's most successful retail centers. Multiple tenancy options are available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.4279
    Latitude
    30.3916

    Comparable in this City

    • Value Estimation by Request
      8,300 SF

      1012 Us-98

      Lifestyle centers • 8,300 SF
      1012 Us-98, Destin, FL 32541
      View Details
    • Value Estimation by Request
      84,682 SF

      981 Us-98

      Lifestyle centers • 84,682 SF
      981 Us-98, Destin, FL 32541
      View Details
    • Value Estimation by Request
      21,120 SF

      220 Harbor Blvd

      Lifestyle centers • 21,120 SF
      220 Harbor Blvd, Destin, FL 32541
      View Details
    • Value Estimation by Request
      70,000 SF

      862 Us-98

      Neighborhood centers • 70,000 SF
      862 Us-98, Destin, FL 32541
      View Details
    • Value Estimation
      $1,850,000
      9,184 SF

      4418 Cmns E Dr

      MINI-MALL • 9,184 SF
      4418 Cmns E Dr, Destin, FL 32541-8405
      View Details
    • Value Estimation by Request
      10,010 SF

      771 Hbr Blvd Ste, Unit 200

      MINI-MALL • 10,010 SF
      771 Hbr Blvd Ste, Destin, FL 32541-2620
      View Details

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      Destin Hwy 98 Retail Space

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    • $7,900,000
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    • $500,000

      Renovated Retail/Office Space in Destin

      Fully renovated commercial space in a high-traffic Destin location.
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    • $810,000

      Turnkey Investment Opportunity

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      21,120 SF

      Harbor Village Mixed-Use Building

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    Similar Nearby for Lease

    • $23 SF/Yr
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      Destin Retail Space: 5200 SF

      High-traffic Destin retail space, 2nd floor.
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    • $28 SF/Yr
      1,700 SF

      Destin Retail Space For Lease

      High-traffic location, 1700 sq ft, NNN lease.
      1012 US-98, Destin, FL 32541
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    • $27 SF/Yr
      1,400 SF

      Destin Retail Space - Hwy 98

      High-traffic Winn Dixie-anchored center. 1,400 SF available.
      981 U.S 98, Destin, FL 32541
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    • $28 SF/Yr
      1,700 SF

      Destin Shoppes Retail Space Available

      High-traffic Destin retail space for lease.
      1012 US-98, Destin, FL 32541
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    • $30 SF/Yr
      3,200 SF

      Destin Retail Space - Prime Location

      Turnkey restaurant space; high-traffic Destin location.
      4425 Commons Dr E, Destin, FL 32541
      View Details
    • $29 SF/Yr
      5,000 SF

      Destin Bayside Retail Space

      High-traffic, 5,000 SF retail suite, NNN lease.
      Furling Ln, Destin, FL 32541
      View Details
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    Destin, FL 32541
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    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
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    4447 Commons Dr, Destin, FL, 32541

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