Duplex with Attached
For Sale
$679,000
182 Madison Street, Freeport, FL 32439
Residential, Freeport, FL
Property Size3,160 SF
Price / SF$214.87
Days on Market15
Property Features for 182 Madison Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Resid Multi-Family
Bedrooms
6
Bathrooms
7
Full bathrooms
6
Half bathrooms
2
Rooms
Bedroom 6, Bedroom 4, Bathroom 5, Bathroom 6, Bathroom 8, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 3, Bedroom 1
Parking
5
Parking features
Garage
Interior features
Kitchen Island, Lighting Recessed, Pantry, Shelving, Washer/Dryer Hookup
Appliances
Auto Garage Door Opn, Dishwasher, Freezer, Microwave, Oven Self Cleaning, Refrigerator, Refrigerator W/IceMk, Smoke Detector, Stove/Oven Electric, Water Heater - Elect
Elementary school
Freeport
Middle school
Freeport
High school
Freeport
Directions
From Hwy 20 E or W turn south onto Madison street; adjoining townhomes are the third home on the right. You will notice it's ''twin'' just next door to it to the left side.
Subdivision
20 - Freeport
Standard status
Active
APN
15-1S-19-23040-006-0072
Size
3,160 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
COM NE/C OF LOT 8 BLK 6 STEVENS PLAT OF SAID TOWN OF FREEPORT, ALG W MARGIN OF MADISON ST (50.00FT ROW), FROM SAID POB N 01 DEG 15'50''E ALG W ROW LINE OF MADISON ST 21.02FT TO POB; N 83 DEG 05'34''W 101.37FT, N 06 DEG 31'36''E 95.51FT, S 88 DEG 38'39''E 92.12FT, S 01 DEG 15'50''W 104.95FT. LYING IN SEC 15-1S-19W. OR 3303-3057
Legal Description
COM NE/C OF LOT 8 BLK 6 STEVENS PLAT OF SAID TOWN OF FREEPORT, ALG W MARGIN OF MADISON ST (50.00FT ROW), FROM SAID POB N 01 DEG 15'50''E ALG W ROW LINE OF MADISON ST 21.02FT TO POB; N 83 DEG 05'34''W 101.37FT, N 06 DEG 31'36''E 95.51FT, S 88 DEG 38'39''E 92.12FT, S 01 DEG 15'50''W 104.95FT. LYING IN SEC 15-1S-19W. OR 3303-3057
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2023
Flooring type
Vinyl
Building materials
Frame, Roof Pitched
Architectural style
Other
Listing Agency:
Florida Homes Realty & Mortgage Limited Liability Company
(904) 996-9115
Listed By:
Christopher W Rowland · License #SL3636104
(850) 368-4109
Added: Aug 20
Changed: Aug 23
Last Checked: Sep 3 at 11:06PM
MLS# 1010280
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.
Built in 2023, this duplex contains two mirrored townhome-style residences on one parcel, totaling 3160 square feet. Each unit offers three bedrooms, two and one-half bathrooms, an open living and kitchen arrangement, a kitchen island, stainless-steel appliances, luxury vinyl plank flooring, substantial storage, and an attached one-car garage. Central heating and cooling, public sewer, washer/dryer hookups, and electric water heaters serve the property. Both residences are currently occupied by long-term tenants.
The property is located in Freeport with access to Highway 20, schools, shopping, dining, South Walton, and Emerald Coast beach communities. Units A and B are being sold together as one duplex. Showings should account for tenant occupancy, and the two residences are substantially alike with mirrored layouts.
The property is located in Freeport with access to Highway 20, schools, shopping, dining, South Walton, and Emerald Coast beach communities. Units A and B are being sold together as one duplex. Showings should account for tenant occupancy, and the two residences are substantially alike with mirrored layouts.
Key Highlights
- Two‑unit duplex totaling 3160 square feet on one parcel
- Built in 2023 with both units currently leased to long‑term tenants
- Each residence includes 3 bedrooms, 2.5 bathrooms, and an attached one‑car garage
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
$38,225
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
5.63%
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%
$764,500
$764.5K
Cap Rate 7%
$546,071
$546.1K
Cap Rate 9%
$424,722
$424.7K
Market Conditions
NOI Build-Up for 3,160 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
$64.5K $20.40/SF
− Vacancy
−$9.9K −$3.12/SF
EGI
$54.6K $17.28/SF
− OpEx
−$16.4K −$5.18/SF
NOI
$38.2K $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%
$764,500
Cap Rate 7%
$546,071
Cap Rate 9%
$424,722
Alternative Uses
Best Use
Multifamily LT 5
$546.1K
$477.8K – $637.1K
NOI $38,225 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$499.9K
$437.5K – $583.3K
NOI $34,996 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$794.7K
$695.4K – $927.2K
NOI $55,629 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 32439, FL
12,943
Population
6,772
Households
1.9
Avg Household Size
41
Median Age
30%
College-Educated
92%
High-School Grad
96.5 sq mi
ZIP Area
134
Density / Sq Mi
$77,500
Median Household Income
$40,358
Median Earnings
$1,657
Median Rent
$343,900
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?
Duplex - Both residences are leased and feature modern interiors within Resid Multi-Family zoning.
Where is this duplex located?
The property is located at 182 Madison Street Freeport, FL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3160 square feet on one parcel; Built in 2023 with both units currently leased to long‑term tenants; Each residence includes 3 bedrooms, 2.5 bathrooms, and an attached one‑car garage
