Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    3118 Bay St Gulf Breeze, FL 32563

    View on Map
    Claim this Listing
    New
    For Sale
    $495,000

    MULTI_FAMILY - Gulf Breeze, FL

    Property size:
    2,958 SF
    Price / SF:
    $167/SF
    Added:
    May 7, 2026
    Days on Market:
    1
    Last Refresh:
    May 7 at 10:06 pm

    Property Features for 3118 Bay St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 4, Bathroom 6, Bathroom 5, Bedroom 6, Bathroom 1
    Parking
    1
    Parking features
    Open, Garage
    Patio and Porch features
    Deck
    Fencing
    Chain Link
    Fireplace
    1
    Appliances
    Water Heater, Electric Water Heater, Built In Microwave, Dishwasher, Refrigerator
    Standard status
    Active
    APN
    312S282980003000190
    Size
    2,958 SF

    Taxes and HOA fees

    Tax Description
    Oriole Beach Lot 19 Blk 3 As Des In Or 1441 Pg 331 & E-L/E In Or 3920 Pg 837

    Utilities

    Heating system
    Central
    Cooling system
    Central Air, Ceiling Fan(s), Multi Units
    Water source
    Public

    Building Details

    Year built
    1985
    Floors in Building
    2
    Number of units
    2
    Building materials
    Frame
    Roof type
    Shingle

    We can help!

    Listing Contact
    Matthew Jones

    Listing agent Matthew Jones

    Listing office KELLER WILLIAMS REALTY GULF COAST 800 Langley Avenue, Pensacola, FL

    Listing date May 7, 2026

    MLS# 680992 Listing URL

    Copyright © 2026 Pensacola 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.

    HighLights

    • Steps from Santa Rosa Sound and .1 miles to Oriole Beach Boat Ramp.
    • Duplex with income potential: One unit leased through 2028 at $2,200/month, other unit vacant.
    • Large units: Nearly 3,000 sq ft total, each with 3 bedrooms, 2.5 bathrooms, and a 1‑car garage.
    • Vacant unit recently updated with fresh paint, popcorn ceiling removal, and refreshed bathrooms.
    • Oversized 200+ foot deep lot providing privacy and outdoor space.
    • 2020 roof and convenient location near shopping, dining, beaches, schools, and Pensacola Beach.

    Overview

    Gulf Breeze Duplex Opportunity

    This Gulf Breeze duplex is located steps from the Santa Rosa Sound and 0.1 miles from the Oriole Beach Boat Ramp. Situated on Bay St, the property offers a combination of size, flexibility, location, and income potential. The property features nearly 3,000 square feet, with each side offering 3 bedrooms, 2.5 bathrooms, a private 1 car garage, a large back deck, generous backyard space, and oversized rooms with closet and cabinet storage. The layout includes tile flooring throughout the first floor, a living room with a wood burning fireplace, a downstairs half bath, washer and dryer hookups, and all three bedrooms upstairs alongside the two full bathrooms. The left unit is currently leased through 2028 at $2,200 per month. The right side is vacant and has been updated with fresh paint, popcorn ceiling removal, and refreshed bathrooms featuring new vanities, mirrors, faucets, and vanity lighting. The property is suitable for offsetting a mortgage by living in one side, adding a long term rental, or exploring short term rental potential near the water and boat launch. The oversized 200+ foot deep lot adds privacy and outdoor space. Additional features include a 2020 roof and a location minutes from shopping, dining, beaches, schools, and Pensacola Beach.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gulf Breeze
    County
    Santa Rosa
    State
    Florida
    Longitude
    -87.093792
    Latitude
    30.374793

    Nearby Similar for Sale

    • $9,150,000

      Gulf Breeze Office Building

      Office building in thriving coastal community near Pensacola Beach.
      1101 Gulf Breeze Parkway, Gulf Breeze, FL 32561
      View Details
    • $1,145,000
      4,500 SF

      Gulf Breeze Retail Investment Opportunity

      4,500 SF retail property in high-traffic Gulf Breeze location.
      3113 Gulf Breeze Parkway, Gulf Breeze, FL 32563
      View Details
    • $995,000
      3,876 SF

      3,876 SF Office Building For Sale

      3,876 SF office building on Highway 98 in Gulf Breeze.
      3416 Gulf Breeze Pkwy, Gulf Breeze, FL 32563
      View Details
    • Contact for pricing

      New Dual Drive-Thru Coffee Property

      New 7 Brew Coffee property with dual drive-thru.
      401 Gulf Breeze Pkwy, Gulf Breeze, FL 32561
      View Details
    • $1,800,000
      7,950 SF

      Gulf Breeze Office/Medical Investment

      Recently renovated 7,950 SF office/medical building in Gulf Breeze, FL.
      41 Fairpoint Dr, Gulf Breeze, FL
      View Details
    • $2,400,000
      12,048 SF

      12,048 SF Retail For Sale Gulf Breeze - Midway Strip Center

      Retail property in Gulf Breeze, Florida, with value-add potential.
      5241 Gulf Breeze Pkwy, Gulf Breeze, FL 32563
      View Details
    • $250,000

      Gulf Breeze Boat Slip Opportunity

      68-foot boat slip in a coveted Gulf Breeze location.
      869 Silver Strand, Gulf Breeze, FL 32563
      View Details
    • $1,250,000
      3,964 SF

      3,964 SF Baybridge Dr Medical Office for Sale & Lease

      3,964 SF medical office near Gulf Breeze Hospital.
      85 Bay Bridge Dr, Gulf Breeze, FL 32561
      View Details
    • $1,495,000
      5,097 SF

      Freestanding Medical Office Building

      High-visibility medical office with ample parking in Gulf Breeze, FL.
      1395 El Rito St, Gulf Breeze, FL
      View Details
    • $259,000
      1,188 SF

      1,188 SF Parkway Plaza Unit #8 For Sale

      1,188 SF office condo in prime Gulf Breeze location.
      3043-3059 Gulf Breeze Pkwy, Gulf Breeze, FL 32563
      View Details

    FAQs

    What type of property is this?
    Duplex - Rare duplex near Santa Rosa Sound with income potential.
    Where is this duplex located?
    The property is located at 3118 Bay St Gulf Breeze, FL.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: Steps from Santa Rosa Sound and .1 miles to Oriole Beach Boat Ramp.; Duplex with income potential: One unit leased through 2028 at $2,200/month, other unit vacant.; Large units: Nearly 3,000 sq ft total, each with 3 bedrooms, 2.5 bathrooms, and a 1‑car garage.
    (850) 471-5000
    We can help!
    Listing Contact
    Matthew Jones
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3118 Bay St, Gulf Breeze, FL 32563
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!