1688 Scenic Gulf DrMiramar Beach, FL 32550

Property Details for 1688 Scenic Gulf Dr

Year built

1974

Construction

STEEL FRAME

Lot size

0.45 AC

Property size (Sq ft)

8,726 SF

Property type

Retail properties

Property subtype

Community centers

APN

32-2S-21-42260-000-0231

APU

322S21422600000231

Description

This exceptional retail property, located at 1688 Scenic Gulf Drive in Miramar Beach, Florida, presents a lucrative investment opportunity. The 8,726 square foot building boasts a prime location directly across from the Gulf of Mexico, ensuring high visibility and significant foot traffic from tourists and residents alike. Currently operating at 100% occupancy with a diverse tenant mix including a national franchise (Dairy Queen), a real estate agency (Emerald Coast Beach Home Realty), and a local restaurant (Pascali Kitchen), the property generates a substantial annual rental income of $248,814. The current leases are nearing their end, providing a potential for significant rental increases. The primary tenant occupies 4,574 square feet and pays below-market rent, offering further upside potential. Annual CAM charges are $34,639.35. The asking price is $8,650,000, representing a 5.00% cap rate. The property is offered as a free-standing building with the possibility of redevelopment up to three stories. The seller is also willing to sell the existing inventory and may consider remaining as a tenant. This presents a unique opportunity to acquire a high-performing retail complex in a highly desirable location. A package deal including two additional properties is also available for a total price of $18,999,999. The remaining lease term on the current tenants is two years. The property is classified as multi-tenancy with a gross lease type.

• CAP approach

  CAP return

  Valuation

  6%

  $1,737,250

  6.5%

  $1,603,615

  7%

  $1,489,071

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,488,294

  Geo Method

  $1,563,235

• Alternative Use

  Use

  Valuation

  Residential

  $1,352,710

  Hospitality

  $1,239,075

  Educational

  $1,030,896

  Medical

  $1,066,350

  Retail

  $1,603,615

Location Insight

City

Miramar Beach

County

Walton

State

Florida

Latitude

30.3771

Longitude

-86.3761

CBSA code

18880

CBSA name

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

Property Tax & Assessments

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