Duplex with Covered Rear
For Sale
$547,460
Pending
359 A Suwannee Drive, Watersound, FL 32461
Residential, Watersound, FL
Property Size1,442 SF
Days on Market115
Property Features for 359 A Suwannee Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Single Family
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Family Room, Bedroom 2, Bathroom 3
Parking
2
Window features
Storm Window(s)
Patio and Porch features
Patio, Porch
Interior features
Kitchen Island, Lighting Recessed, Pantry, Pull Down Stairs, Washer/Dryer Hookup, Woodwork Painted
Exterior features
Sprinkler System
Appliances
Auto Garage Door Opn, Cooktop, Dishwasher, Microwave, Refrigerator, Security System, Smoke Detector, Stove/Oven Electric, Warranty Provided, Water Heater - Tnkls
Subdivision
WATERSOUND ORIGINS
Elementary school
Dune Lakes
Middle school
Emerald Coast
High school
South Walton
Directions
Located in the Watersound Town Center. From Hwy 98, turn onto Watersound Pkwy North, then turn right onto Origins Main St, and the Watersound Real Estate office is the second building on the right. 34 Origins Main St, Ste 101.
Standard status
Pending
APN
23-3S-18-16160-000-0660
Size
1,442 SF
Taxes and HOA fees
Tax Description
LOT 66 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3353-2175
HOA Fee
$924 Quarterly
Legal Description
LOT 66 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3353-2175
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
covered rear patio
smart home package
tankless water heater
gas grill rough-in
irrigation system
exterior lawn maintenance included
Building Details
Year built
2026
Floors in Building
1
Flooring type
Tile, Vinyl
Building materials
Frame, Siding CmntFbrHrdBrd
Architectural style
Other
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 428-3002
Added: May 20
Changed: Sep 8
Last Checked: Sep 11 at 5:06AM
MLS# 1003458
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 under-construction duplex features the Anfield plan with an open kitchen and family room, 10-foot ceilings, and 8-foot interior doors throughout. The layout includes 2 bedrooms, 2.5 bathrooms, and a 1.5-car garage. A covered rear patio connects directly to the family room, extending outdoor living while maintaining privacy from the wooded homesite.
Interior finishes include luxury vinyl plank flooring, craftsman-style trim, impact-rated windows, and a Smart Home package. The kitchen offers upgraded soft-close cabinetry, Level 2 quartz countertops, an upgraded backsplash, a large walk-in pantry, and a GE appliance package with built-in appliances and a 5-burner gas cooktop. The owner’s suite includes a spacious walk-in closet and an upgraded luxury shower with dual showerheads.
Additional construction and convenience features include a tankless water heater, recessed lighting, sprinkler system and irrigation, and exterior lawn maintenance included. Each residence is separated by a structurally independent 2-hour fire separation wall with insulated framing and layered gypsum board. Estimated completion is Oct/Nov 2026, with the property served by public sewer.
Interior finishes include luxury vinyl plank flooring, craftsman-style trim, impact-rated windows, and a Smart Home package. The kitchen offers upgraded soft-close cabinetry, Level 2 quartz countertops, an upgraded backsplash, a large walk-in pantry, and a GE appliance package with built-in appliances and a 5-burner gas cooktop. The owner’s suite includes a spacious walk-in closet and an upgraded luxury shower with dual showerheads.
Additional construction and convenience features include a tankless water heater, recessed lighting, sprinkler system and irrigation, and exterior lawn maintenance included. Each residence is separated by a structurally independent 2-hour fire separation wall with insulated framing and layered gypsum board. Estimated completion is Oct/Nov 2026, with the property served by public sewer.
Key Highlights
- Under construction with estimated completion Oct/Nov 2026
- 2 bedrooms and 2.5 bathrooms with an open kitchen and family room
- Covered rear patio accessed from the family room
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
$15,970
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%
$319,400
$319.4K
Cap Rate 7%
$228,143
$228.1K
Cap Rate 9%
$177,444
$177.4K
Market Conditions
NOI Build-Up for 1,442 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
$34.6K $24.00/SF
− Vacancy
−$5.6K −$3.86/SF
EGI
$29.0K $20.14/SF
− OpEx
−$13.1K −$9.06/SF
NOI
$16.0K $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%
$319,400
Cap Rate 7%
$228,143
Cap Rate 9%
$177,444
Alternative Uses
Best Use
Apartment 5plus
$228.1K
$199.6K – $266.2K
NOI $15,970 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$362.6K
$317.3K – $423.1K
NOI $25,385 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Under-construction duplex in the Villas at Longleaf Park with 2 bedrooms, 2.5 baths, and a covered rear patio.
Where is this single family property located?
The property is located at 359 A Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $547,460.
What are key features of this property?
This property features: Under construction with estimated completion Oct/Nov 2026; 2 bedrooms and 2.5 bathrooms with an open kitchen and family room; Covered rear patio accessed from the family room
