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    605 10Th St Port St Joe, FL 32456

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    Sponsored
    For Sale
    $624,900

    MULTI_FAMILY - Port St. Joe, FL

    Property size:
    2,825 SF
    Lot size:
    0.49 Acres
    Days on Market:
    43
    Last Refresh:
    Mar 17 at 1:06 am

    Property Features for 605 10Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1
    Bedrooms
    5
    Bathrooms
    4
    APN
    05108000R
    Parking
    6
    Parking features
    Guest, Driveway, Boat
    Interior features
    In-Law Floorplan, Recessed Lighting, Renovated, Walk-In Closet(s)
    Appliances
    Dryer, Washer, Dishwasher, Microwave, Refrigerator w/Ice Maker, Gas Oven, Tankless Water Heater
    Size
    2,825 SF
    Lot size
    0.49 Acres

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1983
    Floors in Building
    3
    Building materials
    HardiPlank Type
    Roof type
    Metal

    We can help!

    Listing Contact
    Carter Dorsch

    98 REAL ESTATE GROUP, LLC (850) 648-2200

    Listing agent Carter Dorsch (850) 624-7144

    Listing date Feb 2, 2026

    MLS# 324487

    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

    Versatile Multi-Unit Investment Opportunity

    Located in the heart of Port St. Joe, this multi-unit property at 605 10th Street presents a versatile investment opportunity. The property includes three separate homes on a single parcel, generating over $90,000 in rental income last year. Short-term rentals are permitted. The main home, remodeled after Hurricane Michael, features approximately 1,800 square feet with 3 bedrooms and 2 bathrooms. It offers a comfortable layout and a screened-in front porch. With mixed-use zoning, the main home can function as a long-term rental, a full-time residence, or a business space. Behind the main house are two matching 1-bedroom, 1-bathroom cottages, each roughly 500 square feet, constructed in 2005 and updated in 2010. These cottages include a living/kitchen area and private parking off the alley, currently operating as successful short-term rentals. A large storage shed at the back of the property provides ample space for storage. Situated on a 0.4878-acre lot, the location is near downtown, the marina, and a boat ramp, with the city rec park and ball fields within walking distance. The property offers a versatile setup in a convenient area, suitable for expanding an investment portfolio, living in one unit while renting the others, or running a business with built-in income. The total property size is 2,825 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    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
    -85.2971605
    Latitude
    29.8077572

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    FAQs

    What type of property is this?
    Multifamily property - Three homes on one parcel with strong income potential.
    Where is this multifamily property located?
    The property is located at 605 10Th St Port St Joe, FL.
    What is the asking price?
    The asking price for this property is $624,900.
    What are key features of this property?
    This property features: - Strong Income Potential: Property generated over $90K in rental income last year.; - Multi-Unit Property: Features a **3BR/2BA main house** and two 1BR/1BA cottages on one parcel.; - Short-Term Rentals Permitted: Ideal for maximizing rental income.
    (850) 624-7144
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    605 10Th St 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
    605 10Th St Port St Joe, FL 32456
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    We can help!
    Listing Contact
    Carter Dorsch
    Real Estate License ID: 3538531
    (850) 624-7144 (850) 648-2200
    Learn more
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