148
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3149 Scenic Hwy 98
About This Property
Barracuda Street Beach Access.........................1-min walk
Camille's (seafood, sushi, brunch).....................0.4mi
The Henderson Rooftop Bar..............................0.8mi
Whole Foods......................................................0.8mi
Destin Commons (shopping, dining, movies)......0.9mi
Uncle Buck's Fish Bowl (bowling/arcade)...........0.9mi
Jackacuda's (seafood & sushi).........................1.1mi
Regatta Bay Golf Course.................................1.7mi
This home is located in Crystal Beach, one of the premier vacation rental locations in all of Destin and Miramar Beach, it's the area of town my investment-savvy clients typically gravitate towards. There's three main benefits to being in Crystal Beach: 1) no HOA fees 2) ample public beach accesses. Most streets have a dedicated access which helps spread the crowds out and leads to a less crowded beach experience. 3) Proximity to the Destin Commons, which is the main shopping, dining, and entertainment hub in Destin. It's also in close proximity to many of the best restaurants in town. This is important both for personal enjoyment and it also matters a great deal to renters. So, if you plan on renting the property, then this area of town is ideal for that.
Floor plan
First Floor
Upon entering the home there's a good sized landing space. To the right of the front door is the staircase leading to the upper levels.To the left is the entrance to the first floor living quarters complete with a kitchenette, living room, dining area, and two bedroom suites that share a full bathroom. This area also leads out to the pool area which includes the large covered patio, 30'x15' pool, grilling area, outdoor shower, and a walkover to the back gate that leads to the nearby beach access.
Second Floor
At the top of the stairs is a hallway. Straight ahead in the hall is a walk-in laundry room as well as an extra full-bathroom that serves as the guest bath for the living room. The hallway is a "T" shape, and going to the left leads to the second-floor master suite which features a king-sized bed and a walk-in closet. The ensuite master bathroom has a walk-in shower, garden tub, and dual vanities. To the right is the large main living room which features an open floor plan incorporating the kitchen and dining area into the flow of the space. It has doors leading out to a 25'x10' balcony that overlooks the pool and gets great sunset views. The balcony has a set of outdoor stairs leading to the pool area, so it's easy to bring food from the kitchen to the poolside. This also allows the guests in the upstairs bedrooms to access the pool without having to go through the downstairs living quarters.
Third Floor
The final floor starts with a sizable living room/common area. To the left are two guest bedroom suites with a shared full bathroom. To the right is another master bedroom suite, and it's laid out similarly to the one on the second floor. It has a large bathroom with a garden tub, walk-in shower, and a walk-in closet. It has a private 25'x10' balcony that faces the beach and captures some peekaboo water views. It provides an excellent front row seat to Summer sunsets with its Southwest exposure.
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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%.
How much can I actually make?
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.
How is cap rate calculated?
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.
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017