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136 Indian Bayou Drive
About This Property
136 Indian Bayou Dr. is a 4BR, 3.5BA waterfront home in the desirable Indian Bayou neighborhood with prized deepwater access. A standout feature of the property is its substantial dock and boat slip, capable of accommodating a 45-50 ft. boat, with additional dockage for multiple boats and other watercraft. The dock also features a large deck and fish-cleaning station. A designated No Wake Zone begins at the outer edge of the property, an especially desirable feature that reduces passing boat wakes at the dock and along the shoreline while still providing convenient access to Choctawhatchee Bay and the Gulf.
The heartbeat of the home is the great room which is a welcoming gathering place and a central access point to the kitchen, two dining areas the screened enclosure - which includes a swimming pool - outdoor covered kitchen with large counter/bar in an relaxing waterfront setting.
The kitchen adjoins the breakfast/dining area and features, an island with smooth cooktop, breakfast bar, built-in menu desk, and stainless appliances. A separate formal dining room provides additional entertaining space.
The first-floor primary suite accesses the pool deck. Primary suit bath features double-sink vanities, garden tub, separate roll-in shower, 2 linen closets and a separate walk-through closet. Crown moulding is featured in all 4 bedrooms. The three full baths have upgraded showers or shower/tub combinations. The living room and primary suite open to the large, screened pool lanai overlooking the dock and Indian Bayou. The outdoor living area includes an outdoor kitchen and convenient half-bath.
Recent improvements include fresh interior and garage paint, new carpet, a new garage door & lift, new decking on a portion of the dock. Additionally, a Generac natural gas generator, exterior window shutters, central vacuum system, circular driveway with 7+ car parking and unfinished but hard floored attic for additional storage.
Indian Bayou is an established waterfront and golf course neighborhood, situated along the boat friendly waters of Indian Bayou, with access to Choctawhatchee Bay, the Intracoastal Waterway and the Gulf of America through East Pass.
This property is ideal for homeowners who want to enjoy the boating and golfing lifestyle in Destin.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 31, 2026 | In contract | - | |
| In contract | |||
| Sep 4, 2026 | Listed by Scenic Real Estate | $1,549,000 | |
| Listed by Scenic Real Estate | |||
| Apr 4, 2000 | Sold | ||
| Sold | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017