Income-Producing Six-Plex with
For Sale
Contact for pricing
22 Bobolink St NE, Fort Walton Beach, FL 32548
Six-plex with long-term tenants and recent updates.
Property Size2,816 SF
Price / SF$291.19
Days on Market168
Property Features for 22 Bobolink St NE
General Information
Standard status
Active
Size
2,816 SF
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Building Details
Year Built
1956
Year Renovated
2025
Buildings
3
Stories
1
Units
6
Listing Agency:
NAI TALCOR - West FL Office
(850) 249-2879
Listed By:
Terry Koehn · License #FL SL3551920
Source:
Crexi
Added: Feb 25
Changed: Aug 7
Last Checked: Aug 11 at 2:24PM
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 - West FL Office
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 = 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
$29,133
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
3.55%
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%
$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
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
$55.8K $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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,523
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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.**
