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    Residential Land in DeFuniak Springs Title is generated by Realmo AI

    Co Highway 1087 lot 2, Defuniak Springs, FL 32433

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    Claim this Listing
    For Sale
    $49,990

    LAND - DeFuniak Springs, FL

    Lot size:
    1.23 Acres
    Added:
    Feb 21, 2025
    Days on Market:
    468
    Last Refresh:
    Jun 4 at 4:06 pm

    Property Features for Co Highway 1087 lot 2

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Resid Single Family
    Standard status
    Active
    APN
    12-3N-21-37060-00B-0010
    Lot size
    1.23 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOTS 2 BLK B SPRING HILL EST PB 8 PG 53 OR 2630-1321 OR 2630-4858 OR 2757-4563 OR 2865-1287 OR 2948-1882 OR 3289-3665
    Tax Annual Amount
    301

    Utilities

    Sewer type
    Septic Tank

    We can help!

    Listing Contact
    G Kaye Towner

    Listing agent G Kaye Towner License #3131612

    Listing office Keller Williams Realty FWB 11 Racetrack Rd NE #A, Destin, FL

    Listing date Feb 21, 2025

    MLS# 969259 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.

    HighLights

    • Large 1.23‑acre lot provides ample space for building a new home.
    • Convenient access to I‑10 (4.5 miles) and Hwy 90 (2 miles).
    • Relatively short drive to Destin beaches (33 miles).
    • Opportunity to purchase adjacent Lot 1 (1.32 acres) for expanded building options.
    • Located in a country setting near Mossy Head, offering a peaceful lifestyle.
    • Sewer: Septic Tank

    Overview

    This property features a 1.23-acre lot situated on New Harmony Road (Co Hwy 1087), offering ample space for constructing a new home. Located approximately 2 miles north of Highway 90 and about 4.5 miles from the I-10 access point, the land provides convenient access to transportation routes. The location is approximately 14 miles from historic DeFuniak Springs. The property offers country living with proximity to the beaches of Destin, which are 33 miles away. The property is zoned for single family residential use. Another adjacent 1.32-acre lot is also available, presenting the option to acquire both lots for expanded space, a workshop, or multi-generational living.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Defuniak Springs
    County
    Walton
    State
    Florida
    Longitude
    -86.1987
    Latitude
    30.7313

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    FAQs

    What type of property is this?
    Land - Large 1.23 acre lot ready for your dream home.
    Where is this land located?
    The property is located at Co Highway 1087 lot 2 Defuniak Springs, FL.
    What is the asking price?
    The asking price for this property is $49,990.
    What are key features of this property?
    This property features: Large 1.23‑acre lot provides ample space for building a new home.; Convenient access to I‑10 (4.5 miles) and Hwy 90 (2 miles).; Relatively short drive to Destin beaches (33 miles).
    (850) 642-8700
    We can help!
    Listing Contact
    G Kaye Towner
    Real Estate License ID: 3131612
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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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