Duplex with Updated
New
For Sale
$450,000
510 NW Parkview Road, Fort Walton Beach, FL 32547
Residential, Fort Walton Beach, FL
Property Size2,356 SF
Price / SF$191
Days on Market2
Property Features for 510 NW Parkview Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Resid Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Laundry Room, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2
Parking
4
Patio and Porch features
Porch, Patio
Interior features
Ceiling Cathedral, Fireplace, Pantry, Split Bedroom, Washer/Dryer Hookup
Exterior features
Fenced Back Yard, Lawn Pump
Fencing
Back Yard, Fenced
Fireplace
1
Appliances
Dishwasher, Disposal, Oven Self Cleaning, Range Hood, Refrigerator, Refrigerator W/IceMk, Water Heater - Gas
Subdivision
GOLF VIEW ON PARKVIEW
Lot features
Easements, Level, Survey Available
Elementary school
Edwins
Middle school
Pryor
High school
Choctawhatchee
Directions
From Racetrack Rd NW., turn North onto Denton Blvd, for .5 of a mile. Veer left onto Parkview NW Rd., and 510 Parkview Rd. is .2 of a mile on the left. 2 Mins from Racetrack Rd NW.
Standard status
Active
APN
35-1S-24-1300-0006-0120
Size
2,356 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
JACKSONS HTS S/D LOT 12 BLK 6
Tax Annual Amount
3528
Legal Description
JACKSONS HTS S/D LOT 12 BLK 6
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
wood burning fireplaces
Building Details
Year built
1983
Flooring type
Vinyl, Tile
Building materials
Concrete, Frame, Siding Vinyl, Trim Vinyl
Architectural style
Other
Listing Agency:
LPT Realty LLC
(850) 259-1702
Listed By:
Ryan J Garofalo · License #3524720
(850) 240-8852
Added: Sep 2
Last Checked: Sep 3 at 10:06AM
MLS# 1011119
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 2,356-square-foot duplex at 510 NW Parkview Road contains two separate residences under one roof. Each unit offers two bedrooms and two full bathrooms, along with spacious living areas, a brick wood-burning fireplace, an updated kitchen, private bedrooms, and washer/dryer hookups. Central heating and central air serve the property, while vinyl and tile flooring provide durable interior finishes. Exterior features include a fenced backyard, patio, porch, and lawn pump. The home was built in 1983 and is connected to public sewer.
Both units are currently occupied under long-term leases renewing in Spring 2027. The property carries an 8.5% gross cap rate and is zoned Resid Multi-Family. Shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches are located in the surrounding Fort Walton Beach area. A new roof is scheduled for installation in September 2026.
Both units are currently occupied under long-term leases renewing in Spring 2027. The property carries an 8.5% gross cap rate and is zoned Resid Multi-Family. Shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches are located in the surrounding Fort Walton Beach area. A new roof is scheduled for installation in September 2026.
Key Highlights
- 2,356 SF duplex with two separate residences under one roof
- Each unit includes 2 bedrooms and 2 full bathrooms
- Both units occupied under long‑term leases renewing in Spring 2027
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
$27,118
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
6.03%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,240
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences offer 2-bedroom layouts, fireplaces, fenced outdoor space, and central HVAC within a multifamily-zoned property.
Where is this duplex located?
The property is located at 510 NW Parkview Road 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: 2,356 SF duplex with two separate residences under one roof; Each unit includes 2 bedrooms and 2 full bathrooms; Both units occupied under long‑term leases renewing in Spring 2027
