Occupied
New
For Sale
$258,334
4998 Okaloosa Ln, Crestview, FL 32539
Both residences are rented, providing established occupancy within the two-unit property.
Property Size1,848 SF
Price / SF$139.79
Days on Market3
Property Features for 4998 Okaloosa Ln
General Information
Standard status
Active
Size
1,848 SF
Property subtype
Multi-Family
Additional Details
Asking Price
$775,000
Multifamily Units
6
Building Details
Year Built
1985
Buildings
3
Listing Agency:
Keller Williams Realty Fwb
Listed By:
Hiller Group · License #no data
(850) 582-7653
Source:
Markhillersells
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 6 at 7:55AM
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 Keller Williams Realty Fwb
Investment Insights
Based on property information with market context.
This 1848-square-foot duplex at 4998 Okaloosa Ln in Crestview, Florida, contains two residential units, with both sides currently rented. The property was built in 1985 and offers an existing occupancy profile for an investor acquiring a residential income asset.
The duplex is being sold as part of a three-property portfolio that includes two additional duplexes identified as 1011292 and 1011294. The portfolio includes six total units, and all three duplexes must be purchased together rather than separately. This structure allows the buyer to acquire multiple occupied residential units in a single transaction.
The duplex is being sold as part of a three-property portfolio that includes two additional duplexes identified as 1011292 and 1011294. The portfolio includes six total units, and all three duplexes must be purchased together rather than separately. This structure allows the buyer to acquire multiple occupied residential units in a single transaction.
Key Highlights
- Both sides of the duplex are currently rented
- 1848 square feet of residential space
- Built in 1985
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
$21,271
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
8.23%
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%
$425,420
$425.4K
Cap Rate 7%
$303,871
$303.9K
Cap Rate 9%
$236,344
$236.3K
Market Conditions
NOI Build-Up for 1,848 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
$32.2K $17.40/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$30.4K $16.44/SF
− OpEx
−$9.1K −$4.93/SF
NOI
$21.3K $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%
$425,420
Cap Rate 7%
$303,871
Cap Rate 9%
$236,344
Alternative Uses
Best Use
Multifamily LT 5
$303.9K
$265.9K – $354.5K
NOI $21,271 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$273.1K
$239.0K – $318.6K
NOI $19,118 @ 7.0% cap · market cap 7.40%
Theoretical Best
Specialty Retail
$712.2K
$623.1K – $830.9K
NOI $49,851 @ 7.0% cap · market cap 19.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 32539, FL
31,749
Population
12,642
Households
2.5
Avg Household Size
37
Median Age
24%
College-Educated
93%
High-School Grad
127.9 sq mi
ZIP Area
248
Density / Sq Mi
$72,521
Median Household Income
$40,064
Median Earnings
$1,323
Median Rent
$272,300
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 - Both residences are rented, providing established occupancy within the two-unit property.
Where is this duplex located?
The property is located at 4998 Okaloosa Ln Crestview, FL.
What is the asking price?
The asking price for this property is $258,334.
What are key features of this property?
This property features: Both sides of the duplex are currently rented; 1848 square feet of residential space; Built in 1985
