Quadplex with Central
For Sale
$949,999
108 Don Bishop Road, Santa Rosa Beach, FL 32459
Residential, Santa Rosa Beach, FL
Property Size4,604 SF
Price / SF$206.34
Days on Market325
Property Features for 108 Don Bishop Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Master Bedroom, Bathroom 3, Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 8, Bathroom 5, Bedroom 6, Bedroom 3, Bathroom 4, Bathroom 8, Bathroom 2, Bedroom 7, Bathroom 1, Bathroom 7, Bedroom 1, Bathroom 6
Exterior features
Balcony
Subdivision
SANTA ROSA PLACE APARTMENTS
Elementary school
Van R Butler
Middle school
Emerald Coast
High school
Freeport
Directions
Drive north on South County Highway 393/CR 393. Left to US 98/US Highway 98 West. Right to Don Bishop Road. Turn right. Property is on the right.
Standard status
Active
APN
28-2S-20-33500-000-0130
Size
4,604 SF
Taxes and HOA fees
Tax Description
Lot 13 Santa Rosa Place Apartments PB 15-36 OR 2495-1628 OR 2632-3226 OR 3083-1041
Legal Description
Lot 13 Santa Rosa Place Apartments PB 15-36 OR 2495-1628 OR 2632-3226 OR 3083-1041
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
2004
Floors in Building
2
Building materials
Siding Wood
Architectural style
Other
Listing Agency:
Beycome of Florida LLC
(804) 656-5007
Listed By:
Steve Koleno · License #BK3469487
(630) 405-8314
Added: Oct 22, 2025
Changed: Sep 6
Last Checked: Sep 11 at 10:06AM
MLS# 988093
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 4,604-square-foot quadplex contains four residential units, each arranged with two bedrooms and two bathrooms. The building was constructed in 2004 and features wood siding, central air, balconies, and public sewer service. The property was newly painted on November 9, 2025.
Located at 108 Don Bishop Road in Santa Rosa Beach, the property carries Resid Multi-Family zoning. All four units have long-term tenants, providing an established occupancy profile. The consistent unit layouts create a uniform residential configuration within the building.
Located at 108 Don Bishop Road in Santa Rosa Beach, the property carries Resid Multi-Family zoning. All four units have long-term tenants, providing an established occupancy profile. The consistent unit layouts create a uniform residential configuration within the building.
Key Highlights
- 4,604 square feet with four residential units
- Each unit includes 2 bedrooms and 2 baths
- Newly painted November 9, 2025
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
$55,693
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
5.86%
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%
$1,113,860
$1.1M
Cap Rate 7%
$795,614
$795.6K
Cap Rate 9%
$618,811
$618.8K
Market Conditions
NOI Build-Up for 4,604 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
$93.9K $20.40/SF
− Vacancy
−$14.4K −$3.12/SF
EGI
$79.6K $17.28/SF
− OpEx
−$23.9K −$5.18/SF
NOI
$55.7K $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%
$1,113,860
Cap Rate 7%
$795,614
Cap Rate 9%
$618,811
Alternative Uses
Best Use
Multifamily LT 5
$795.6K
$696.2K – $928.2K
NOI $55,693 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$728.4K
$637.4K – $849.8K
NOI $50,988 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,049 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
Explore this area
Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer matching two-bedroom, two-bath layouts with balconies and long-term tenants.
Where is this quadplex located?
The property is located at 108 Don Bishop Road Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $949,999.
What are key features of this property?
This property features: 4,604 square feet with four residential units; Each unit includes 2 bedrooms and 2 baths; Newly painted November 9, 2025
