Two-Unit Duplex Property with
For Sale
$450,000
510 Nw Parkview Rd Unit A & B, Fort Walton Beach, FL 32547
Occupied duplex with updated kitchens, private bedrooms, and two full bathrooms in each residence.
Property Size2,356 SF
Price / SF$191
Days on Market11
Property Features for 510 Nw Parkview Rd Unit A & B
General Information
Standard status
Active
Size
2,356 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,600
Amenities
wood-burning fireplace
Building Details
Year Built
1983
Buildings
1
Tenancy
Multi
Listing Agency:
LPT Realty LLC
Listed By:
Ryan J Garofalo · License #3524720
(850) 240-8852
Source:
J30a
Added: Aug 31
Changed: Sep 5
Last Checked: Sep 9 at 11:06AM
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 LPT 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 offers a two-bedroom, two-bathroom layout with living space, private bedrooms, an updated kitchen, and a wood-burning brick fireplace. Both units are occupied under long-term leases renewing in Spring 2027, and the property carries an 8.5% gross cap rate. A new roof is scheduled for installation in September 2026.
The property is located at 510 NW Parkview Rd in Fort Walton Beach, near shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches. The adjacent sister property at 512 Parkview Rd is also available, providing an option to acquire another duplex at the neighboring address.
The property is located at 510 NW Parkview Rd in Fort Walton Beach, near shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches. The adjacent sister property at 512 Parkview Rd is also available, providing an option to acquire another duplex at the neighboring address.
Key Highlights
- 2,356‑square‑foot duplex with two separate residences under one roof
- Each unit includes 2 bedrooms, 2 bathrooms, an updated kitchen, and a wood‑burning brick fireplace
- Both units are 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
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
999
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 duplex with updated kitchens, private bedrooms, and two full bathrooms in each residence.
Where is this duplex located?
The property is located at 510 Nw Parkview Rd Unit 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: 2,356‑square‑foot duplex with two separate residences under one roof; Each unit includes 2 bedrooms, 2 bathrooms, an updated kitchen, and a wood‑burning brick fireplace; Both units are occupied under long‑term leases renewing in Spring 2027
