Forest Shores Villas Interior
For Sale
$289,900
32 Hatten Ct, Mary Esther, FL 32569
3-bedroom, 2.5-bathroom interior unit near Santa Rosa Sound.
Property Size1,466 SF
Lot Size0.04 Acres
Days on Market267
Property Features for 32 Hatten Ct
General Information
Standard status
Active
Size
1,466 SF
Lot size
0.04 Acres
Property subtype
Residential
Building Details
Building Size
1,466 SF
Year Built
2025
Stories
2
Listing Agency:
(850) 749-5832
Listed By:
Olesya Chatraw
(850) 749-5832
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 14
Last Checked: Aug 21 at 8:10AM
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 Olesya Chatraw
Investment Insights
Based on property information with market context.
This interior unit at Forest Shores Villas features 3 bedrooms, 2.5 bathrooms, and a 1-car garage. The home includes EVP flooring, an open living room and kitchen, quartz countertops in the kitchen and bathrooms, and stainless-steel appliances in the kitchen. It is equipped with the Our Home is Connected package for added security. The property is located across from the Santa Rosa Sound, with Gulf Coast beaches a short drive away and local stores and restaurants nearby. Hurlburt Field is a 10-minute drive, and Navarre Beach is a 15-minute drive from the property.
Key Highlights
- New construction (2025) in Forest Shores Villas.
- Convenient location: close to Santa Rosa Sound, Gulf Coast beaches, local stores/restaurants, Hurlburt Field (10 min), and Navarre Beach (15 min).
- Features 3 bedrooms, 2.5 bathrooms, and 1‑car garage.
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
$15,167
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
5.23%
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%
$303,340
$303.3K
Cap Rate 7%
$216,671
$216.7K
Cap Rate 9%
$168,522
$168.5K
Market Conditions
NOI Build-Up for 1,466 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
$29.0K $19.80/SF
− Vacancy
−$1.5K −$0.99/SF
EGI
$27.6K $18.81/SF
− OpEx
−$12.4K −$8.46/SF
NOI
$15.2K $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%
$303,340
Cap Rate 7%
$216,671
Cap Rate 9%
$168,522
Alternative Uses
Best Use
Apartment 5plus
$216.7K
$189.6K – $252.8K
NOI $15,167 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$564.9K
$494.3K – $659.1K
NOI $39,546 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 32569, FL
12,378
Population
5,795
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
2,947
Density / Sq Mi
$73,762
Median Household Income
$43,832
Median Earnings
$1,456
Median Rent
$296,400
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?
Multifamily property - 3-bedroom, 2.5-bathroom interior unit near Santa Rosa Sound.
Where is this multifamily property located?
The property is located at 32 Hatten Ct Mary Esther, FL.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: New construction (2025) in Forest Shores Villas.; Convenient location: close to Santa Rosa Sound, Gulf Coast beaches, local stores/restaurants, Hurlburt Field (10 min), and Navarre Beach (15 min).; Features 3 bedrooms, 2.5 bathrooms, and 1‑car garage.
