Duplex with Fenced
For Sale
$609,000
619 Mimosa Avenue, Destin, FL 32541
MULTI_FAMILY - Other - Destin, FL
Property Size1,425 SF
Price / SF$427.37
Days on Market313
Property Features for 619 Mimosa Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Living Room, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 4
Window features
Window Treatments
Interior features
Washer/Dryer Hookup
Exterior features
Fenced Back Yard
Fencing
Back Yard
Appliances
Disposal, Dryer, Microwave, Refrigerator, Stove/Oven Electric, Washer, Water Heater - Elect
Subdivision
KELLYS 3RD ADDN TO DESTIN
Elementary school
Destin
Middle school
Destin
High school
Destin
Directions
Drive east on US 98/Harbor Bld. Left to Benning Drive. Enter the roundabout and take the 2nd exit onto Benning Drive. Right to Kelly St. Left to 2nd Ave. Right to Mimosa Ave. Property is on the left.
Standard status
Active
APN
00-2S-22-1361-0011-0090
Size
1,425 SF
Taxes and HOA fees
Tax Description
KELLYS 3RD ADD LOT 9 BLK 11
Legal Description
KELLYS 3RD ADD LOT 9 BLK 11
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1973
Floors in Building
1
Flooring type
Tile, Vinyl
Building materials
Brick
Architectural style
Other
Listing Agency:
Beycome of Florida LLC
(804) 656-5007
Listed By:
Steve Koleno · License #BK3469487
(804) 656-5007
Added: Oct 23, 2025
Changed: Aug 4
Last Checked: Aug 31 at 12:06PM
MLS# 988151
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 brick duplex offers two units with two bedrooms and one bathroom per unit. The property is built for everyday livability with central heating and central air, washer/dryer hookup, and an electric water heater. The units include an electric stove/oven, refrigerator, microwave, disposal, dryer, and washer. A fenced back yard provides outdoor privacy for residents.
Built in 1973, the property sits at 619 Mimosa Avenue in Destin, Florida 32541 (Okaloosa County) and is served by public sewer. The units are described as having long-term tenants.
With a compact footprint of 1,425 square feet, this duplex configuration can fit buyers looking for a straightforward two-unit residential income property with basic in-unit utilities and central HVAC.
Built in 1973, the property sits at 619 Mimosa Avenue in Destin, Florida 32541 (Okaloosa County) and is served by public sewer. The units are described as having long-term tenants.
With a compact footprint of 1,425 square feet, this duplex configuration can fit buyers looking for a straightforward two-unit residential income property with basic in-unit utilities and central HVAC.
Key Highlights
- Two‑bedroom, one‑bath duplex with long‑term tenants
- 1,425 SF duplex on a brick structure built in 1973
- Fenced back yard
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
$17,238
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
2.83%
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%
$344,760
$344.8K
Cap Rate 7%
$246,257
$246.3K
Cap Rate 9%
$191,533
$191.5K
Market Conditions
NOI Build-Up for 1,425 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
$29.1K $20.40/SF
− Vacancy
−$4.4K −$3.12/SF
EGI
$24.6K $17.28/SF
− OpEx
−$7.4K −$5.18/SF
NOI
$17.2K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /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%
$344,760
Cap Rate 7%
$246,257
Cap Rate 9%
$191,533
Alternative Uses
Best Use
Multifamily LT 5
$246.3K
$215.5K – $287.3K
NOI $17,238 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$225.5K
$197.3K – $263.0K
NOI $15,782 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$358.4K
$313.6K – $418.1K
NOI $25,086 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 32541, FL
18,419
Population
16,390
Households
1.1
Avg Household Size
45
Median Age
48%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
1,462
Density / Sq Mi
$93,004
Median Household Income
$47,991
Median Earnings
$1,976
Median Rent
$498,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Brick duplex built in 1973 with two-bedroom, one-bath units, central HVAC, and washer/dryer hookups.
Where is this duplex located?
The property is located at 619 Mimosa Avenue Destin, FL.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath duplex with long‑term tenants; 1,425 SF duplex on a brick structure built in 1973; Fenced back yard
