Upgraded Two-Bedroom Multifamily
New
For Sale
$551,928
515-B Suwannee Drive, Watersound, FL 32461
MULTI_FAMILY - Other - Watersound, FL
Property Size1,418 SF
Price / SF$389.23
Days on Market4
Property Features for 515-B Suwannee Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Single Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Family Room, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1
Parking
1
Parking features
Garage
Patio and Porch features
Patio
Interior features
Ceiling Raised, Kitchen Island, Newly Painted, Pantry, Pull Down Stairs, Washer/Dryer Hookup, Woodwork Painted
Exterior features
Sprinkler System
Appliances
Auto Garage Door Opn, Dishwasher, Microwave, Oven Self Cleaning, Range Hood, Refrigerator W/IceMk, Stove/Oven Electric, Warranty Provided, Water Heater - Tnkls
Subdivision
Watersound Origins
Lot features
Interior, Wooded
Elementary school
Dune Lakes
Middle school
Emerald Coast
High school
South Walton
Directions
Located in the Watersound Town Center at the corner of Hwy 98 and Watersound Pkwy. From Hwy 98, turn onto Watersound Pkwy North, then turn right onto Origins Main St, and the Watersound Real Estate office is the 2nd building on the right, 34 Origins Main St, Ste 101.
Standard status
Active
APN
23-3S-18-16160-000-0410
Size
1,418 SF
Taxes and HOA fees
Tax Description
LOT 41 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3399-1447
HOA Fee
$924 Quarterly
Legal Description
LOT 41 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3399-1447
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
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
2026
Floors in Building
1
Flooring type
Vinyl
Building materials
Siding CmntFbrHrdBrd
Architectural style
Other
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 213-5170
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 12 at 1:06AM
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.
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 = 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
$15,704
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
2.85%
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%
$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
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
$34.0K $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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,679
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Under-construction residence with an open layout, upgraded finishes, covered patio, garage, and access to Watersound Origins amenities.
Where is this multifamily 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
