Remodeled Duplex with Screened
For Sale
$585,000
34 Meigs Drive, Shalimar, FL 32579
MULTI_FAMILY - Other - Shalimar, FL
Property Size1,760 SF
Lot Size0.55 Acres
Price / SF$332.39
Days on Market50
Property Features for 34 Meigs Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family, Resid
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 4, Dining Room, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 3
Parking
8
Window features
Window Treatments
Patio and Porch features
Patio
Interior features
Newly Painted, Washer/Dryer Hookup
Exterior features
Lawn Pump
Fencing
Privacy, Fenced
Appliances
Cooktop, Dishwasher, Dryer, Freezer, Microwave, Oven Self Cleaning, Range Hood, Refrigerator, Stove/Oven Gas, Washer, Water Heater - Gas
Subdivision
Port Dixie
Lot features
Within 1/2 Mile to Water, Wooded
View
Lake
Elementary school
Shalimar
Middle school
Meigs
High school
Choctawhatchee
Directions
North on Eglin Pkwy to East on Old Ferry Road (next to Havertys). Turn left onto Meigs Drive then between the churches follow to the stop sign. Turn right at the stop sign onto Meigs Drive. The duplex is located on the left side on Meigs Drive.
Standard status
Active
APN
05-2S-23-2080-0004-0110
Size
1,760 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Port Dixie All That Part Of 10-14 & S10 Ft Of Lots 15-18 & 20Ft Of Vac R/W 868-955 Des As Such: Beg 6Ft W Of The Se Cor Of Lot 11 Thc E 116Ft Alg S Lot Lines To A Pt 20Ft E Of The Se Cor Of Lot 14 Thc N 180Ft Thc W 130Ft To A Pt 10Ft E And 10Ft N Of The Sw Cor Lot 18 S 20Ft W 33Ft S20 Deg E 128.52Ft W 40Ft To Pob
Tax Annual Amount
4906
Legal Description
Port Dixie All That Part Of 10-14 & S10 Ft Of Lots 15-18 & 20Ft Of Vac R/W 868-955 Des As Such: Beg 6Ft W Of The Se Cor Of Lot 11 Thc E 116Ft Alg S Lot Lines To A Pt 20Ft E Of The Se Cor Of Lot 14 Thc N 180Ft Thc W 130Ft To A Pt 10Ft E And 10Ft N Of The Sw Cor Lot 18 S 20Ft W 33Ft S20 Deg E 128.52Ft W 40Ft To Pob
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Well
Amenities
screened-in porch
walk-in shower
Building Details
Year built
1973
Floors in Building
1
Flooring type
Carpet, Hardwood, Vinyl
Building materials
Brick, Siding Brick Front, Siding Vinyl, Trim Vinyl
Architectural style
Other
Listing Agency:
Lokation
(954) 545-5583
Listed By:
Kimberly Larson · License #3375510
(850) 420-0472
Added: Jul 4
Changed: Aug 4
Last Checked: Aug 22 at 10:06AM
MLS# 1006953
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 fully rented duplex offers two units, each with two bedrooms and two full bathrooms. Unit A includes a large screened-in porch and has been completely remodeled in 2018 down to the studs, with upgraded flooring, walls, updated appliances, new fixtures, and a newly replaced HVAC system in 2017. Unit B features remodeled bathrooms, including an easy-access walk-in shower.
The property has a newly completed roof (2018) and additional updates across both units, including an oven replacement in 2016, a new water heater in 2021, and a new HVAC system installed July 2022. A new 150-foot sewer line was installed on 4/2023, and the County completed a project that elevated Meigs Drive in front of the property to improve drainage.
Set on a 0.55-acre lot, the home was built in 1973 and features central heating and central air, privacy fencing, and utility service via a well. The County zoning is described as suburban residential with multi-family development potential; buyers should verify all measurements.
The property has a newly completed roof (2018) and additional updates across both units, including an oven replacement in 2016, a new water heater in 2021, and a new HVAC system installed July 2022. A new 150-foot sewer line was installed on 4/2023, and the County completed a project that elevated Meigs Drive in front of the property to improve drainage.
Set on a 0.55-acre lot, the home was built in 1973 and features central heating and central air, privacy fencing, and utility service via a well. The County zoning is described as suburban residential with multi-family development potential; buyers should verify all measurements.
Key Highlights
- Fully rented duplex with two 2‑bedroom, 2‑bath units
- Unit A completely remodeled in 2018 down to the studs; HVAC replaced in 2017
- New roof completed in 2018
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
$20,258
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
3.46%
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%
$405,160
$405.2K
Cap Rate 7%
$289,400
$289.4K
Cap Rate 9%
$225,089
$225.1K
Market Conditions
NOI Build-Up for 1,760 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
$30.6K $17.40/SF
− Vacancy
−$1.7K −$0.96/SF
EGI
$28.9K $16.44/SF
− OpEx
−$8.7K −$4.93/SF
NOI
$20.3K $11.51/SF
Area
Okaloosa County, FL
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$405,160
Cap Rate 7%
$289,400
Cap Rate 9%
$225,089
Alternative Uses
Best Use
Multifamily LT 5
$289.4K
$253.2K – $337.6K
NOI $20,258 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$260.1K
$227.6K – $303.5K
NOI $18,208 @ 7.0% cap · market cap 3.11%
Theoretical Best
Specialty Retail
$678.2K
$593.5K – $791.3K
NOI $47,477 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 32579, FL
10,444
Population
5,130
Households
2
Avg Household Size
46
Median Age
48%
College-Educated
95%
High-School Grad
3.5 sq mi
ZIP Area
2,984
Density / Sq Mi
$98,014
Median Household Income
$46,926
Median Earnings
$1,582
Median Rent
$430,400
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?
Duplex - Fully rented duplex with two 2-bedroom, 2-bath units and lake views, including a newly completed 2018 roof.
Where is this duplex located?
The property is located at 34 Meigs Drive Shalimar, FL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Fully rented duplex with two 2‑bedroom, 2‑bath units; Unit A completely remodeled in 2018 down to the studs; HVAC replaced in 2017; New roof completed in 2018
