$2,700,000
Destin, FL 32541
MLS# 804025
Status: Sold
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Property 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...
Details
Documents
Contract Info
Listing Board: Emerald Coast
List Date: 2018-07-27
List Price: $2,895,000
Location, Tax and Legal
Sub Area: 1403 - Destin Northwest
Property Name: Xator Corporation
Legal Description: Okaloosa County, Florida Parcel ID: 00-2S-22-0000-0058-0100
General Property Info
Listed on GCCMLS: No
Office Class: Class A
Vacant: No
Immediate Occupancy: No
Lot Depth: 310
Zoning: Industrial
Lot Frontage: 120
Future Land Use: IN (Industrial)
Acreage: 0.85
Listing Info, Tax & Legal
As Is: Yes
Remarks & Misc
Remarks: 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...
Class
Income Producing: 1
Industrial: 1
Construction Status
Existing: 1
Industrial
# Ground Level Doors: 2
# Dock High Doors: 1
Property Type: Flex Space
Income Producing
Year Built: 2001
Net Operating Income: 204000
Cap Rate: 7
Property Type: Industrial
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
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
Property Features
Class: Income Producing; Industrial
Construction Status: Existing
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.
City of Destin Zoning Map Listing Office: Somers & Company
Last Updated: October - 12 - 2024
All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2026 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.
