12244 US-98

Destin, FL, 32550

$10,950,000

$10,950,000
Active
Active
 - For Sale
property_type
Commercial
This rare assemblage of prime retail, showroom, and warehouse does not currently exist in the local market, which is adjacent to the synergistic retail nucleus of Silver Sands Outlet Mall and centralized to all the local mixed-use districts, successfully drawing population from all local peripheral sub-markets, including but not limited to Destin and Scenic 30A of Santa Rosa Beach, Florida. Fronting Highway 98 in Miramar Beach, Florida, nearly 50,000 vehicles pass by its 196 fronting feet daily, which ingress and egress lures the traffic into the retail facilities through the convenience of the traffic light at North Geronimo Street and Highway 98. The current owner has committed significant capital to renovate both buildings, which even includes approximately $300,000 for new... escalators to service the second floor of the main showroom. Parcel 1 contains a two-story building, oriented on approximately 1.18 acres, hosting prime retail and showroom space, as well as private offices, collectively measuring approximately 26,893 conditioned square feet. There is a 3rd floor that accommodates a spectacular executive office, accessible via a private & secured "floating" staircase. The structural integrity of the building is phenomenal, and the finishes throughout are exceptional. Parcel 2 contains a warehouse, office, and showroom, situated on approximately 2 acres, and constructed in 2004, measuring approximately 11,282 square feet on two floors. The warehouse contains a broad loading dock area and massive rack system with a lift and guide rails. Both buildings project an architecturally magnificent image. This opportunity is irreplaceable locally, as land development code would neither accommodate this massive yield, nor would a developer endeavor upon such a project, as the inflationary costs of this era, coupled with land costs, (even if such prime vacant land at a traffic light were available), which is non-existent), would likely much exceed $20,000,000.00+. The current business is operating a record-breaking levels, year over year; thus the attributable value to this extremely prime site and assemblage is likely understated. All showings are by appointment only and require 48+ hours advanced notice. The listing broker must accompany all showings. Financial credentials are required prior to confirmation of any showings. Please do not approach any onsite staff.
MLS® ID:
898459
Listed:
5/13/22
Updated:
1/27/23
Premier Property Group
Elizabeth Boswell

Exterior/Building Features

Lot Size
3.18 acres lot

Other Property Details

Area Name
15 - Miramar/Sandestin Resort
Garage
No
Parking
N
View
N
County
Walton
Pool
No

Property History

Date
Event
Price
Value
1/18/23
Price Change
$10,950,000
-8%

Courtesy of Somers & Company, John Somers,
Listing Contact:  

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Data last updated 12:01 PM UTC, 1/27/23

Premier Property Group
Elizabeth Boswell
Contact