1688 Scenic Gulf Dr
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1688 Scenic Gulf Dr
8,726 SF 100% Leased Retail Building Destin, FL 32550 $8,450,000 ($968/SF) 9.50% Cap Rate
Investment Highlights
- Across from beach
- Can be built up to 3 stories
- Lower price per sq ft than residential
Executive Summary
***Price reduced and owner now willing to sell building individually*** Free Standing building. Highly desirable retail location across the road from the beaches of the Gulf of Mexico. Tremendous resort visitor traffic. The owner of the building occupies the majority (4574 sq ft) and has 3 other tenants including national franchise Dairy Queen, Emerald Coast Beach Home Reality, and Pascali Kitchen all leases are on the back end of their term. Owner could stay as a tenant or relocate. CAM is $34,639.35 annually. Current rent income is 248,814 annually, with owner paying well below market rent. Owner also willing to sell existing inventory if buyer wants to continue retail business. If torn down, can be built up to 3 stories.
***Owner willing to sell all 3 listings together 1200 Scenic Gulf, 1688 Scenic Gulf & 2052 Scenic Gulf package deal at $18,999,999***
***Owner willing to sell all 3 listings together 1200 Scenic Gulf, 1688 Scenic Gulf & 2052 Scenic Gulf package deal at $18,999,999***
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Bulk/Portfolio Sale
Property Type
Retail
Property Subtype
Building Size
8,726 SF
Building Class
C
Year Built
1974
Price
$8,450,000
Price Per SF
$968
Cap Rate
9.50%
NOI
$802,750
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.45
Land Acres
0.45 AC
Zoning
Commercial - Retail
Parking
14 Spaces (1.89 Spaces per 1,000 SF Leased)
Frontage
200 FT on Scenic Gulf Drive
Amenities
- Monument Signage
PROPERTY TAXES
| Parcel Number | 32-2S-21-42260-000-0231 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $635,394 |
PROPERTY TAXES
Parcel Number
32-2S-21-42260-000-0231
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$635,394
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Don Janovyak -
Emerald Coast Realty Group
1 of 10
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1688 Scenic Gulf Dr
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