Upgraded Two-Bedroom Multifamily
515-B Suwannee Drive, Watersound, FL 32461
For Sale
$551,928
Pending
Residential, Watersound, FL
Property Size1,418 SF
Days on Market96
Property Features for 515-B Suwannee Drive
General Information
Property type
Property subtype
Property condition
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Patio and Porch features
Interior features
Exterior features
Appliances
Subdivision
Lot features
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Taxes and HOA fees
Tax Description
HOA Fee
Legal Description
Utilities
Sewer type
Heating system
Amenities
covered rear patio
impact-rated windows
tankless gas water heater
gas grill rough-in
irrigation
landscaping
Smart Home Ready
exterior lawn maintenance included
access to Origins Golf Course
Village Commons amenities
walking and biking trails
Building Details
Year built
Floors in Building
Flooring type
Building materials
Architectural style
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 428-3002
Added: Aug 9
Changed: Oct 31
Last Checked: Nov 12 at 7:06AM
MLS# 1009539
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.
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Investment Insights
Based on property information with market context.
This under-construction multifamily residence offers 1,418 square feet in a single-level, two-bedroom, two-bath configuration. The open plan connects the kitchen with the dining and family areas, while the kitchen includes quartz Calacatta counters, shaker cabinetry, a farmhouse sink, stainless steel appliances, and a five-burner gas cooktop. Ten-foot ceilings, eight-foot interior doors, and vinyl plank flooring continue throughout the home. A covered rear patio faces a retention pond, and the owner’s suite includes a walk-in closet and upgraded bath with dual vanity and glass shower enclosure. Additional features include impact-rated windows, a tankless gas water heater, irrigation, landscaping, Smart Home Ready infrastructure, and a 1.5-car garage. The residence is under construction with estimated completion in Nov/Dec 2026.
Located within the Villas at Longleaf Park in Watersound Origins, the property is near Watersound Town Center, Publix, dining, medical offices, and Hwy 98. Community amenities include Origins Golf Course, Village Commons, and walking and biking trails. Exterior lawn maintenance is included, and public sewer serves the property.
Located within the Villas at Longleaf Park in Watersound Origins, the property is near Watersound Town Center, Publix, dining, medical offices, and Hwy 98. Community amenities include Origins Golf Course, Village Commons, and walking and biking trails. Exterior lawn maintenance is included, and public sewer serves the property.
Key Highlights
- 1,418‑square‑foot, single‑level multifamily residence with two bedrooms and two bathrooms
- Upgraded kitchen with quartz Calacatta counters, farmhouse sink, shaker cabinetry, and stainless steel appliances
- Covered rear patio overlooking a retention pond
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,704
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$314,080
$314.1K
Cap Rate 7%
$224,343
$224.3K
Cap Rate 9%
$174,489
$174.5K
Market Conditions
NOI Build-Up for 1,418 SF
Gross rent
$34.0K $24.00/SF
− Vacancy
−$5.5K −$3.86/SF
EGI
$28.6K $20.14/SF
− OpEx
−$12.8K −$9.06/SF
NOI
$15.7K $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 Rate 5%
$314,080
Cap Rate 7%
$224,343
Cap Rate 9%
$174,489
Alternative Uses
Best Use
Apartment 5plus
$224.3K
$196.3K – $261.7K
NOI $15,704 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$356.6K
$312.0K – $416.0K
NOI $24,962 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Lease Details
1
Residential units
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Single family property - Under-construction residence with an open layout, upgraded finishes, covered patio, garage, and access to Watersound Origins amenities.
Where is this single family property located?
The property is located at 515-B Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $551,928.
What are key features of this property?
This property features: 1,418‑square‑foot, single‑level multifamily residence with two bedrooms and two bathrooms; Upgraded kitchen with quartz Calacatta counters, farmhouse sink, shaker cabinetry, and stainless steel appliances; Covered rear patio overlooking a retention pond
