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    796 Harbor Blvd Destin, FL 32541

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    796 Harbor Blvd Destin, FL 32541

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    • Commercial real estate
    • 2.88 lot acres
    Off-Market
    Property ID
    US18-5992413
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 796 Harbor Blvd

    Lot size
    2.88 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 2.88-acre parcel presents a remarkable development opportunity in Destin, Florida. Located at 796 Harbor Blvd, this high-density residential zoned land boasts over 300 feet of captivating waterfront on Destin Harbor. Currently part of the Marbella Condominium Project, the property includes a Development Order for a 52-unit residential condominium tower. However, the zoning allows for potential amendment to accommodate single-family homes or townhomes, offering considerable flexibility for developers. The site benefits from completed infrastructure, including sewer, water, and underground utilities, with a Certificate of Completion issued by the City of Destin. This ensures a streamlined development process, minimizing potential delays and costs. A comprehensive survey is readily available, along with copies of the Marbella Master Condominium Project documents, providing detailed insights into the existing development framework and community guidelines. This prime location in Okaloosa County, Florida (zip code 32541), offers unparalleled access to Destin's vibrant lifestyle and stunning natural beauty. The asking price for this exceptional property is $3,995,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Destin
    County
    Okaloosa
    State
    Florida
    Longitude
    -86.484528
    Latitude
    30.388803

    Comparable in this City

    • Contact for pricing

      Updated Gulf View Condo

      Updated 1BR condo with hall bunks and unobstructed Gulf views.
      1002 E Highway 98, Destin, FL 32541
      View Details
    • $649,900
      1,030 SF

      Destin Condo with Gulf Views

      Remodeled two-bedroom condo with gulf views and updated amenities.
      500 Gulf Shore Dr, Destin, FL 32541
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    • $4,500,000
      Pending

      Harbor Village Mixed-Use Building

      Renovated mixed-use building with retail and residential units.
      220 Harbor Blvd, Destin, FL 32541
      View Details
    • $340,500
      970 SF

      Updated Ground Floor Condo

      Updated condo near beach with amenities and shuttle service.
      4207 Indian Bayou Trl, Destin, FL 32541
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Updated Gulf View Condo

      Updated 1BR condo with hall bunks and unobstructed Gulf views.
      1002 E Highway 98, Destin, FL 32541
      View Details
    • $649,900
      1,030 SF

      Destin Condo with Gulf Views

      Remodeled two-bedroom condo with gulf views and updated amenities.
      500 Gulf Shore Dr, Destin, FL 32541
      View Details
    • $4,500,000
      Pending

      Harbor Village Mixed-Use Building

      Renovated mixed-use building with retail and residential units.
      220 Harbor Blvd, Destin, FL 32541
      View Details
    • $340,500
      970 SF

      Updated Ground Floor Condo

      Updated condo near beach with amenities and shuttle service.
      4207 Indian Bayou Trl, Destin, FL 32541
      View Details
    • New
      $515,000
      1,536 SF

      Coastal Gem Near Beach Access

      Low-maintenance Destin property with deeded beach access and community pool.
      3695 Scenic Highway 98, Destin, FL 32541
      View Details

    Similar Nearby for Lease

    • $195,000

      Prime Land Lease Opportunity

      Two outparcels for ground lease near future hotel.
      1001 Us Highway 98, Destin, FL 32541
      View Details
    • $13,750 /Mo
      2,372 SF

      Freestanding Commercial Building For Lease

      Freestanding commercial building with versatile space on 0.46 acres.
      661 Harbor Blvd, Destin, FL 32541
      View Details
    • Contact for pricing
      7,000 SF

      Prime Commercial Space in Destin

      Class A commercial property in Destin, Florida, with high visibility.
      4460 Legendary Dr, Destin, FL 32541
      View Details
    • $23 SF/Yr
      5,200 SF

      Destin Retail Space: 5200 SF

      High-traffic Destin retail space, 2nd floor.
      4495 Furling Ln, Destin, FL 32541
      View Details
    • $17 SF/Yr
      2,421 SF

      East Destin Office Space Available

      High-end office suite, 2421 sq ft.
      36468 Emerald Coast Pkwy, Destin, FL 32541
      View Details
    • $18 SF/Yr
      496 SF

      Destin Executive Suite For Lease

      Prime Destin office space, 496 sq ft, NNN lease.
      4476 Legendary Drive, Destin, FL 32541
      View Details
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    796 Harbor Blvd
    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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    796 Harbor Blvd, Destin, FL, 32541

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