Newer Two-Unit
For Sale
$679,000
182 Madison St #A & B, Freeport, FL 32439
Both residences are leased and feature mirrored townhome-style layouts with attached garages and contemporary interior finishes.
Property Size3,160 SF
Price / SF$214.87
Days on Market9
Property Features for 182 Madison St #A & B
General Information
Standard status
Active
Size
3,160 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
Fiv Realty Co Florida LLC
(850) 582-7653
Listed By:
Hiller Group
(850) 582-7653
Source:
Markhillersells
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 4:18PM
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 Fiv Realty Co Florida LLC
Investment Insights
Based on property information with market context.
This 2023-built duplex combines Units A and B on one parcel, with a total of 3,160 square feet. The mirrored townhome-style residences each include three bedrooms, two and one-half bathrooms, an open living and kitchen arrangement, a kitchen island, stainless-steel appliances, luxury vinyl plank flooring, substantial storage, and an attached one-car garage. Unit A follows the same design and finish package as Unit B in reverse orientation.
Both sides are occupied by long-term tenants, and the property has an established rental history. The duplex is located in Freeport near Highway 20, schools, shopping, dining, and South Walton, with access to beach and Emerald Coast communities. Tenant occupancy should be considered when arranging property visits.
Both sides are occupied by long-term tenants, and the property has an established rental history. The duplex is located in Freeport near Highway 20, schools, shopping, dining, and South Walton, with access to beach and Emerald Coast communities. Tenant occupancy should be considered when arranging property visits.
Key Highlights
- Two‑unit duplex on one parcel with Units A and B
- Built in 2023 with 3,160 square feet
- Each residence offers 3 bedrooms and 2.5 bathrooms
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
$38,225
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
5.63%
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%
$764,500
$764.5K
Cap Rate 7%
$546,071
$546.1K
Cap Rate 9%
$424,722
$424.7K
Market Conditions
NOI Build-Up for 3,160 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
$64.5K $20.40/SF
− Vacancy
−$9.9K −$3.12/SF
EGI
$54.6K $17.28/SF
− OpEx
−$16.4K −$5.18/SF
NOI
$38.2K $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%
$764,500
Cap Rate 7%
$546,071
Cap Rate 9%
$424,722
Alternative Uses
Best Use
Multifamily LT 5
$546.1K
$477.8K – $637.1K
NOI $38,225 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$499.9K
$437.5K – $583.3K
NOI $34,996 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$794.7K
$695.4K – $927.2K
NOI $55,629 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 32439, FL
12,943
Population
6,772
Households
1.9
Avg Household Size
41
Median Age
30%
College-Educated
92%
High-School Grad
96.5 sq mi
ZIP Area
134
Density / Sq Mi
$77,500
Median Household Income
$40,358
Median Earnings
$1,657
Median Rent
$343,900
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 - Both residences are leased and feature mirrored townhome-style layouts with attached garages and contemporary interior finishes.
Where is this duplex located?
The property is located at 182 Madison St #A & B Freeport, FL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Two‑unit duplex on one parcel with Units A and B; Built in 2023 with 3,160 square feet; Each residence offers 3 bedrooms and 2.5 bathrooms
