A unique commercial and residential real estate opportunity presents itself at 220 Harbor Blvd in Destin, Florida. The entire building of Harbor Village is for sale, complete with ten retail storefront units and ten two-story apartments, each with 2 bedrooms and 2.5 baths. Each upper two-level residence and lower-level commercial space can have separate tenants, creating twenty (20) different leases each month. The entire building is currently fully occupied.
This three-story tall Mediterranean-styled retail and apartment building has a premium presence on the south side of Harbor Boulevard in Downtown Destin. You have surely seen it if you ever traveled along this route. It sits above the harbor right across the street from the City of Destin's largest public parking lot, located on the north side of Harbor Boulevard. A pedestrian cross walk directs visitors towards this retail apartment building, along with other restaurants, bars, and all the delights in nearby HarborWalk Village. As you know, location plays a vital role in real estate value, and this established locale has a lot of traffic. HarborWalk Village is Destin's golden Americana-styled crown jewel with loads of restaurants, bars, live music, shopping adventures, outdoor concerts, fun festivals, and spectacular seasonal firework celebrations. Locals and visitors alone flock to this area very frequently.
The purchase includes ten (10) separate deeds incorporating a street-level commercial retail storefront and a residential apartment above it. This property has excellent zoning provisions since it is in the City of Destin's South Harbor Mixed-Use plan. Besides residential use, owners or tenants can operate boutiques, bistros, cafes, pubs, food markets, liquor stores, specialty shops, and professional services. The site has 220 linear feet of frontage on Harbor Boulevard (Highway 98) with nearly one acre, including fifty-six (56) parking spaces. The property is embellished by a row of palm trees with indigenous tropical plantings and live oak trees that shade the parking area.
Ten commercial storefront units include plate glass windows that frame approximately 600 square feet. The apartments above them are accessed by stairwells that connect to an open hallway leading up to each front door from the back of the building. These two-story apartments include about 1,400 square feet with two bedrooms that feature ensuite baths and a half-bath powder room.
First-floor levels of each apartment include an open living, kitchen, and dining area. The forward-facing dining room has access to a front balcony overlooking the palm tree tops and roadway. A powder room is also found on this level.
These apartments have been recently updated with fresh paint, new parchment tile in the living areas, and carpeting in the bedrooms. They include updated kitchens with stone countertops, stainless steel appliances, and custom cabinetry.
The primary and guest bedrooms are upstairs with private ensuite baths, including tub-shower combinations. The primary bedrooms also have a private balcony.
This unique commercial and residential investment property is offered for sale at $4,995,000, including approximately 20,000 square feet. Currently, four other comparable commercial properties are for sale in Destin and Miramar Beach. They include a retail strip with 10,000 square feet on Emerald Coast Parkway in Miramar Beach listed at $1,700,000, a professional office building with 3,442 square feet for $4,950,000, a retail building with 3,440 square feet for $6,000,000, and a retail center on Scenic Gulf Drive in Miramar Beach for $8,750,000.
Interested in this fine real estate endeavor? Contact our Ocean Reef Real Estate Sales team today at 877-392-6085. We can provide a complimentary comparative market analysis (CMA) showing complete details on like-kind properties listed for sale, along with pending contracts and recent sales. We can also provide details on current rental income, maintenance costs, insurance expenses, taxes, and other important information. Once fully and comfortably informed, we will happily arrange a private tour. See you on the Emerald Coast soon!