Rarely does such a unique real estate opportunity avail itself in Destin. This property has an excellent location, provides a pre-existing lease for lucrative rental income, and has its own dock with two boat slips. This duplex at 722 Harbor Boulevard in Destin has a total of 3,156 square feet. It is currently divided into a double income rental home.
Each unit has a carport, an open living area, a full kitchen, two bedrooms, and two baths. The frontage on Harbor Boulevard includes a large paved parking area leading up to duo carports landscaped with towering Palm trees. They cover roughly 1,578 square feet each. Sliding glass doors from each unit lead to a sun deck that spans its entire width on the harbor side, which is partially shaded by a mini-forest of Live Oak trees. A stairway and ramp lead down to the harbor dock.
You have certainly heard that real estate value is based upon “Location, Location, Location!” That mantra is very true, and besides everything else, this property’s paramount position exemplifies this fact. It sits on almost one-third of an acre high upon an ancient dune above the Destin harbor. This locale is minutes away from a wide array of popular restaurants, friendly bars, area grocery stores, wine outlets, and family amusements. The golden Americana styled Destin showcase of HarborWalk Village is less than five minutes away.
The Destin Marina beside it is home to the largest private charter fishing fleet in all of North America. Fun adventures abound here with fishing trips out into the bountiful Gulf, sunset dinner cruises, and dolphin sightseeing excursions, to name a few. The village itself features lots of great dockside restaurants with casual bars, specialty shops, free live music at outdoor concert venues, fun festivals year-round, and exciting seasonal firework celebrations often choreographed to music on surround sound systems.
A Pre-existing Lease
This duplex property has two units, and each one has a long term lease that expires in March of 2021. This property gives you four interesting options. First, you have the option of extending this lease for continued income as a rental investment. Secondly, you may extend one lease and use the other unit for your own family to use on vacations. Thirdly you may end the leases and turn this into a short term weekly vacation rental property for potentially a lot more annual income. Lastly, you may renovate the entire duplex turning it into a single-family home with all customized new interiors that span across a very spacious 3,156 square feet and all on one level.
The Private Dock
Boating and fishing have long been a passionate Destin past time. Fortunately or unfortunately, depending upon which side of the coin you are on, there are not enough docks with boat slips available for those that want them. Boat slip rentals start at $55 per day or $385 per week. Currently, there are ten boat slips for sale on Destin’s harbor, which range from $180,000 to $270,000, with an average asking price of $216,100 per boat slip. This duplex property comes with a “T” dock that has TWO Boat Slips. You can do the math on this one!
This Duplex property is value priced at $895,000, which comes in at an average of $283.59 per square foot. Currently, there are seven comparable properties for sale nearby with four bedrooms and square footage ranging from 2,525 to 3,193 square feet. They range from $789,000 for a 2,798 square foot residence up to $1,199,000 for one with 2,525 square feet. The largest comparable home with 3,193 square feet is priced at $949,000. They all total $331.57 per square foot.
If interested in this unique real estate opportunity contact our Ocean Reef Real Estate office today at 877-392-6085 for complete details, gross annual vacation rental data form our esteemed Ocean Reef Resorts division and begin a personal tour.