Duplex with Wood-Burning
For Sale
$450,000
510 NW Parkview Rd #A & B, Fort Walton Beach, FL 32547
Occupied two-bedroom residences feature updated kitchens, private bedrooms, and separate wood-burning fireplaces.
Property Size2,356 SF
Price / SF$191
Days on Market35
Property Features for 510 NW Parkview Rd #A & B
General Information
Standard status
Active
Size
2,356 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Cap Rate
8.5%
Average Monthly Rent
$1,600
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1983
Tenancy
Multi
Listing Agency:
Randy Wise Realty LLC
Listed By:
Hiller Group · License #no data
(850) 582-7653
Source:
Markhillersells
Added: Sep 4
Changed: Oct 7
Last Checked: Oct 7 at 12:09PM
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 Randy Wise Realty LLC
Investment Insights
Based on property information with market context.
This 2,356-square-foot duplex, built in 1983, contains two separate residences under one roof. Each unit provides two bedrooms, two full bathrooms, a private bedroom layout, updated kitchen, spacious living area, and a wood-burning brick fireplace. Both residences are currently occupied under long-term leases renewing in Spring 2027.
The property is located at 510 NW Parkview Rd in Fort Walton Beach, near shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches. A new roof is scheduled for installation in Sept. 2026. The property carries an 8.5% gross cap rate and offers a two-unit residential configuration in Northwest Florida.
The property is located at 510 NW Parkview Rd in Fort Walton Beach, near shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches. A new roof is scheduled for installation in Sept. 2026. The property carries an 8.5% gross cap rate and offers a two-unit residential configuration in Northwest Florida.
Key Highlights
- Two‑unit duplex totaling 2,356 SF
- Each residence includes 2 bedrooms and 2 full bathrooms
- Both units currently occupied with leases renewing in Spring 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,118
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,360
$542.4K
Cap Rate 7%
$387,400
$387.4K
Cap Rate 9%
$301,311
$301.3K
Market Conditions
NOI Build-Up for 2,356 SF
Gross rent
$41.0K $17.40/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$38.7K $16.44/SF
− OpEx
−$11.6K −$4.93/SF
NOI
$27.1K $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 Rate 5%
$542,360
Cap Rate 7%
$387,400
Cap Rate 9%
$301,311
Alternative Uses
Best Use
Multifamily LT 5
$387.4K
$339.0K – $452.0K
NOI $27,118 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$348.2K
$304.7K – $406.2K
NOI $24,374 @ 7.0% cap · market cap 5.42%
Theoretical Best
Specialty Retail
$907.9K
$794.4K – $1.06M
NOI $63,555 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
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 - Occupied two-bedroom residences feature updated kitchens, private bedrooms, and separate wood-burning fireplaces.
Where is this duplex located?
The property is located at 510 NW Parkview Rd #A & B Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,356 SF; Each residence includes 2 bedrooms and 2 full bathrooms; Both units currently occupied with leases renewing in Spring 2027
