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    Luxury Duplex Investment Opportunity Title is generated by Realmo AI

    111 31st St, Mexico Beach, FL 32456

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    For Sale
    $3,699,000

    MULTI_FAMILY - Other - Mexico Beach, FL

    Property size:
    7,514 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $492/SF
    Added:
    Apr 20, 2026
    Days on Market:
    33
    Last Refresh:
    May 22 at 11:06 pm

    Property Features for 111 31st St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    12
    Bathrooms
    13
    Rooms
    Bedroom 12, Bathroom 10, Bathroom 7, Bedroom 7, Bedroom 11, Bedroom 8, Bedroom 3, Bathroom 12, Bathroom 9, Bathroom 1, Bathroom 11, Bathroom 14, Bedroom 4, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 13, Bedroom 5, Bedroom 10, Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 6, Bedroom 9, Bathroom 8
    Parking
    8
    Parking features
    Driveway, Covered
    Window features
    Window Treatments, Insulated Windows, Storm Window(s)
    Patio and Porch features
    Porch
    Pool private
    1
    Interior features
    Breakfast Bar, High Ceilings, Storage, Kitchen Island, Recessed Lighting, Split Bedroom, Walk-In Closet(s)
    Exterior features
    Barbecue, Lawn Pump, Outdoor Shower
    Appliances
    Dryer, Washer, Dishwasher, Disposal, Microwave, Refrigerator w/Ice Maker, Electric Oven, Tankless Water Heater
    Standard status
    Active
    APN
    04561000000
    Size
    7,514 SF
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Description
    A -- MEXICO BEACH UNIT 4 (6.02) BEG NE COR LOT 6 TH SW 35.2' NW 105' NE 35.2' SE 105' TO POB AKA PT LOT 6 BLK M ORB 4443 P 665 235C2 B--MEXICO BEACH UNIT 4 (6.01) BEG 35.2' SW OF ELY COR LOT 6 TH SW 36.5' NW 105' NE 36.5' SE 105' TO POB AKA PT L-6

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Ceiling Fan(s), Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    2023
    Floors in Building
    2
    Building materials
    Frame, HardiPlank Type
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Teresa Carlton

    Listing agent Teresa Carlton

    Listing office Forgotten Coast Realty Of Nw Florida 490 5th Street, Mexico Beach, FL

    Listing date Apr 20, 2026

    MLS# 324897 Listing URL

    Copyright © 2026 Forgotten Coast Realtor Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Established rental income with 12 en‑suite bedrooms plus two bunk rooms
    • Fully furnished and equipped luxury duplex, ready for immediate rental or personal use
    • Heated cocktail pool, putting green, and covered patio for outdoor entertainment
    • Gourmet kitchen with granite countertops, stainless steel appliances, and farm sink
    • Stunning beach views from covered porches on multiple levels
    • Built in 2023 with modern amenities including tankless water heater, central AC, and metal roof

    Overview

    This luxury duplex in Mexico Beach, FL, presents an investment opportunity with established rental income. The rent-ready property is fully furnished and equipped to attract vacationers. The duplex features a total of 12 en-suite bedrooms, two half baths, and two bunk rooms, accommodating large groups. Each side of the duplex includes multiple levels. Level 1 features a spacious foyer and a half bath. Level 2 offers a living-dining-kitchen area with designer furniture, granite countertops, stainless steel appliances, a stylish backsplash, wood cabinets, and a farm sink. This level also includes a bedroom with an en-suite bath, a powder room, a laundry area, and a covered porch with beach views. Level 3 provides three additional bedrooms with en-suite baths and a covered porch. Level 4 is designed as a recreation space, featuring a family area and two more bedrooms, one equipped with three sets of twin bunks. The property includes a heated cocktail pool, a putting green, and a covered patio. Situated on a 0.1752-acre lot, the property offers versatile living options and is located in close proximity to the beach.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Nail Salon Department Store Accounting Firm Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mexico Beach
    County
    Gulf
    State
    Florida
    Longitude
    -85.419539
    Latitude
    29.947462

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    FAQs

    What type of property is this?
    Duplex - Luxury duplex in Mexico Beach with established rental income.
    Where is this duplex located?
    The property is located at 111 31st St Mexico Beach, FL.
    What is the asking price?
    The asking price for this property is $3,699,000.
    What are key features of this property?
    This property features: Established rental income with 12 en‑suite bedrooms plus two bunk rooms; Fully furnished and equipped luxury duplex, ready for immediate rental or personal use; Heated cocktail pool, putting green, and covered patio for outdoor entertainment
    (850) 227-4608
    We can help!
    Listing Contact
    Teresa Carlton
    Request Owner's contact information
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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.

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