1002 Highway 98, Destin, FL 32541 - PenFed Realty Florida

$645,000

Updated 2BR condo with unobstructed Gulf views at Pelican Beach Resort — a financially strong, well-maintained building with no SIRS or Milestone Inspection issues. In today's condo market, those details matter. Renovated units within the resort, can generate $80K+ in annual gross rental income. NOTE: This unit collected $98,904 in… Read More 2023. BONUS UPGRADE: this unit has an extra storage room on the balcony. Recently updated and rental-ready with a remodeled master bath and new furnishings. Pelican Beach Resort offers three pools (including a new Gulf-front infinity pool), fitness center with sauna, tennis, tiki bar, onsite café, and private beach access. A low-risk, high-demand Gulf-front condo that checks the boxes experienced buyers are prioritizing This updated 2-bedroom condo at Pelican Beach Resort offers unobstructed Gulf views and a profile that aligns with what experienced buyers and investors are prioritizing in today's Florida condo market. From a risk and ownership standpoint, the fundamentals matter. Pelican Beach Resort is a financially sound, well-maintained building with its Structural Integrity Reserve Study (SIRS) complete and no Milestone Inspection issues. In a post-Surfside environment, those details are not footnotes they are decision drivers. Strong associations with completed structural reviews continue to attract financing, buyers, and renters while weaker buildings are increasingly filtered out of the market. The condo itself has recent updates and is truly rental-ready. The master bath has been remodeled, new living room furnishings have been added, and the layout comfortably sleeps six adults. This combination of condition, layout, and location supports both personal use and short-term rental demand without the need for immediate capital improvements. From an income perspective, comparable renovated 2-bedroom units within Pelican Beach Resort can generate $80,000+ in annual gross rental income, depending on owner use and management strategy. The resort's beachfront location, depth of amenities, and repeat-guest appeal drive consistent demand across seasons. Pelican Beach Resort remains one of Destin's most established Gulf-front destinations, offering three swimming pools including a new Gulf-front infinity pool, an indoor/outdoor swim-through pool, and a kiddie pool, along with a fitness center with hot and dry sauna, tennis court, tiki bar, onsite café, and private beach access to Destin's sugar-white sand and emerald waters. For owners, flexibility is a key advantage. Onsite rental management is available for a hands-off approach, while owners may also choose to self-manage or work with a third-party manager. This flexibility, paired with the building's financial strength and the unit's updated condition, is what separates long-term performers from problem properties. Whether you are seeking a second home at the beach, a short-term rental investment, or a blend of both, this condo represents the type of opportunity that holds value through market cycles a well-located, well-maintained Gulf-front property with clarity around risk, performance, and ownership. Read Less

Courtesy of At The Beach Team, Keller Williams Realty Destin, 850-217-7618

Listing Snapshot

Days Online

Last Updated

Jan 11, 2026

Beds

Square Ft.

924

Year Built

1998

MLS Number

992010

30 Days Snapshot Of 32541

$869k

+15%

(avg) sold price

-54%

homes sold

125

-25%

(avg) days on market

Snapshot

Area Map

Additional Details

Building

Architectural style: "N/A", Total area: 924, Built in 1998

Cooling

"Central Air"

Exterior Features

"Balcony", "BBQ Pit/Grill", "Hot Tub", "Pool - Enclosed", "Sauna/Steam", "Tennis Court"

Heating

"Central"

Interior Features

"Breakfast Bar"

Property

View: "Gulf", "Gulf"

Taxes

Annual amount: $6,235

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