Four-Duplex Residential Income
816 Lark Street Fort Walton Beach, FL 32547
816 Lark Street, Fort Walton Beach, FL, 32547
$695,000
For Sale
$695,000
MULTI_FAMILY - Other - Fort Walton Beach, FL
Property Size3,322 SF
Lot Size0.43 Acres
Price / SF$209.21
Days on Market434
Property Features for 816 Lark Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Resid Multi-Family
- Bedrooms
- 9
- Bathrooms
- 6
- Rooms
- Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 9, Dining Room, Bedroom 6, Bedroom 3, Bathroom 6, Bathroom 4, Bedroom 1, Bedroom 7, Bathroom 5, Bedroom 8, Bedroom 5, Bathroom 3, Bathroom 2
- Parking
- 17
- Patio and Porch features
- Patio, Porch
- Exterior features
- Yard Building
- Appliances
- Refrigerator, Smoke Detector, Stove/Oven Electric, Water Heater - Elect
- Standard status
- Active
- APN
- 26-1S-24-0950-0003-0040
- Size
- 3,322 SF
- Lot size
- 0.43 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- FOREST HTS S/D LOT 4 BLK 3 & FOREST HTS S/D LOT 5 BLK 3
- Tax Annual Amount
- 4009
Utilities
- Sewer type
- Public Sewer
- Cooling system
- Central Air
Building Details
- Year built
- 1982
- Floors in Building
- 1
- Flooring type
- Tile, Carpet
- Building materials
- Brick, Trim Wood
- Architectural style
- Other
Listing Agency
Coldwell Banker Realty
(850) 863-4563
45 Eglin Pkwy NE #101, Pensacola, FL
Listed by
Tamela Leann Hayes · License #3085266
(850) 259-6404
Added: May 14, 2025 Updated: Jul 20 at 7:11 pm Checked: Jul 21 at 6:06 am
MLS# 976432
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.
Investment Insights
Based on property information with market context.
This multi-family residential income portfolio includes two parcels offered together (816 and 818 Lark Street) comprising four single-story duplexes and eight rental units. Seven units feature 2 bedrooms, 1 bathroom, and open kitchen and living areas, each with covered back patios, washer/dryer hookups, and individual central heat and air systems. The property also provides dedicated parking, concrete driveways, and enhanced street lighting. Unit 8 at 816 Lark includes 3 bedrooms, 3 full bathrooms, an additional office/flex room, an attached one-car garage, a large screened porch, and a private irrigation well.
The parcels are located in Okaloosa County, Fort Walton Beach, Florida. The property is reported to be about 2 minutes from Eglin Air Force Base and about 5 minutes from Hurlburt Field, with shopping, dining, beaches, and everyday amenities nearby.
The portfolio is described as fully occupied. The current gross rental income is approximately $9,130 per month. Owner financing is mentioned as available with $500,000 down, a 6.5% interest rate, 30-year amortization, and a 3-year balloon payment; proof of annual property tax and insurance payments is required during the financing term.
The parcels are located in Okaloosa County, Fort Walton Beach, Florida. The property is reported to be about 2 minutes from Eglin Air Force Base and about 5 minutes from Hurlburt Field, with shopping, dining, beaches, and everyday amenities nearby.
The portfolio is described as fully occupied. The current gross rental income is approximately $9,130 per month. Owner financing is mentioned as available with $500,000 down, a 6.5% interest rate, 30-year amortization, and a 3-year balloon payment; proof of annual property tax and insurance payments is required during the financing term.
Key Highlights
- Two‑parcel multifamily portfolio at 816 & 818 Lark St (see MLS #976434) with four single‑story duplexes totaling 8 rental units
- Current gross rental income is approximately $9,130 per month and the portfolio is described as fully occupied
- Seven units feature 2 bedrooms, 1 bathroom, open kitchen/living areas, covered back patios, washer/dryer hookups, and individual central heat/air systems
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 | $57.8k | $17.40 |
| − Vacancy | −$3.2k | −$0.96 |
| EGI | $54.6k | $16.44 |
| − OpEx | −$16.4k | −$4.93 |
| NOI | $38.2k | $11.51 |
3,322 SF · lease $17.40/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$546.2K
$478.0K – $637.3K
NOI $38,237 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$491.0K
$429.6K – $572.8K
NOI $34,368 @ 7.0% cap · market cap 4.95%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,613 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-parcel portfolio with four single-story duplexes and eight total rental units, including covered patios and dedicated parking.
Where is this duplex located?
The property is located at 816 Lark Street Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two‑parcel multifamily portfolio at 816 & 818 Lark St (see MLS #976434) with four single‑story duplexes totaling 8 rental units; Current gross rental income is approximately $9,130 per month and the portfolio is described as fully occupied; Seven units feature 2 bedrooms, 1 bathroom, open kitchen/living areas, covered back patios, washer/dryer hookups, and individual central heat/air systems
