Updated Four-Unit
New
For Sale
$699,900
131 Bayou View Drive, Fort Walton Beach, FL 32547
Residential, Fort Walton Beach, FL
Property Size3,180 SF
Price / SF$220.09
Days on Market4
Property Features for 131 Bayou View Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bedroom 4, Bedroom 7, Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 2, Bedroom 3
Patio and Porch features
Patio
Interior features
Fireplace, Newly Painted, Washer/Dryer Hookup
Exterior features
Fenced Back Yard, Yard Building
Fencing
Privacy, Back Yard
Fireplace
1
Appliances
Dishwasher, Refrigerator, Water Heater - Elect
Subdivision
FIELD S/D
Lot features
Interior
Elementary school
Wright
Middle school
Meigs
High school
Choctawhatchee
Directions
North on Beal Pkwy, Left on Duloft, Right on Bayou View Dr.
Standard status
Active
APN
03-2S-24-0900-0005-0060
Size
3,180 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Field S/D Lot 6 Blk 5
Tax Annual Amount
4574
Legal Description
Field S/D Lot 6 Blk 5
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
private fenced yards
in-unit laundry hookups
separate storage building
Building Details
Year built
1980
Flooring type
Vinyl, Tile
Building materials
Siding Wood, Stucco
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Michelle Martin · License #3315911
(850) 218-3939
Added: Sep 22
Last Checked: Sep 25 at 4:06AM
MLS# 1012523
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.
Located at 131 Bayou View Drive in Fort Walton Beach, this 3,180-square-foot quadplex comprises two buildings with four two-bedroom, one-bath residences. Three units have received improvements including vinyl or tile flooring, fresh paint, replacement cabinetry, updated doors, and updated fixtures. Each residence includes a private fenced yard and washer/dryer hookups. The property also features central heating and cooling, tile and vinyl flooring, fireplaces, patios, dishwashers, and refrigerators.
A separate yard building provides storage space beyond the residential units. The roof was replaced in 2017, all four water heaters were replaced in 2022, and the AC systems were updated between 2018 and 2021. Separate utility meters serve the units, and a termite bond is in place. The property is fully occupied and zoned Resid Multi-Family. Public sewer serves the site, which is near shopping, dining, and the beach in Fort Walton Beach.
A separate yard building provides storage space beyond the residential units. The roof was replaced in 2017, all four water heaters were replaced in 2022, and the AC systems were updated between 2018 and 2021. Separate utility meters serve the units, and a termite bond is in place. The property is fully occupied and zoned Resid Multi-Family. Public sewer serves the site, which is near shopping, dining, and the beach in Fort Walton Beach.
Key Highlights
- Four 2‑bedroom, 1‑bath units across two buildings
- 3,180 square feet on a 0.00‑acre?
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
$36,602
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
5.23%
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%
$732,040
$732.0K
Cap Rate 7%
$522,886
$522.9K
Cap Rate 9%
$406,689
$406.7K
Market Conditions
NOI Build-Up for 3,180 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
$55.3K $17.40/SF
− Vacancy
−$3.0K −$0.96/SF
EGI
$52.3K $16.44/SF
− OpEx
−$15.7K −$4.93/SF
NOI
$36.6K $11.51/SF
Area
Okaloosa County, FL
Vacancy
5.50%
Lease Rate
$17.40 /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%
$732,040
Cap Rate 7%
$522,886
Cap Rate 9%
$406,689
Alternative Uses
Best Use
Multifamily LT 5
$522.9K
$457.5K – $610.0K
NOI $36,602 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$470.0K
$411.2K – $548.3K
NOI $32,899 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$1.23M
$1.07M – $1.43M
NOI $85,783 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two buildings contain four private residences with fenced yards, laundry hookups, and several renovated interiors.
Where is this quadplex located?
The property is located at 131 Bayou View Drive Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units across two buildings; 3,180 square feet on a 0.00‑acre?
