2052 Scenic Gulf DrMiramar Beach, FL 32550

Property Details for 2052 Scenic Gulf Dr

Year built

2016

Construction

STEEL FRAME

Lot size

0.37 AC

Property size (Sq ft)

3,840 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

30-2S-21-42290-000-1080

APU

302S21422900001080

Description

This exceptional retail investment opportunity in Miramar Beach, Florida, presents a 3,840 square foot multi-tenant building situated on Scenic Gulf Drive. The property boasts a prime location directly across from the Gulf of Mexico beaches, ensuring high visibility and significant foot traffic from resort beach visitors. Currently operating at 100% occupancy, the property generates $230,700 in annual rental income with a 5.00% cap rate. The building is comprised of three tenants: Paradise Found (1,720 sq ft), Frozen Dunes (860 sq ft on an older lease), and Emerald Coast Cruiser (860 sq ft on a brand new lease). Annual CAM charges are $19,691. The asking price is $5,900,000, and the current leases have a remaining term of two years. The existing owner, Paradise Found, is willing to remain as a tenant or relocate, and is also open to selling their existing inventory to a new buyer. This property offers significant upside potential, with the possibility of adding apartments above the existing commercial space. The property is also available as part of a larger package deal including two additional buildings for a total price of $18,999,999. This is a rare opportunity to acquire a thriving retail property in a highly desirable beachfront location.

• CAP approach

  CAP return

  Valuation

  6%

  $764,501

  6.5%

  $705,694

  7%

  $655,287

• Comparable approach

  Method

  Valuation

  Relative Method

  $654,945

  Geo Method

  $687,924

• Alternative Use

  Use

  Valuation

  Residential

  $595,279

  Hospitality

  $545,272

  Educational

  $453,660

  Medical

  $469,262

  Retail

  $705,694

Location Insight

City

Miramar Beach

County

Walton

State

Florida

Latitude

30.3781

Longitude

-86.3824

CBSA code

18880

CBSA name

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

Property Tax & Assessments

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