New Construction
For Sale
$650,000
507 Scott Lane, Fort Walton Beach, FL 32547
Residential, Fort Walton Beach, FL
Property Size3,192 SF
Price / SF$203.63
Days on Market40
Property Features for 507 Scott Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
County
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bathroom 6, Living Room, Bathroom 5, Bedroom 2, Bedroom 4, Bedroom 6
Parking
8
Exterior features
Lawn Pump, Sprinkler System
Appliances
Dishwasher, Freezer, Microwave, Refrigerator, Refrigerator W/IceMk, Stove/Oven Electric, Water Heater - Elect
Elementary school
Wright
Middle school
Pryor
High school
Choctawhatchee
Directions
From Racetrack Rd. turn west on Denton. Go one block past Bob sikes blvd, turn right on Scott Ln.
Subdivision
12 - Fort Walton Beach
Standard status
Active
APN
02-2S-24-0060-000C-0030
Size
3,192 SF
Taxes and HOA fees
Tax Description
ANDERSON-BROOKS S/D LOT 3 BLK C (Note: The Description above is not to be used on legal documents.)
Legal Description
ANDERSON-BROOKS S/D LOT 3 BLK C (Note: The Description above is not to be used on legal documents.)
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Amenities
covered back porches
privacy fencing
well pump
irrigation system
Building Details
Year built
2026
Floors in Building
1
Building materials
Siding Vinyl
Architectural style
Other
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 863-4563
Listed By:
Olivia A Wolff PLLC · License #3591104
(850) 865-3533
Added: Jul 27
Changed: Sep 1
Last Checked: Sep 4 at 8:06AM
MLS# 1008563
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.
Under construction duplex totaling 3,192 square feet, with two separate units designed for practical residential use. Each unit includes 3 bedrooms, 2.5 bathrooms, a 2 car garage, 9 foot ceilings, a primary suite, and a covered rear porch. Interior specifications include luxury vinyl plank flooring, quartz countertops, soft-close cabinetry, and electric kitchen appliances. Privacy fencing separates each unit and also divides the two sides of the property.
The property is planned for completion in 2026 and includes central air, vinyl siding, a lawn pump, and an irrigation system. Public sewer service is provided, and the property is zoned County. The duplex configuration supports an owner-occupant arrangement or separate rental use, as described in the property information.
The property is planned for completion in 2026 and includes central air, vinyl siding, a lawn pump, and an irrigation system. Public sewer service is provided, and the property is zoned County. The duplex configuration supports an owner-occupant arrangement or separate rental use, as described in the property information.
Key Highlights
- Two‑unit duplex totaling 3,192 square feet
- Each unit has 3 bedrooms, 2.5 bathrooms, and a 2 car garage
- 9 foot ceilings throughout both units
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
$36,740
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
5.65%
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%
$734,800
$734.8K
Cap Rate 7%
$524,857
$524.9K
Cap Rate 9%
$408,222
$408.2K
Market Conditions
NOI Build-Up for 3,192 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
$55.5K $17.40/SF
− Vacancy
−$3.1K −$0.96/SF
EGI
$52.5K $16.44/SF
− OpEx
−$15.7K −$4.93/SF
NOI
$36.7K $11.51/SF
Area
Okaloosa County, FL
Vacancy
5.50%
Lease Rate
$17.40 /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%
$734,800
Cap Rate 7%
$524,857
Cap Rate 9%
$408,222
Alternative Uses
Best Use
Multifamily LT 5
$524.9K
$459.3K – $612.3K
NOI $36,740 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$471.8K
$412.8K – $550.4K
NOI $33,023 @ 7.0% cap · market cap 5.08%
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,106 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
Explore this area
Business Placement
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
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 - Two three-bedroom units include garages, covered porches, and quartz-countertop kitchens.
Where is this duplex located?
The property is located at 507 Scott Lane Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,192 square feet; Each unit has 3 bedrooms, 2.5 bathrooms, and a 2 car garage; 9 foot ceilings throughout both units
