Paired Patio Villa with
505-B Suwannee Drive Watersound, FL 32461
For Sale
$547,742
Pending
MULTI_FAMILY - Other - Watersound, FL
Property Size1,418 SF
Days on Market89
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
Rooms
Bathroom 1, Family Room, Bathroom 2, Bedroom 1, 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
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
Utilities
Sewer type
Public Sewer
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) 213-5170
Added: Apr 30
Changed: Jul 24
Last Checked: Jul 27 at 10:06AM
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.
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 For Apartment 5plus
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 | $34.0k | $24.00 |
| − Vacancy | −$5.5k | −$3.86 |
| EGI | $28.6k | $20.14 |
| − OpEx | −$12.8k | −$9.06 |
| NOI | $15.7k | $11.07 |
1,418 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
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.
Property Analytics
Property Profile
Location Intelligence
Current Use
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
