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4571 Luke Avenue
About This Property
The thoughtfully laid-out main home is paired with a private guest house above the detached garage -- ideal for short-term rental income, multi-generational living, or hosting guests. The bones and layout deliver beach cottage charm today, and the numbers back it up: this turnkey property generated over $190,000 in gross rental revenue in 2025, with 2026 already trending the same. With a handful of targeted upgrades, there's a clear path to push both the guest experience and the income even higher. Enjoy a close beach access, spacious outdoor living, and ample parking for boats or RVs, all just minutes from Destin's best shopping, dining, and entertainment.
Move-in ready with proven cash flow and real upside, this is a rare chance to own a well-designed, income-producing beach home with a clear runway to maximize its potential in one of Destin's most sought-after coastal communities.
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 26, 2026 | Price Decreased |
$1,700,000
↓ $225K
(11.7%) | |
| Price Decreased | |||
| Sep 14, 2026 | Price Decreased |
$1,925,000
↓ $75K
(3.8%) | |
| Price Decreased | |||
| Aug 4, 2026 | Listed by EXP Realty LLC | $2,000,000 | |
| Listed by EXP Realty LLC | |||
| Dec 15, 2021 | No longer available | - | |
| No longer available | |||
| Dec 1, 2021 | Listed by RE/MAX Coastal Properties | $1,100,000 | |
| Listed by RE/MAX Coastal Properties | |||
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Hard to find Florida Cottage with guest house in the quaint enclave of Crystal Beach! This home has a one story 3BR/2BA main home with 700 sq ft 2BR/1BA guest quarters above the garage. Great short-term rental or live in one and rent the other? Very close to the Gulf of Mexico and beach access. Currently rented long-term but shall be vacated in January. Act now to get this one ready for the season! The manager has listed the unit size as 2394 square feet.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017