Duplex and Rental Unit Apartment
248 Four Mile Road Freeport, FL 32439
For Sale
$1,350,000
Pending
MULTI_FAMILY - Other - Freeport, FL
Property Size6,016 SF
Lot Size1.00 Acre
Days on Market102
Property Features for 248 Four Mile Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family
Bedrooms
2
Bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Window features
Double Pane Windows, Window Treatments
Interior features
Newly Painted
Appliances
Disposal, Microwave, Oven Continue Clean, Refrigerator, Smoke Detector, Stove/Oven Electric, Water Heater - Elect
Standard status
Pending
APN
16-1S-19-23000-008-0020
Size
6,016 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Description
COM SE/COR OF NE4 OF NW4 SEC 16-1S-19W, N 88 DEG 55'27''W 410.63 FT TO W ROW FOUR MILE RD, N 00 DEG 24'00''E ALG RD 350.00FT TO POB; N 88 DEG 38'07''W 226.80FT, N 02 DEG 14'48''E 209.58FT, S 88 DEG 42'48''E 226.51FT OF W SIDE FOUR MILE RD, S 02 DEG 14'48''W ALG RD 210.00 FT TO POB.
Tax Annual Amount
2239
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1985
Floors in Building
1
Flooring type
Carpet, Tile
Building materials
Brick, Foundation Off Grade, Trim Wood
Architectural style
Other
Listing Agency:
Beach Sunsets Inc
(850) 865-9070
Listed By:
Ronald W Friesen · License #3040192
(850) 865-9070
Added: Apr 17
Changed: Jul 24
Last Checked: Jul 27 at 2:06PM
MLS# 1000866
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 apartment complex is configured with 4 duplex units, for a total of 8 rental units. The property comprises a 1-acre lot with a building size of 6,016 square feet.
In addition to the existing units, the listing notes an extra 2 acres included with high-density R-3 zoning, described as allowing up to 14 units per acre. The property is located at 248 Four Mile Road in Freeport, Florida, in Walton County.
In addition to the existing units, the listing notes an extra 2 acres included with high-density R-3 zoning, described as allowing up to 14 units per acre. The property is located at 248 Four Mile Road in Freeport, Florida, in Walton County.
Key Highlights
- Apartment complex with 4 duplex units and 8 total rental units
- Additional 2 acres included with high‑density R‑3 zoning (up to 14 units/acre)
- Built in 1985 with brick construction and central air
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $144.4k | $24.00 |
| − Vacancy | −$23.2k | −$3.86 |
| EGI | $121.1k | $20.14 |
| − OpEx | −$54.5k | −$9.06 |
| NOI | $66.6k | $11.07 |
6,016 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$951.8K
$832.8K – $1.11M
NOI $66,626 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.77M
NOI $105,906 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment complex includes 4 duplex units totaling 8 rental units on a 1-acre parcel.
Where is this apartment building located?
The property is located at 248 Four Mile Road Freeport, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Apartment complex with 4 duplex units and 8 total rental units; Additional 2 acres included with high‑density R‑3 zoning (up to 14 units/acre); Built in 1985 with brick construction and central air
