1012 Airport Rd, Unit STE-1 Destin, FL 32541-2898

Property Details for 1012 Airport Rd

Year built

2006

Construction

FRAME

Lot size

0.03 lot acres

Property size

1,250 SF

Property type

Office buildings

APN

00-2S-22-1615-0000-0010

APU

002S22161500000010

Description

This exceptional investment opportunity presents a fee-simple interest in a 4,500 square foot, single-tenant office and retail property located at 1012 Airport Rd, Destin, FL 32541. The property, built in 2006, sits on a 0.48-acre lot and boasts a 100% occupancy rate with a 13-year remaining lease term (expiring 10/31/2037, commencing 11/01/2022) featuring a 2% annual rent increase. The absolute NNN lease provides a passive investment opportunity with zero landlord responsibilities. The current Net Operating Income (NOI) is $225,000, resulting in a 7.50% cap rate. The property is strategically located near Scenic Highway 30A, a major tourism corridor generating approximately $7.2 billion in economic impact in 2023, and adjacent to Destin Executive Airport, a premier private aviation hub. The surrounding area features strong demographics, with a population of approximately 560,194 within a 5-mile radius and an average household income of $154,995. Destin's population has grown by 25% since 2000, and the local retail market remains robust, with low vacancy rates. This property offers a secure, income-producing asset in a thriving market, making it an ideal investment for those seeking strong returns in a desirable coastal location. The property is zoned for commercial use and its APN is 00-2S-22-1615-0000-0CA0. The asking price is $3,000,000. Projected cap rate in 2034 is 9.14%.

Location Insight

City

Destin

County

Okaloosa

State

Florida

Longitude

-86.4701

Latitude

30.3953

CBSA code

18880

CBSA name

CRESTVIEW-FORT WALTON BEACH-DESTIN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments