Income-Producing Six-Plex with
22 Bobolink St NE, Fort Walton Beach, FL 32548
For Sale
$820,000
Six-plex with long-term tenants and recent updates.
Property Size2,816 SF
Price / SF$291.19
Days on Market230
Property Features for 22 Bobolink St NE
General Information
Standard status
Size
Property subtype
Building Details
Building Size
Year Built
Listing Agency:
NAI TALCOR
Listed By:
Terry Koehn · License FL SL3551920
(850) 851-8634
Source:
Naiglobal
Added: Mar 27
Changed: Nov 1
Last Checked: Nov 10 at 7:55AM
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 NAI TALCOR
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Investment Insights
Based on property information with market context.
This is an income-producing six-plex, consisting of three one-level duplexes. The property includes a total of 10 bedrooms and 6 bathrooms. Currently, the property is 100% occupied. The Net Operating Income (NOI) rents are estimated at $69,840 annually for 2025. The property benefits from established long-term tenants, with the longest tenant occupancy exceeding 14 years. Recent property updates include new roofs on buildings 1 and 3 (units A/B and E/F) completed in 2025. New plumbing (pipes / drains) is scheduled for buildings 2 and 3 (units C/D and E/F) in 2026. New refrigerators were installed in units A, E, and F in 2025 and 2026. New stoves were installed in units B and D in 2025 and a new A/C unit was installed in unit B in 2025. Unit C received new granite countertops in 2025, and unit F received new LVP flooring in 2026. The property size is 2816 square feet.
Key Highlights
- Income‑producing 6‑plex with strong rental income potential ($69,840 estimated NOI in 2025).
- 100% Occupancy with established, long‑term tenants (longest occupancy 14+ years).
- New roofs on two buildings (units A/B and E/F) in 2025.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,133
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,660
$582.7K
Cap Rate 7%
$416,186
$416.2K
Cap Rate 9%
$323,700
$323.7K
Market Conditions
NOI Build-Up for 2,816 SF
Gross rent
$55.8K $19.80/SF
− Vacancy
−$2.8K −$0.99/SF
EGI
$53.0K $18.81/SF
− OpEx
−$23.8K −$8.46/SF
NOI
$29.1K $10.35/SF
Area
Okaloosa County, FL
Vacancy
5.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,660
Cap Rate 7%
$416,186
Cap Rate 9%
$323,700
Alternative Uses
Best Use
Apartment 5plus
$416.2K
$364.2K – $485.6K
NOI $29,133 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.09M
$949.6K – $1.27M
NOI $75,964 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,523
Businesses Nearby
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Business Placement
Demographics for 32548, FL
22,399
Population
14,040
Households
1.6
Avg Household Size
42
Median Age
31%
College-Educated
91%
High-School Grad
12.1 sq mi
ZIP Area
1,851
Density / Sq Mi
$63,857
Median Household Income
$37,725
Median Earnings
$1,281
Median Rent
$291,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Okaloosa County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six-plex with long-term tenants and recent updates.
Where is this apartment building located?
The property is located at 22 Bobolink St NE Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: Income‑producing 6‑plex with strong rental income potential ($69,840 estimated NOI in 2025).; 100% Occupancy with established, long‑term tenants (longest occupancy 14+ years).; New roofs on two buildings (units A/B and E/F) in 2025.**
