Add Listing
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

    225 Pelican Pl Destin, FL 32541-7355

    • Warehouses
    • 7,160 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Jul 06, 2021
    Value Estimations
    $915,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3703842
    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 welding / General Contractor
    • Paradise Landscape Inc / Landscaping / General Contractor
    • Salty Life Upholstery LLC / Furniture & Home Goods
    • Southern Garage Doors LLC / Building Supply / General Contractor
    • Top Notch Stitch Upholstery LLC / Furniture & Home Goods

    Property Details for 225 Pelican Pl

    Year built
    1995
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.46 lot acres
    Property size
    7,160 SF
    Property type
    Warehouses
    APN
    00-2S-22-0310-000E-3250
    APU
    002S220310000E3250

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $810,000
      6.5%
      $750,000
      7%
      $695,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,068,000
      Market price range: $792k - $1.36M
      AI Estimate
      $929,000
      Market price range: $294k - $1.36M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $965,000
      Current use
      RESTAURANT
      $1,520,000
      Change: +58% Conversion: Difficult
      OFFICE BUILDING
      $1,435,000
      Change: +49% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,120,000
      Change: +16% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,105,000
      Change: +15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.5029
    Latitude
    30.3955
    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
    $6,921
    $380,462
    $242,817
    $623,279
    -
    $380,462
    $242,817
    $623,279

    Comparable in this City

    • Value Estimation
      $885,000
      6,182 SF

      4307 Derby Ln

      WAREHOUSE, STORAGE • 6,182 SF
      4307 Derby Ln, Destin, FL 32541-8407
      View Details
    • Value Estimation
      $9,850,000
      63,110 SF

      4656 Gulfstarr Dr

      MINI-WAREHOUSE, STORAGE • 63,110 SF
      4656 Gulfstarr Dr, Destin, FL 32541-3715
      View Details
    • Value Estimation
      $10,880,000
      13,910 SF

      Gulfstarr Dr

      MINI-WAREHOUSE, STORAGE • 13,910 SF
      Gulfstarr Dr, Destin, FL 32541
      View Details
    • Value Estimation by Request
      4,000 SF

      120 Palmetto Plb

      WAREHOUSE, STORAGE • 4,000 SF
      120 Palmetto Plb, Destin, FL 32541
      View Details
    • Value Estimation by Request
      3,000 SF

      295 Azalea Dr, Unit 3

      WAREHOUSE, STORAGE • 3,000 SF
      295 Azalea Dr, Destin, FL 32541-7368
      View Details
    • Value Estimation by Request
      1,000 SF

      170 Azalea Dr

      WAREHOUSE, STORAGE • 1,000 SF
      170 Azalea Dr, Destin, FL 32541-2342
      View Details

    Similar Nearby for Sale

    • $1,200,000

      Income-Producing Warehouse/Office in Destin

      Warehouse/office space in Destin's Emerald Coast Parkway.
      36468 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • Contact for pricing
      23,770 SF

      Destin Industrial Space For Lease

      High-bay warehouse & office space available.
      2 Industrial Park Ln, Destin, FL 32541
      View Details
    • $1,650,000
      Pending

      Destin Mixed-Use Flex Building

      Mixed-use property with office, retail, showroom, and flex space.
      209 Main St, Destin, FL 32541
      View Details
    • Contact for pricing
      16,800 SF

      Destin Industrial Space For Lease

      Large warehouse, office space available.
      2 Industrial Park Ln, Destin, FL 32541
      View Details
    • Contact for pricing
      12,950 SF

      Destin Industrial Flex Space

      Prime Destin Flex Warehouse: 12,950 SF, 1.43 Acres
      101 Mattie M Kelly Blvd, Destin, FL 32541
      View Details
    • $387,500
      1,550 SF

      Destin Office Condo: Prime Location

      1,550 SF Office Suite, Net Lease, Strong Cash Flow
      543 Harbor Blvd, Destin, FL 32541
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      30,000 SF

      30000 SF Warehouse Space Available

      Warehouse/Industrial space available for lease.
      35008 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $3,600 /Mo
      2,200 SF

      Destin Commercial Rental with Warehouse

      2200 SF commercial space with offices and warehouse.
      150 Industrial Park Rd, Destin, FL 32541
      View Details
    • $14 SF/Yr
      5,400 SF

      Destin Flex Space For Rent

      Flex space available for lease in Destin, Florida.
      2 Industrial Park Ln, Destin, FL 32541
      View Details
    • $5,491 /Mo
      3,661 SF

      Destin Flex Warehouse Space Available

      Flex warehouse space with loading dock in Destin, Florida.
      101 Mattie M Kelly Blvd, Destin, FL 32541
      View Details
    • $14,500 /Mo
      12,000 SF

      Modernized Industrial/Office Space For Rent

      Modernized industrial/office space with loading dock and mezzanine level.
      838 Airport Rd, Destin, FL 32541
      View Details
    • Sponsored
      Contact for pricing

      FL, Destin - Airport Road

      Workspaces, services and support to help you work better in FL, Destin - Airport Road
      1012 Airport Rd, 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.
    225 Pelican Pl
    Destin, FL 32541-7355
    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.
    Sign Up Successful!
    You now have access to more from Realmo!