Two-Unit Duplex with
New
For Sale
$450,000
512 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 512 NW Parkview Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
City, Resid Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Laundry Room, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 3, Utility Room, Bathroom 2, Bedroom 3
Parking
4
Patio and Porch features
Patio, Porch
Interior features
Ceiling Cathedral, Fireplace, Newly Painted, Pantry, Split Bedroom, Washer/Dryer Hookup
Exterior features
Rain Gutter, Fenced Back Yard, Sprinkler System
Fencing
Fenced, Back Yard
Fireplace
1
Appliances
Dishwasher, Disposal, Oven Self Cleaning, Range Hood, Refrigerator, Refrigerator W/IceMk, Smoke Detector, Stove/Oven Electric, Water Heater - Gas
Subdivision
Golf view on Parkview
Lot features
Golf Course, 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 512 Parkview Rd. is .2 of a mile on the left. 2 Mins from Racetrack Rd NW.
Standard status
Active
APN
35-1S-24-1300-0006-0110
Size
2,356 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
JACKSONS HTS S/D LOT 11 BLK 6
Tax Annual Amount
3546
Legal Description
JACKSONS HTS S/D LOT 11 BLK 6
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1985
Flooring type
Vinyl, Tile
Building materials
Concrete, Brick, Frame, Siding Vinyl, Trim Vinyl
Architectural style
Other
Additional Structures
Workshop
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 9:06AM
MLS# 1011121
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 contains two separate residences, each arranged with two bedrooms and two full bathrooms. Both units are occupied under long-term leases renewing in Spring 2027. Interior features include spacious living areas, brick wood-burning fireplaces, updated kitchens, private bedrooms, cathedral ceilings, pantry space, and washer/dryer hookups. The property was built in 1985 and received a new roof in 2025.
Located at 512 NW Parkview Road in Fort Walton Beach, the property is near shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches. City, Resid Multi-Family zoning supports its multifamily classification. Exterior features include a fenced backyard, patio, porch, rain gutters, and a sprinkler system, while public sewer, central heating, and central air serve the property.
Located at 512 NW Parkview Road in Fort Walton Beach, the property is near shopping, dining, schools, military installations, entertainment, and Emerald Coast beaches. City, Resid Multi-Family zoning supports its multifamily classification. Exterior features include a fenced backyard, patio, porch, rain gutters, and a sprinkler system, while public sewer, central heating, and central air serve the property.
Key Highlights
- 2,356 SF duplex with two separate residences
- Each unit offers 2 bedrooms and 2 full bathrooms
- Both units occupied with 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
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 - Income-producing multifamily property with updated kitchens, private bedrooms, fenced outdoor space, and central heating and cooling.
Where is this duplex located?
The property is located at 512 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; Each unit offers 2 bedrooms and 2 full bathrooms; Both units occupied with leases renewing in Spring 2027
