Fully Rented Duplex with Lake
34 Meigs Drive Shalimar, FL 32579
34 Meigs Drive, Shalimar, FL, 32579
$585,000
For Sale
$585,000
MULTI_FAMILY - Other - Shalimar, FL
Property Size1,760 SF
Lot Size0.55 Acres
Price / SF$332.39
Days on Market15
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
- Rooms
- Bathroom 4, Bathroom 2, Bathroom 3, Dining Room, Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1
- Parking
- 8
- Window features
- Window Treatments
- Patio and Porch features
- Patio
- Interior features
- Newly Painted, Washer/Dryer Hookup
- Exterior features
- Lawn Pump
- Fencing
- Fenced, Privacy
- Appliances
- Cooktop, Dishwasher, Dryer, Freezer, Microwave, Oven Self Cleaning, Range Hood, Refrigerator, Stove/Oven Gas, Washer, Water Heater - Gas
- 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
Utilities
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Well
Building Details
- Year built
- 1973
- Floors in Building
- 1
- Flooring type
- Vinyl, Hardwood, Carpet
- Building materials
- Brick, Siding Brick Front, Siding Vinyl, Trim Vinyl
- Architectural style
- Other
Listing Agency
Lokation
(954) 545-5583
34990 Emerald Coast Pkwy #300, Pompano Beach, FL
Listed by
Kimberly Larson · License #3375510
(850) 420-0472
Added: Jul 4 Checked: Jul 18 at 8:06 am
MLS# 1006953
Listing URL
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.
The property is a fully rented duplex with two 2-bedroom, 2 full-bath units. Unit A includes a large screened-in porch with lake views, and was completely remodeled in 2018 down to the studs with upgraded flooring and walls, updated appliances, new fixtures, and a newly replaced HVAC system completed in 2017. Unit B features remodeled bathrooms, including an easy-access walk-in shower, along with updated finishes and appliances. Additional improvements include a new oven (2016), a new water heater (2021), updated appliances, LVP flooring, and a new HVAC system installed in July 2022. A new 150-foot sewer line was installed on 4/2023. The property also has a new roof completed in 2018.
Located at 34 Meigs Drive in Shalimar, Florida, the duplex sits on approximately 0.55 acres. The listing remarks note zoning of suburban residential with multi-family development potential for a triplex or fourplex construction, and mention a county project that elevated Meigs Drive in front of the property to improve drainage. Buyer to verify all measurements.
For tenants and buyers, this duplex offers two self-contained, two-bedroom units with recent renovations and multiple system replacements. The configuration may also appeal to buyers evaluating a multi-family development path under the stated zoning, with the option to verify triplex or fourplex feasibility during due diligence.
Located at 34 Meigs Drive in Shalimar, Florida, the duplex sits on approximately 0.55 acres. The listing remarks note zoning of suburban residential with multi-family development potential for a triplex or fourplex construction, and mention a county project that elevated Meigs Drive in front of the property to improve drainage. Buyer to verify all measurements.
For tenants and buyers, this duplex offers two self-contained, two-bedroom units with recent renovations and multiple system replacements. The configuration may also appeal to buyers evaluating a multi-family development path under the stated zoning, with the option to verify triplex or fourplex feasibility during due diligence.
Key Highlights
- Fully rented duplex with two 2‑bedroom, 2 full‑bath units
- New roof completed in 2018
- Unit A remodeled in 2018 down to the studs, with upgraded flooring, walls, updated appliances, and new fixtures
Local Financial Insights For Multifamily LT 5
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 | $30.6k | $17.40 |
| − Vacancy | −$1.7k | −$0.96 |
| EGI | $28.9k | $16.44 |
| − OpEx | −$8.7k | −$4.93 |
| NOI | $20.3k | $11.51 |
1,760 SF · lease $17.40/SF/yr · vacancy 5.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - A fully rented two-unit duplex featuring remodeled interiors, lake views, and recent major systems upgrades.
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 full‑bath units; New roof completed in 2018; Unit A remodeled in 2018 down to the studs, with upgraded flooring, walls, updated appliances, and new fixtures
