Paired Patio Villa
For Sale
$534,995
Pending
339-B Suwannee Drive, Watersound, FL 32461
Residential, Watersound, FL
Property Size1,410 SF
Days on Market169
Property Features for 339-B Suwannee Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Single Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Family Room, Bedroom 1
Parking
1
Parking features
Garage
Patio and Porch features
Patio
Interior features
Kitchen Island, Newly Painted, Pantry, Pull Down Stairs, Washer/Dryer Hookup, Woodwork Painted
Exterior features
Sprinkler System
Appliances
Auto Garage Door Opn, Dishwasher, Microwave, Oven Self Cleaning, Range Hood, Refrigerator W/IceMk, Stove/Oven Electric, Warranty Provided, Water Heater - Tnkls
Subdivision
Watersound Origins
Lot features
Interior, Wooded
Elementary school
Dune Lakes
Middle school
Emerald Coast
High school
South Walton
Directions
Located in the Watersound Town Center at the corner of Hwy 98 and Watersound Pkwy. From Hwy 98, turn onto Watersound Pkwy North, then turn right onto Origins Main St, and the Watersound Real Estate office is the 2nd building on the right, 34 Origins Main St, Ste 101.
Standard status
Pending
APN
23-3S-18-16160-000-0690
Size
1,410 SF
Taxes and HOA fees
Tax Description
LOT 69 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3345-245
HOA Fee
$924 Quarterly
Legal Description
LOT 69 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3345-245
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Building Details
Year built
2026
Floors in Building
1
Flooring type
Vinyl
Building materials
Siding CmntFbrHrdBrd
Architectural style
Other
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 428-3002
Added: Mar 27
Changed: Sep 8
Last Checked: Sep 11 at 5:06AM
MLS# 999139
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.
Located at 339-B Suwannee Drive in Watersound, this paired patio villa by Fischer Homes is planned for estimated completion in July/August 2026. The single-level layout includes 2 bedrooms and 2 baths, with the foyer opening into an arrangement of the kitchen, dining, and family room that extends to a covered rear patio. A walk-in closet and deluxe tiled shower with a built-in bench highlight the owner’s suite, while a secondary bedroom and full bath are positioned toward the front of the home.
The kitchen features an oversized island and upgraded Level 2 quartz countertops, along with full overlay painted cabinetry, pot and pan drawers, sliding trays, and a GE Profile built-in appliance package including a 5-burner gas cooktop, wall oven, microwave, canopy hood, and refrigerator. Interior finishes include upgraded Level 2 plank flooring, 10-foot ceilings, 8-foot interior doors, and craftsman-style trim with 5 3/4-inch baseboards.
The home also includes a tankless water heater and an oversized one-car garage with attic storage and pull-down stairs. The paired villas use a structurally independent design separated by a 2-hour fire-rated wall assembly for added privacy, and residents have access to Watersound Origins amenities such as the golf course, resort-style pool, and sports courts.
The kitchen features an oversized island and upgraded Level 2 quartz countertops, along with full overlay painted cabinetry, pot and pan drawers, sliding trays, and a GE Profile built-in appliance package including a 5-burner gas cooktop, wall oven, microwave, canopy hood, and refrigerator. Interior finishes include upgraded Level 2 plank flooring, 10-foot ceilings, 8-foot interior doors, and craftsman-style trim with 5 3/4-inch baseboards.
The home also includes a tankless water heater and an oversized one-car garage with attic storage and pull-down stairs. The paired villas use a structurally independent design separated by a 2-hour fire-rated wall assembly for added privacy, and residents have access to Watersound Origins amenities such as the golf course, resort-style pool, and sports courts.
Key Highlights
- Under construction 2‑bedroom, 2‑bath paired patio villa with 1,410 SF of single‑level living (Year built: 2026)
- Open kitchen, dining, and family room layout leading to a covered rear patio
- Oversized kitchen island with level 2 quartz countertops and a complete upgraded GE Profile appliance package
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
$15,615
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
2.92%
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%
$312,300
$312.3K
Cap Rate 7%
$223,071
$223.1K
Cap Rate 9%
$173,500
$173.5K
Market Conditions
NOI Build-Up for 1,410 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
$33.8K $24.00/SF
− Vacancy
−$5.4K −$3.86/SF
EGI
$28.4K $20.14/SF
− OpEx
−$12.8K −$9.06/SF
NOI
$15.6K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /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%
$312,300
Cap Rate 7%
$223,071
Cap Rate 9%
$173,500
Alternative Uses
Best Use
Apartment 5plus
$223.1K
$195.2K – $260.3K
NOI $15,615 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.6K
$310.3K – $413.7K
NOI $24,822 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 32461, FL
2,878
Population
5,860
Households
0.5
Avg Household Size
52
Median Age
59%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
193
Density / Sq Mi
$146,393
Median Household Income
$82,620
Median Earnings
$2,665
Median Rent
$947,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Single family property - New paired patio villa with 2 bedrooms, 2 baths, an oversized one-car garage, and a covered rear patio.
Where is this single family property located?
The property is located at 339-B Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $534,995.
What are key features of this property?
This property features: Under construction 2‑bedroom, 2‑bath paired patio villa with 1,410 SF of single‑level living (Year built: 2026); Open kitchen, dining, and family room layout leading to a covered rear patio; Oversized kitchen island with level 2 quartz countertops and a complete upgraded GE Profile appliance package
