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    Freeport Multifamily Investment Opportunity Title is generated by Realmo AI

    248 Four Mile Road, Freeport, FL 32439

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    Pending
    $1,350,000

    MULTI_FAMILY - Other - Freeport, FL

    Property size:
    6,016 SF
    Lot size:
    1.00 Acre
    Added:
    Apr 17, 2026
    Days on Market:
    50
    Last Refresh:
    Jun 5 at 3:06 am

    Property Features for 248 Four Mile Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Resid Multi-Family
    Bedrooms
    2
    Bathrooms
    2
    Rooms
    Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
    Window features
    Window Treatments, Double Pane Windows
    Interior features
    Newly Painted
    Appliances
    Disposal, Microwave, Oven Continue Clean, Refrigerator, Smoke Detector, Stove/Oven Electric, Water Heater - Elect
    Standard status
    Pending
    APN
    16-1S-19-23000-008-0020
    Size
    6,016 SF
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    COM SE/COR OF NE4 OF NW4 SEC 16-1S-19W, N 88 DEG 55'27''W 410.63 FT TO W ROW FOUR MILE RD, N 00 DEG 24'00''E ALG RD 350.00FT TO POB; N 88 DEG 38'07''W 226.80FT, N 02 DEG 14'48''E 209.58FT, S 88 DEG 42'48''E 226.51FT OF W SIDE FOUR MILE RD, S 02 DEG 14'48''W ALG RD 210.00 FT TO POB.
    Tax Annual Amount
    2239

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1985
    Floors in Building
    1
    Flooring type
    Carpet, Tile
    Building materials
    Brick, Foundation Off Grade, Trim Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Ronald W Friesen
    Ronald W Friesen

    Listing agent Ronald W Friesen License #3040192

    Listing office Beach Sunsets Inc 900 N Cnty Hwy 393, Santa Rosa Beach, FL

    Listing date Apr 17, 2026

    MLS# 1000866 Listing URL

    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.

    HighLights

    • Apartment complex featuring 8 rental units.
    • Benefit from an additional 2 acres with high‑density R‑3 zoning, allowing for potential expansion (up to 14 units/acre).
    • Consists of 4 Duplex Units.
    • Newly Painted Interior.
    • Central Air Conditioning.
    • Essential appliances included: Disposal, Microwave, Oven, Refrigerator.

    Overview

    This property features an apartment complex consisting of four duplex units, providing a total of eight rental units. The property includes an additional 2 acres zoned R-3, which allows for high-density residential development up to 14 units per acre. The property is located in Freeport, Florida. The building has a size of 6016 square feet and the lot size is 1 acre. The zoning is Resid Multi-Family.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $122.7k $20.40
    − Vacancy −$18.8k −$3.12
    EGI $104.0k $17.28
    − OpEx −$31.2k −$5.18
    NOI $72.8k $12.10
    6,016 SF · lease $20.40/SF/yr · vacancy 15.29% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.04M
    $909.7K – $1.21M (±1% cap)
    NOI $72,773 @ 7.0% cap · market cap 5.39%
    Second Best
    Apartment 5plus
    $951.8K
    $832.8K – $1.11M (±1% cap)
    NOI $66,626 @ 7.0% cap · market cap 4.94%
    Theoretical Best
    Office A
    $1.51M
    $1.32M – $1.77M (±1% cap)
    NOI $105,906 @ 7.0% cap · market cap 7.84%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Let It Honey ... Photography Service

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.151325
    Latitude
    30.499436

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    FAQs

    What type of property is this?
    Duplex - Apartment complex with 8 units plus additional development potential.
    Where is this duplex located?
    The property is located at 248 Four Mile Road Freeport, FL.
    What is the asking price?
    The asking price for this property is $1,350,000.
    What are key features of this property?
    This property features: Apartment complex featuring 8 rental units.; Benefit from an additional 2 acres with high‑density R‑3 zoning, allowing for potential expansion (up to 14 units/acre).; Consists of 4 Duplex Units.
    (850) 865-9070
    We can help!
    Listing Contact
    Ronald W Friesen
    Ronald W Friesen
    Real Estate License ID: 3040192
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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
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