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    Bay Avenue Defuniak Springs, FL 32435

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    For Sale
    $289,000

    LAND - DeFuniak Springs, FL

    Lot size:
    4.04 Acres
    Added:
    Apr 10, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 11 at 8:06 pm

    Property Features for Bay Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    City, Resid Single Family
    Standard status
    Active
    APN
    36-3N-19-19000-007-0030
    Lot size
    4.04 Acres

    Taxes and HOA fees

    Tax Description
    COM SW/C OF NW1/4 OF NE1/4 OF SEC 36-3N-19W, S 88 DEG 12'40''E 409.77FT, N 00 DEG 19'58''W 30.27FT, CONT N 00 DEG 19'58''W 144.86FT, N 88 DEG 13'13''W 200.13FT, N 00 DEG 14'32''W 121.91FT TO POB; CONT N 00 DEG 14'32''W 137.74FT, N 87 DEG 44'18''W 177.03FT, N 01 DEG 49'37''E 15.00FT, S 87 DEG 44'00''E 176.46FT, N 00 DEG 22'17''W 225.05FT, S 87 DEG 46'37''E 463.99FT, S 00 DEG 21'19''E 371.78FT, N 88

    Utilities

    Sewer type
    Public Sewer

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    Listing Contact
    Ricky A Fannin

    Listing agent Ricky A Fannin License #3308077

    Listing office HomeBiz Properties 15890 331 Business #7, Freeport, FL

    Listing date Apr 10, 2026

    MLS# 1000316

    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.

    Overview

    Spacious Residential Land in Florida

    This 4.04-acre parcel is located within the city limits of DeFuniak Springs, Florida. Identified as Parcel #36-3N-19-19, the property is zoned R1 and suited for residential development, offering the potential for multiple homesites, subject to city approvals, or a single expansive homestead. The acreage provides ample space for thoughtfully designed layouts, green space, and privacy buffers. The property is positioned with a 60-foot easement access from Bay Avenue. It is located within city limits, with close proximity to local schools, shopping, dining, and the charm of historic downtown DeFuniak Springs. This property offers a rare opportunity for developers, builders, or those seeking a private estate setting. It delivers flexibility and value and is ideal for a variety of residential visions. It is located in Walton County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Defuniak Springs
    County
    Walton
    State
    Florida
    Longitude
    -86.095713
    Latitude
    30.717441

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    FAQs

    What type of property is this?
    Residential land & home lot - 4.04-acre parcel in DeFuniak Springs, ideal for residential development.
    Where is this residential land & home lot located?
    The property is located at Bay Avenue Defuniak Springs, FL.
    What is the asking price?
    The asking price for this property is $289,000.
    What are key features of this property?
    This property features: Large 4.04‑acre parcel within DeFuniak Springs city limits.; Zoned R1, suitable for residential development or a private estate.; Potential for multiple homesites (subject to city approvals).
    (850) 974-1700
    We can help!
    Listing Contact
    Ricky A Fannin
    Real Estate License ID: 3308077
    Learn More
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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
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