New Construction
For Sale
$715,000
161 S Booker Street, Crestview, FL 32536
Residential, Crestview, FL
Property Size2,834 SF
Lot Size0.28 Acres
Price / SF$252.29
Days on Market152
Property Features for 161 S Booker Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Multi-Family, Resid
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 5
Parking
4
Exterior features
Sprinkler System
Appliances
Water Heater - Elect
Subdivision
BOOKER ST
Lot features
Cleared, Survey Available
Elementary school
Bob Sikes
Middle school
Shoal River
High school
Crestview
Directions
In Crestview at the intersection of Hwy 90 and Hwy 85, Head south on Hwy 85 then turn right onto Martin Luther King Jr Blvd and your destination will be on the right.
Standard status
Active
APN
17-3N-23-2490-0077-0050
Size
2,834 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Crestview Lots 5 To 7 Inc Ex 10
Tax Annual Amount
346
Legal Description
Crestview Lots 5 To 7 Inc Ex 10
Utilities
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Building materials
Siding Shake, Siding Vinyl
Architectural style
Other
Listing Agency:
World Impact Real Estate
(850) 225-7000
Listed By:
Gavharjan U Masharipova · License #3328100
(850) 865-8050
Added: Apr 13
Changed: Sep 3
Last Checked: Sep 11 at 1:06AM
MLS# 1000504
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 duplex is under construction with completion expected by the end of summer 2026. The property contains 2,834 square feet across two separate two-story units, with each residence configured with three bedrooms and two-and-a-half bathrooms. Central air, electric water heaters, shake and vinyl siding, and a sprinkler system are planned or included among the listed features.
Set on 0.28 acres at 161 S Booker Street in Crestview, Florida, the property is zoned Resid Multi-Family, Resid. The six-bedroom configuration and residential multifamily zoning support the property’s intended duplex format.
Set on 0.28 acres at 161 S Booker Street in Crestview, Florida, the property is zoned Resid Multi-Family, Resid. The six-bedroom configuration and residential multifamily zoning support the property’s intended duplex format.
Key Highlights
- 2,834‑square‑foot duplex on a 0.28‑acre lot
- Two two‑story units, each with 3 bedrooms and 2.5 bathrooms
- Under construction with expected completion by the end of summer 2026
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
$32,620
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
4.56%
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%
$652,400
$652.4K
Cap Rate 7%
$466,000
$466.0K
Cap Rate 9%
$362,444
$362.4K
Market Conditions
NOI Build-Up for 2,834 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
$49.3K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$46.6K $16.44/SF
− OpEx
−$14.0K −$4.93/SF
NOI
$32.6K $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%
$652,400
Cap Rate 7%
$466,000
Cap Rate 9%
$362,444
Alternative Uses
Best Use
Multifamily LT 5
$466.0K
$407.8K – $543.7K
NOI $32,620 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$418.8K
$366.5K – $488.7K
NOI $29,319 @ 7.0% cap · market cap 4.10%
Theoretical Best
Specialty Retail
$1.09M
$955.6K – $1.27M
NOI $76,449 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
848
Businesses Nearby
Explore this area
Business Placement
Demographics for 32536, FL
25,807
Population
9,379
Households
2.8
Avg Household Size
34
Median Age
27%
College-Educated
93%
High-School Grad
42.5 sq mi
ZIP Area
607
Density / Sq Mi
$82,643
Median Household Income
$40,845
Median Earnings
$1,351
Median Rent
$280,300
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?
Duplex - Two-story units offer three bedrooms, two-and-a-half bathrooms, central air, and electric water heaters.
Where is this duplex located?
The property is located at 161 S Booker Street Crestview, FL.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: 2,834‑square‑foot duplex on a 0.28‑acre lot; Two two‑story units, each with 3 bedrooms and 2.5 bathrooms; Under construction with expected completion by the end of summer 2026
