Paired Patio Villa with
For Sale
$547,742
Pending
505-B Suwannee Drive, Watersound, FL 32461
Residential, Watersound, FL
Property Size1,418 SF
Days on Market182
Property Features for 505-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
Bedroom 1, Family Room, Bathroom 1, Bathroom 2, Bedroom 2
Window features
Storm Window(s)
Interior features
Kitchen Island, Pantry
Appliances
Auto Garage Door Opn, Dishwasher, Microwave, Refrigerator, Stove/Oven Gas, Warranty Provided, Water Heater - Tnkls
Subdivision
WATERSOUND ORIGINS
Lot features
Interior
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 Discovery Center is the 2nd building on the right, 34 Origins Main St, Ste 101.
Standard status
Pending
APN
23-3S-18-16160-000-0430
Size
1,418 SF
Taxes and HOA fees
Tax Description
LOT 43 THE VILLAS AT LONGLEAF PARK PB 26-93
HOA Fee
$924 Quarterly
Legal Description
LOT 43 THE VILLAS AT LONGLEAF PARK PB 26-93
Utilities
Sewer type
Public Sewer
Amenities
covered patio
water view
front porch
family foyer/drop zone
SmartCode touchscreen entry
impact-rated windows
LED lighting
tankless gas water heater
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: Apr 30
Changed: Oct 23
Last Checked: Oct 28 at 1:06AM
MLS# 1002406
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.
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Investment Insights
Based on property information with market context.
Located at 505-B Suwannee Drive in Watersound, Florida, this paired patio villa is a single-level 2-bedroom, 2-bath home with a 1.5-car garage. The open Lucas floor plan connects the foyer to the kitchen, dining, and family room, with direct flow to a covered rear patio that features a water view.
The home includes 10’ ceilings and 8’ doors, luxury vinyl plank flooring, and a SmartCode touchscreen entry. A kitchen pantry supports everyday use, and a family foyer/drop zone and front porch provide additional convenience. Energy-efficient features listed include impact-rated windows, LED lighting, and a tankless gas water heater.
Zoning is listed as Resid Single Family.
The home includes 10’ ceilings and 8’ doors, luxury vinyl plank flooring, and a SmartCode touchscreen entry. A kitchen pantry supports everyday use, and a family foyer/drop zone and front porch provide additional convenience. Energy-efficient features listed include impact-rated windows, LED lighting, and a tankless gas water heater.
Zoning is listed as Resid Single Family.
Key Highlights
- Under construction 2‑bedroom, 2‑bath paired patio villa with single‑level layout and 1.5‑car garage
- Kitchen features a kitchen island and pantry, with appliances including dishwasher, microwave, refrigerator, and gas stove/oven
- Modern interior details include 10' ceilings and 8' doors, with tile and vinyl flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,704
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$314,080
$314.1K
Cap Rate 7%
$224,343
$224.3K
Cap Rate 9%
$174,489
$174.5K
Market Conditions
NOI Build-Up for 1,418 SF
Gross rent
$34.0K $24.00/SF
− Vacancy
−$5.5K −$3.86/SF
EGI
$28.6K $20.14/SF
− OpEx
−$12.8K −$9.06/SF
NOI
$15.7K $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 Rate 5%
$314,080
Cap Rate 7%
$224,343
Cap Rate 9%
$174,489
Alternative Uses
Best Use
Apartment 5plus
$224.3K
$196.3K – $261.7K
NOI $15,704 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$356.6K
$312.0K – $416.0K
NOI $24,962 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
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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 - Single-level 2-bedroom, 2-bath paired villa with 1.5-car garage and covered rear patio.
Where is this single family property located?
The property is located at 505-B Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $547,742.
What are key features of this property?
This property features: Under construction 2‑bedroom, 2‑bath paired patio villa with single‑level layout and 1.5‑car garage; Kitchen features a kitchen island and pantry, with appliances including dishwasher, microwave, refrigerator, and gas stove/oven; Modern interior details include 10' ceilings and 8' doors, with tile and vinyl flooring
