Destin Top Investment Pick 1900 Ninety Eight Gulf Front Commercial Property
Every week I am going to pick a top investment and distressed property pick for the South Walton Area. This week I went to look at one the best and last Gulf Front properties in Destin. This property is located at the corner of restaurant row and scenic 98. Just a few doors east of the Back Porch and Signature Beach Condo. It is just south of Grazie’s restaurant and The June White Decker Beach Access is to the East of the property.
What I like best about this property is the long term potential. This is a true rare gem and the last of its kind in Destin for mixed use Commercial. This is for someone that can buy the property for a steal and hold on while the market recovers. The Signature Beach condo next to this development is amazing. It is a welcomed break from the usual high rise condo designs. This is a modern condo that you would see in Miami or Dubai. Every unit has seamless windows for inspiring views of the gulf and the white sand beaches. The pool on the top floor of the condo is very chic. These condos were selling in the $1.5mil to $1.8mil to the mid $2mil range.
This property is right next to Signature Beach and has 156 of gulf frontage. The site is approved by the City of Destin and permit pending for a proposed development consisting of a 12 story building with 2 levels of parking, 2 amenity levels and 8 levels or residential condo units…that is 16 total condos. The current site has a Triplex and 5 townhomes. These sit “RIGHT” on the beach. You could almost fish of the back porch they are that close to the gulf! The site was originally purchased for $11.5 million and the asking price is $6.995mil. The beauty of the project is that you can refurbish the existing triplex and town homes and generate significant rental income while the market recovers. Then after the market recovers you can build the condo. The triplex was generating $160K a year in rental income when it was on an active rental program. With the Triplex and the 5 town homes you could generate $400K to $500K in rental income a year.
If you are interested in this property or would like more information please contact:Craig Baranowski 850-259-1788 firstname.lastname@example.org Royce Smith 850-960-8088