4-Unit Multifamily
For Sale
$959,999
108 Don Bishop Road, Santa Rosa Beach, FL 32459
Residential, Santa Rosa Beach, FL
Property Size4,600 SF
Price / SF$208.70
Days on Market314
Property Features for 108 Don Bishop Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 9, Bathroom 2, Bathroom 6, Bathroom 8, Bedroom 8, Bedroom 3, Bedroom 10, Dining Room, Bathroom 7, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 7, Bedroom 1, Bathroom 5, Bedroom 6
Interior features
Breakfast Bar, Washer/Dryer Hookup
Exterior features
Balcony
Appliances
Dishwasher, Disposal, Range Hood, Refrigerator, Smoke Detector, Stove/Oven Electric, Water Heater - Elect
Subdivision
Church Hill Bayou Santa Rosa Place
Elementary school
Van R Butler
Middle school
Emerald Coast
High school
South Walton
Directions
From Destin Commons, go east on HWY 98 for 10 miles and turn left onto Don Bishop Road, then right into Santa Rosa Place, building 16 is straight back in the right corner of the complex. From HWY 331, head west on HWY 98 for 5 miles and turn right onto Don Bishop Road, then right into Santa Rosa Place and building 16 is straight back in the right corner of the complex.
Standard status
Active
APN
28-2S-20-33500-000-0160
Size
4,600 SF
Taxes and HOA fees
Tax Description
LOT 16 SANTA ROSA PLACE APARTMENTS PB 15-36 OR 2607- 3308 OR 2685-1688 OR 2828-2056 OR 2830-4707 OR 2841-3761 OR 3083-976
Legal Description
LOT 16 SANTA ROSA PLACE APARTMENTS PB 15-36 OR 2607- 3308 OR 2685-1688 OR 2828-2056 OR 2830-4707 OR 2841-3761 OR 3083-976
Utilities
Sewer type
Public Sewer
Building Details
Year built
2005
Floors in Building
2
Flooring type
Tile
Building materials
Siding Wood
Architectural style
Other
Listing Agency:
Beycome of Florida LLC
(804) 656-5007
Listed By:
Steve Koleno · License #BK3469487
(804) 656-5007
Added: Oct 22, 2025
Changed: Aug 26
Last Checked: Aug 31 at 4:06PM
MLS# 988059
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,600-square-foot quadplex, built in 2005, contains four individual residences. The configuration includes two three-bedroom, two-bath units and two two-bedroom, two-bath units. Interior features include breakfast bars, tile flooring, and washer/dryer hookups, while appliances include electric ranges, refrigerators, dishwashers, disposals, range hoods, and electric water heaters. Wood siding and balconies contribute to the exterior design.
The property is located at 108 Don Bishop Road in Santa Rosa Beach, Florida, within Walton County. It carries Resid Multi-Family zoning and is served by public sewer. Long-term occupants have reportedly remained in place for 5-10 years, providing an established tenancy profile for the four-unit configuration.
The property is located at 108 Don Bishop Road in Santa Rosa Beach, Florida, within Walton County. It carries Resid Multi-Family zoning and is served by public sewer. Long-term occupants have reportedly remained in place for 5-10 years, providing an established tenancy profile for the four-unit configuration.
Key Highlights
- 4,600 square feet across four individual units
- Unit mix includes two 3‑bedroom/2‑bath residences and two 2‑bedroom/2‑bath residences
- Built in 2005 with Resid Multi‑Family zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,644
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,112,880
$1.1M
Cap Rate 7%
$794,914
$794.9K
Cap Rate 9%
$618,267
$618.3K
Market Conditions
NOI Build-Up for 4,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$93.8K $20.40/SF
− Vacancy
−$14.3K −$3.12/SF
EGI
$79.5K $17.28/SF
− OpEx
−$23.8K −$5.18/SF
NOI
$55.6K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,112,880
Cap Rate 7%
$794,914
Cap Rate 9%
$618,267
Alternative Uses
Best Use
Multifamily LT 5
$794.9K
$695.6K – $927.4K
NOI $55,644 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$727.8K
$636.8K – $849.1K
NOI $50,944 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,978 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences combine established tenancy with a practical two-bedroom and three-bedroom unit mix.
Where is this quadplex located?
The property is located at 108 Don Bishop Road Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $959,999.
What are key features of this property?
This property features: 4,600 square feet across four individual units; Unit mix includes two 3‑bedroom/2‑bath residences and two 2‑bedroom/2‑bath residences; Built in 2005 with Resid Multi‑Family zoning
