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    206-212 Watermark Way Port St Joe, FL 32456

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    Sponsored
    For Sale
    $2,060,000

    MULTI_FAMILY - Port St. Joe, FL

    Property size:
    4,096 SF
    Lot size:
    0.35 Acres
    Days on Market:
    37
    Last Refresh:
    Mar 20 at 6:06 am

    Property Features for 206-212 Watermark Way

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 8, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 7, Bathroom 2, Bathroom 3, Bedroom 5, Bedroom 8, Bedroom 6, Bedroom 7, Bedroom 2, Bedroom 4
    Bedrooms
    8
    Bathrooms
    6
    APN
    04255031R
    Parking
    8
    Parking features
    Driveway, Covered
    Patio and Porch features
    Porch
    Interior features
    Breakfast Bar
    Appliances
    Cooktop, Dishwasher, Dryer, Electric Oven, Microwave, Range Hood, Refrigerator, Washer
    Size
    4,096 SF
    Lot size
    0.35 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Ceiling Fan(s), Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    1984
    Floors in Building
    2
    Building materials
    Frame, Stucco
    Roof type
    Metal

    We can help!

    Listing Contact
    William Rish

    Rish Real Estate Group (850) 227-9600

    Listing agent William Rish, Jr (850) 227-5569

    Listing date Feb 11, 2026

    MLS# 326288

    Copyright © 2026 Forgotten Coast Realtor Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Turnkey Quadplex with Gulf Views

    This turnkey quadplex is located across the street from the Gulf of America. Each of the four units features a 2-bedroom layout with one full and one-half bath, along with an open floor plan and views of the Gulf. The units are fully furnished and include a covered front porch and a second-story covered deck accessible from an upstairs bedroom, also offering Gulf views. The property includes a spacious back patio partitioned for privacy, a large backyard, and covered side parking, providing options for added features or expansion. A recorded beach access pedestrian easement allows for easy access to the beach directly across the street. The property is conveniently situated equidistant between Port St Joe and Mexico Beach, offering a variety of entertainment options. Located within a decades-old subdivision, the property benefits from its own ingress and egress road, minimizing thru traffic, and has no HOA. The lot size is 0.35 acres and the property size is 4096 square feet. All units are in an X flood zone, while a portion of the covered parking is in an AE zone; verification is recommended. Dimensions were taken from the Gulf County Property Appraiser's website and should be verified if important. The property is located in Port St. Joe, Florida.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Spa & Massage Center Dental Office Pharmacy Restaurant Skin Care Clinic Bar & Pub Cafe & Coffee Shop Travel Agency Gym & Fitness Center Pet Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Port St Joe
    County
    Gulf
    State
    Florida
    Longitude
    -85.34376196
    Latitude
    29.86553708

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    FAQs

    What type of property is this?
    Quadplex - Furnished quadplex near the Gulf of America with beach access.
    Where is this quadplex located?
    The property is located at 206-212 Watermark Way Port St Joe, FL.
    What is the asking price?
    The asking price for this property is $2,060,000.
    What are key features of this property?
    This property features: - Turn-key quadplex directly across from the Gulf of America with **Gulf views from each furnished 2-bedroom unit.**; - Recorded beach access pedestrian easement provides easy access to the beach.; - **Spacious back patio with privacy partitions, large backyard, and covered side parking** offer options for entertaining and expansion.
    (850) 227-5569
    Request Owner's contact information
    206-212 Watermark Way Port St Joe, FL 32456
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    Port St Joe, FL 32456
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    206-212 Watermark Way Port St Joe, FL 32456
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    Listing Contact
    William Rish
    (850) 227-5569 (850) 227-9600
    Learn more
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