1012 Airport RdDestin, FL 32541

Property Details for 1012 Airport Rd

Year built

2006

Construction

FRAME

Lot size

0.03 AC

Property size (Sq ft)

1,250 SF

Property type

Office properties

Property subtype

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%.

• CAP approach

  CAP return

  Valuation

  6%

  $169,293

  6.5%

  $156,271

  7%

  $145,109

• Comparable approach

  Method

  Valuation

  Relative Method

  $84,602

  Geo Method

  $88,862

• Alternative Use

  Use

  Valuation

  Residential

  $193,776

  Hospitality

  $177,498

  Educational

  $147,676

  Medical

  $152,755

  Retail

  $229,718

Location Insight

City

Destin

County

Okaloosa

State

Florida

Latitude

30.3953

Longitude

-86.4701

CBSA code

18880

CBSA name

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

Property Tax & Assessments

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