Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    109 Melvin St Destin, FL 32541-2338

    • Commercial real estate
    • 8,726 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    $1,555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4652069
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Destin Auto Sales / Car Dealership
    • Wholesale Jewelry Website / Big Box & Wholesale Store
    • Surge Suppression Inc / Building Supply / Electrical Service
    • Destin Fishing Company Charters / Tour Operator / Travel Agency
    • Black Taxi / Moving Company / Logistics Company

    Property Details for 109 Melvin St

    Year built
    1982
    Construction
    FRAME
    Lot size
    0.46 lot acres
    Property size
    8,726 SF
    Property type
    Commercial real estate
    APN
    00-2S-22-0310-000B-2680
    APU
    002S220310000B2680

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,765,000
      6.5%
      $1,630,000
      7%
      $1,515,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,621,000
      Market price range: $1.53M - $4.13M
      AI Estimate
      $1,406,000
      Market price range: $1.07M - $3.49M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,435,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.4997
    Latitude
    30.3941
    CBSA code
    18880
    CBSA name
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,450
    $380,462
    $355,297
    $735,759
    -
    $380,462
    $355,297
    $735,759

    Comparable in this City

    • Value Estimation by Request
      3.13 Acres

      4507 Furling Ln Unit

      Commercial real estate • 3.13 Acres
      4507 Furling Ln Unit, Destin, FL 32541
      View Details
    • Value Estimation by Request

      127 A&

      Commercial real estate
      127 A&, Destin, FL 32541
      View Details
    • Value Estimation by Request
      940 SF

      4507 Furling Ln Ste, Unit 210

      COMMERCIAL (GENERAL) • 940 SF
      4507 Furling Ln Ste, Destin, FL 32541-5343
      View Details
    • Value Estimation by Request
      612 SF

      1234 Airport Rd Ste, Unit 216

      COMMERCIAL (GENERAL) • 612 SF
      1234 Airport Rd Ste, Destin, FL 32541-2925
      View Details
    • Value Estimation by Request
      612 SF

      1234 Airport Rd Ste, Unit 225

      COMMERCIAL (GENERAL) • 612 SF
      1234 Airport Rd Ste, Destin, FL 32541-2925
      View Details
    • Value Estimation
      $3,505,000
      15,952 SF

      4635 Gulfstarr Dr

      COMMERCIAL (GENERAL) • 15,952 SF
      4635 Gulfstarr Dr, Destin, FL 32541-5780
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,380 SF

      Destin Commercial Space - Prime Location

      High-traffic Destin property, 3,380 sq ft.
      36164 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • Contact for pricing
      920 SF

      Destin Office Space - 920 SF

      Class A office, prime Destin location.
      982 Airport Rd, Destin, FL 32541
      View Details
    • Contact for pricing
      11,340 SF

      Destin Office Building: Prime Location

      Class A Office, 11,340 sq ft, Lease Opportunity
      4608 Opa-Locka Ln, Destin, FL 32541
      View Details
    • $225,000

      Destin Airport Hangar - Prime Location

      Rare Hangar Lease Opportunity at Destin Executive Airport.
      1001 B, Destin, FL 32541
      View Details
    • $387,500
      0.58 Acres

      Destin Office Building Investment

      High-yield office space, lease in place
      543 Hbr Blvd Unit, Destin, FL 32541
      View Details
    • $836,500
      0.24 Acres

      Destin Duplex: Income Producing Property

      High-yield Destin duplex, 6 beds/6 baths, $4800/month income.
      603 Mountain Dr, Destin, FL 32541
      View Details

    Similar Nearby for Lease

    • $35 SF/Yr
      10,753 SF

      Destin Retail Center - Highway 98

      High-traffic retail space, Destin, FL. Excellent visibility.
      34761 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $28 SF/Yr
      1,700 SF

      Destin Shoppes Retail Space Available

      High-traffic Destin retail space for lease.
      1012 US-98, Destin, FL 32541
      View Details
    • $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
    • $23 SF/Yr
      30,000 SF

      East Destin Professional Office Space

      Professional office space available in East Destin with excellent visibility.
      35008 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $2,232 /Mo
      1,102 SF

      Destin Office Space For Rent

      Office complex in central Destin, close to shopping and amenities.
      151 Regions Way, Destin, FL 32541
      View Details
    • $1,850 /Mo
      1,216 SF

      Destin Townhome with Private Entrance

      Charming 2BR, 2.5BA townhome in Destin near beaches and amenities.
      28 Court Dr, Destin, FL 32541
      View Details
    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.
    109 Melvin St
    Destin, FL 32541-2338
    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

    Google sign-in failed. Please try again or use another login method.