Brick Duplex with Fenced
For Sale
$392,500
118 Shirley Dr Gulf, Gulf Breeze, FL 32561
Two two-bedroom units offer private laundry rooms, stainless appliances, and short-term rental flexibility.
Property Size1,656 SF
Price / SF$237.02
Days on Market240
Property Features for 118 Shirley Dr Gulf
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Duplex
Occupancy
50%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
stainless steel appliances
laundry rooms
privacy fence
Central
Ceiling Fan(s)
Central Air
Electric Water Heater
Built In Microwave
Refrigerator
Shingle
Building Details
Year Built
1969
Buildings
1
Construction
brick
Listing Agency:
Florida Investment Group LLC dba Keller Williams Realty Gulf Coast
(850) 449-9432
Listed By:
Jennifer Keenan · License #BK3263812
(850) 449-9432
Source:
Kw
Added: Jan 4
Changed: Aug 30
Last Checked: Sep 1 at 12:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Florida Investment Group LLC dba Keller Williams Realty Gulf Coast
Investment Insights
Based on property information with market context.
Built in 1969, this duplex contains two 2-bedroom, 1-bath units totaling 1,656 square feet. Each residence includes an open living and dining area, a compact walk-in laundry room, and a kitchen with stainless appliances. Separate privacy-fenced backyard areas serve the units, and the building has a brick exterior with a 2021 roof.
The property comprises 118 and 120 Shirley Drive in Gulf Breeze Proper. One unit is leased annually, while the other is vacant and available for showings. Unit 120 has a 2017 HVAC system and 2021 water heater; Unit 118 has a 2025 HVAC system. Short-term rentals are allowed, providing an additional use option supported by the property information.
The property comprises 118 and 120 Shirley Drive in Gulf Breeze Proper. One unit is leased annually, while the other is vacant and available for showings. Unit 120 has a 2017 HVAC system and 2021 water heater; Unit 118 has a 2025 HVAC system. Short-term rentals are allowed, providing an additional use option supported by the property information.
Key Highlights
- Two 2BR/1BA units totaling 1,656 sf
- Brick exterior with 2021 roof
- Each unit has a privacy‑fenced backyard
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
$15,165
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
3.86%
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%
$303,300
$303.3K
Cap Rate 7%
$216,643
$216.6K
Cap Rate 9%
$168,500
$168.5K
Market Conditions
NOI Build-Up for 1,656 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
$22.9K $13.80/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$21.7K $13.08/SF
− OpEx
−$6.5K −$3.92/SF
NOI
$15.2K $9.16/SF
Area
Santa Rosa County, FL
Vacancy
5.20%
Lease Rate
$13.80 /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%
$303,300
Cap Rate 7%
$216,643
Cap Rate 9%
$168,500
Alternative Uses
Best Use
Multifamily LT 5
$216.6K
$189.6K – $252.8K
NOI $15,165 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$190.8K
$167.0K – $222.6K
NOI $13,356 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$407.8K
$356.8K – $475.7K
NOI $28,544 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 32561, FL
9,241
Population
6,591
Households
1.4
Avg Household Size
51
Median Age
60%
College-Educated
96%
High-School Grad
12.0 sq mi
ZIP Area
770
Density / Sq Mi
$119,042
Median Household Income
$65,417
Median Earnings
$1,535
Median Rent
$576,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two two-bedroom units offer private laundry rooms, stainless appliances, and short-term rental flexibility.
Where is this duplex located?
The property is located at 118 Shirley Dr Gulf Gulf Breeze, FL.
What is the asking price?
The asking price for this property is $392,500.
What are key features of this property?
This property features: Two 2BR/1BA units totaling 1,656 sf; Brick exterior with 2021 roof; Each unit has a privacy‑fenced backyard
