Residential Land Home
For Sale
$539,950
359 B Suwannee Drive, Watersound, FL 32461
Residential, Watersound, FL
Property Size1,418 SF
Price / SF$380.78
Days on Market115
Property Features for 359 B Suwannee Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Single Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Family Room, Bedroom 2
Parking
1
Parking features
Garage
Patio and Porch features
Patio
Interior features
Kitchen Island, Newly Painted, Pantry, Pull Down Stairs, Washer/Dryer Hookup, Woodwork Painted
Exterior features
Sprinkler System
Appliances
Auto Garage Door Opn, Dishwasher, Microwave, Oven Self Cleaning, Range Hood, Refrigerator W/IceMk, Stove/Oven Electric, Warranty Provided, Water Heater - Tnkls
Subdivision
Watersound Origins
Lot features
Interior, Wooded
Elementary school
Dune Lakes
Middle school
Emerald Coast
High school
South Walton
Directions
Located in the Watersound Town Center at the corner of Hwy 98 and Watersound Pkwy. From Hwy 98, turn onto Watersound Pkwy North, then turn right onto Origins Main St, and the Watersound Real Estate office is the 2nd building on the right, 34 Origins Main St, Ste 101.
Standard status
Active
APN
23-3S-18-16160-000-0650
Size
1,418 SF
Taxes and HOA fees
Tax Description
LOT 65 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3353-2175
HOA Fee
$924 Quarterly
Legal Description
LOT 65 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3353-2175
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Building Details
Year built
2026
Floors in Building
1
Flooring type
Vinyl
Building materials
Siding CmntFbrHrdBrd
Architectural style
Other
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 428-3002
Added: May 20
Changed: Sep 8
Last Checked: Sep 11 at 5:06AM
MLS# 1003457
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 residential land home lot is part of the Villas at Longleaf Park within the Watersound Origins community. The Lucas plan is a 1,418-square-foot, 2-bedroom, 2-bath layout with a 1.5-car garage and an open kitchen, dining, and family room beneath 10-foot ceilings. The plan includes direct access from the main living areas to a covered rear patio measuring 15'8" x 8', with large windows for natural light.
The residence is positioned on a wooded homesite, and the neighborhood includes convenient access to Watersound Town Center, Publix, dining, medical offices, Hwy 98, Village Commons, trails, and the Origins Golf Course. Estimated completion is Oct/Nov '26.
Design details include luxury vinyl plank flooring throughout, craftsman-style trim, and impact-rated windows. The kitchen features upgraded soft-close cabinetry, Level 2 quartz countertops, an upgraded backsplash, a walk-in pantry, and an upgraded GE appliance package with built-in appliances, a 5-burner gas cooktop, and an upgraded hood. Additional features include a tankless water heater, gas grill rough-in, Smart Home package, irrigation system, and lawn maintenance included. Each residence is separated by a structurally independent 2-hour fire separation wall with insulated framing and layered gypsum board construction.
The residence is positioned on a wooded homesite, and the neighborhood includes convenient access to Watersound Town Center, Publix, dining, medical offices, Hwy 98, Village Commons, trails, and the Origins Golf Course. Estimated completion is Oct/Nov '26.
Design details include luxury vinyl plank flooring throughout, craftsman-style trim, and impact-rated windows. The kitchen features upgraded soft-close cabinetry, Level 2 quartz countertops, an upgraded backsplash, a walk-in pantry, and an upgraded GE appliance package with built-in appliances, a 5-burner gas cooktop, and an upgraded hood. Additional features include a tankless water heater, gas grill rough-in, Smart Home package, irrigation system, and lawn maintenance included. Each residence is separated by a structurally independent 2-hour fire separation wall with insulated framing and layered gypsum board construction.
Key Highlights
- New construction (Year built 2026) Lucas plan with 1,418 SF, 2 bedrooms, 2 bathrooms, and a 1.5‑car garage
- Open kitchen/dining/family room layout under 10‑foot ceilings with 8‑foot interior doors
- Covered rear patio measuring 15'8" x 8" plus sprinkler system and irrigation
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
$15,704
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
2.91%
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%
$314,080
$314.1K
Cap Rate 7%
$224,343
$224.3K
Cap Rate 9%
$174,489
$174.5K
Market Conditions
NOI Build-Up for 1,418 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
$34.0K $24.00/SF
− Vacancy
−$5.5K −$3.86/SF
EGI
$28.6K $20.14/SF
− OpEx
−$12.8K −$9.06/SF
NOI
$15.7K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$314,080
Cap Rate 7%
$224,343
Cap Rate 9%
$174,489
Alternative Uses
Best Use
Apartment 5plus
$224.3K
$196.3K – $261.7K
NOI $15,704 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$356.6K
$312.0K – $416.0K
NOI $24,962 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 32461, FL
2,878
Population
5,860
Households
0.5
Avg Household Size
52
Median Age
59%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
193
Density / Sq Mi
$146,393
Median Household Income
$82,620
Median Earnings
$2,665
Median Rent
$947,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Wooded homesite in the Villas at Longleaf Park, with a planned 2-bedroom, 2-bath residence and covered rear patio.
Where is this single family property located?
The property is located at 359 B Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $539,950.
What are key features of this property?
This property features: New construction (Year built 2026) Lucas plan with 1,418 SF, 2 bedrooms, 2 bathrooms, and a 1.5‑car garage; Open kitchen/dining/family room layout under 10‑foot ceilings with 8‑foot interior doors; Covered rear patio measuring 15'8" x 8" plus sprinkler system and irrigation
