838 AIRPORT Road, Destin, FL 32541

$2,700,000
Property Type: Commercial for Sale Lot Size (sq. ft.): 37,026 Status: Sold
Current Price: $2,895,000 List Date: 7/27/2018 Last Modified: 10/12/2024

Description

Prime commercial parcel located in Destin, Florida's industrial district, offering fantastic logistical orientation to the area's main vehicle thoroughfares and within a mile to the private airport. The approximate .84-acre site has exceptional ingress and egress, with 120' fronting Airport Road, as well as 120' to the rear on Industrial Park Road, featuring a loading dock. The site is zoned IN (Industrial) through the City of Destin, located in Okaloosa County. Measuring over 12,000+ SF and originally constructed in 2001, the building has undergone a substantial renovation to accommodate its new credit-rated tenant, Xator Corporation, a national security concern involved in global operations. The modernized interior and its layout consists of a main floor and mezzanine level...

Supplements: The main floor is comprised of a spacious lobby with two bathrooms, six offices (the largest executive office features a lavish full bath), two conference rooms, a break room, IT room, an expansive "bullpen" enjoying significant ceiling volume and accommodating adaptable cubicle configurations, serviced by a beautiful kitchen and work island. The floorplan flows into a warehouse and flex space which contain two additional bathrooms and a loading dock with canopy and two commercial-grade roll-up doors. The mezzanine level could accommodate expanded workspace, seminars, game room, exercise room, storage, etc. The initial term of the lease and rent commenced on April 1, 2018, and shall terminate on March 31, 2023, unless tenant exercises optional renewal terms allowing for two (2)-year and one (1)-year additional extensions. The minimum base rent is $204,000/annually under net lease terms, further offering an investor 3.5% annual escalations. Please inquire for further details. Showings must be accompanied by listing broker and are by appointment only.

More Information MLS# 804025

None

Current Price: $2,700,000

Status Change Info

Status: Sold Under Contract Date: 2018-08-16 Sold Date: 2018-09-14 Sold Price: $2,700,000

Contract Info

List Date: 2018-07-27 List Price: $2,895,000 Listing Board: Emerald Coast

Location Tax and Legal

Area: 14 - Destin Street #: 838 Street Name: AIRPORT Street Suffix: Road State: FL Zip Code: 32541 County: Okaloosa Parcel ID: 00-2S-22-0000-0058-0100

General Property Info

Listed on GCCMLS: No Office Class: Class A Vacant: No Immediate Occupancy: No Acreage: 0.85 Lot Frontage: 120 Lot Depth: 310 Zoning: Industrial Future Land Use: IN (Industrial)

Income Producing

Year Built: 2001 Net Operating Income: 204000 Cap Rate: 7 Property Type: Industrial

Industrial

# Ground Level Doors: 2 # Dock High Doors: 1 Property Type: Flex Space

Property Features

Class: Income Producing; Industrial Construction Status: Existing
Listing Office: Somers & Company
Last Updated: October - 12 - 2024
All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2020 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.

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