Paired Patio Villa with Covered
For Sale
$548,951
Pending
515-A Suwannee Drive, Watersound, FL 32461
Residential, Watersound, FL
Property Size1,442 SF
Days on Market135
Property Features for 515-A Suwannee Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Single Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Family Room, Bedroom 1, Bedroom 2
Window features
Storm Window(s)
Interior features
Kitchen Island, Pantry, Woodwork Painted
Appliances
Auto Garage Door Opn, Dishwasher, Microwave, Refrigerator, Security System, Stove/Oven Gas, Warranty Provided, Water Heater - Tnkls
Subdivision
WATERSOUND ORIGINS
Lot features
Interior
Elementary school
Dune Lakes
Middle school
Emerald Coast
High school
South Walton
Directions
Located in the Watersound Town Center. From Hwy 98, turn onto Watersound Pkwy North, then turn right onto Origins Main St, and the Watersound Real Estate office is the second building on the right. 34 Origins Main St, Ste 101.
Standard status
Pending
APN
23-3S-18-16160-000-0420
Size
1,442 SF
Taxes and HOA fees
Tax Description
LOT 42 THE VILLAS AT LONGLEAF PARK PB 26-93
HOA Fee
$924 Quarterly
Legal Description
LOT 42 THE VILLAS AT LONGLEAF PARK PB 26-93
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
covered rear patio
Origins Golf Course
resort-style pool
sports courts
miles of trails
Building Details
Year built
2026
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Frame, Siding CmntFbrHrdBrd
Architectural style
Other
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 428-3002
Added: Apr 30
Changed: Sep 8
Last Checked: Sep 11 at 4:06AM
MLS# 1002403
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 Fischer Homes Anfield paired patio villa is a single-level home designed for comfortable, open living. It features 3 bedrooms and 2 full baths, 10-foot ceilings, and luxury vinyl flooring throughout. The kitchen and family room connect seamlessly to a covered rear patio, creating a natural extension of the living space. The upgraded kitchen includes quartz countertops, a farmhouse sink, enhanced cabinetry, a stainless canopy range hood, and a spacious walk-in pantry. Both full baths have tile extended to the ceiling, and the Owner’s Suite includes a luxury bath suite and a generous walk-in closet. A smart home security package with remote access capabilities is installed.
The home is set within Long Leaf Park Villas at Watersound Origins, with serene water views and tall pine tree surroundings. HOA-covered lawn care and exterior upkeep support low-maintenance living.
Residents can access community amenities including the Origins Golf Course, a resort-style pool at Village Commons, sports courts, and miles of trails within the Watersound Origins community.
The home is set within Long Leaf Park Villas at Watersound Origins, with serene water views and tall pine tree surroundings. HOA-covered lawn care and exterior upkeep support low-maintenance living.
Residents can access community amenities including the Origins Golf Course, a resort-style pool at Village Commons, sports courts, and miles of trails within the Watersound Origins community.
Key Highlights
- Under construction single‑level 3‑bedroom, 2‑full‑bath paired patio villa, Year built 2026
- Upgraded kitchen with quartz countertops, farmhouse sink, stainless canopy range hood, and spacious walk‑in pantry
- 10‑foot ceilings with open kitchen‑to‑family room layout that connects to a covered rear patio
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
$15,970
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
2.91%
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%
$319,400
$319.4K
Cap Rate 7%
$228,143
$228.1K
Cap Rate 9%
$177,444
$177.4K
Market Conditions
NOI Build-Up for 1,442 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
$34.6K $24.00/SF
− Vacancy
−$5.6K −$3.86/SF
EGI
$29.0K $20.14/SF
− OpEx
−$13.1K −$9.06/SF
NOI
$16.0K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$319,400
Cap Rate 7%
$228,143
Cap Rate 9%
$177,444
Alternative Uses
Best Use
Apartment 5plus
$228.1K
$199.6K – $266.2K
NOI $15,970 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$362.6K
$317.3K – $423.1K
NOI $25,385 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 32461, FL
2,878
Population
5,860
Households
0.5
Avg Household Size
52
Median Age
59%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
193
Density / Sq Mi
$146,393
Median Household Income
$82,620
Median Earnings
$2,665
Median Rent
$947,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Single-level 3-bedroom, 2-bath villa with an open kitchen-to-family room layout and a covered rear patio.
Where is this single family property located?
The property is located at 515-A Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $548,951.
What are key features of this property?
This property features: Under construction single‑level 3‑bedroom, 2‑full‑bath paired patio villa, Year built 2026; Upgraded kitchen with quartz countertops, farmhouse sink, stainless canopy range hood, and spacious walk‑in pantry; 10‑foot ceilings with open kitchen‑to‑family room layout that connects to a covered rear patio
