8-Unit Apartment
For Sale
$1,500,000
700 N Palm Blvd, Niceville, FL 32578
Two connected buildings provide eight residential units with individual kitchens, dining areas, and living rooms.
Property Size7,052 SF
Days on Market270
Property Features for 700 N Palm Blvd
General Information
Standard status
Active
Size
7,052 SF
Property subtype
Multi Family Home
Zoning
Res Multi
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Building Details
Building Size
7,052 SF
Year Built
1985
Buildings
2
Stories
2
Units
8
Listing Agency:
KELLER WILLIAMS REALTY GULF COAST
(850) 471-5029
Listed By:
Andy Powell
Source:
Kimwardrealty
Added: Nov 15, 2025
Changed: Aug 11
Last Checked: Aug 11 at 1:31PM
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 KELLER WILLIAMS REALTY GULF COAST
Investment Insights
Based on property information with market context.
This 8-unit apartment property comprises two buildings linked by a breezeway. Built in 1985, each residence includes two bedrooms, one full bathroom, a living room, a dining area, and a kitchen equipped with an electric oven, pantry, and refrigerator. The property is zoned Res Multi.
Four units are currently occupied under varying lease terms. The site also offers the stated capacity to reach 15 total units, with potential additions described as another apartment building, townhomes, or single-family homes. The property is located at 700 N Palm Blvd in Niceville, near Northwest Florida State College and nearby medical facilities.
Four units are currently occupied under varying lease terms. The site also offers the stated capacity to reach 15 total units, with potential additions described as another apartment building, townhomes, or single-family homes. The property is located at 700 N Palm Blvd in Niceville, near Northwest Florida State College and nearby medical facilities.
Key Highlights
- 8 units across two buildings connected by a breezeway
- Each unit has 2 bedrooms and 1 full bath
- Individual kitchens include an electric oven, pantry, and refrigerator
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
$72,956
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
4.86%
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%
$1,459,120
$1.5M
Cap Rate 7%
$1,042,229
$1.0M
Cap Rate 9%
$810,622
$810.6K
Market Conditions
NOI Build-Up for 7,052 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
$139.6K $19.80/SF
− Vacancy
−$7.0K −$0.99/SF
EGI
$132.6K $18.81/SF
− OpEx
−$59.7K −$8.46/SF
NOI
$73.0K $10.35/SF
Area
Okaloosa County, FL
Vacancy
5.00%
Lease Rate
$19.80 /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%
$1,459,120
Cap Rate 7%
$1,042,229
Cap Rate 9%
$810,622
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$912.0K – $1.22M
NOI $72,956 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.72M
$2.38M – $3.17M
NOI $190,233 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 32578, FL
35,075
Population
14,578
Households
2.4
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
23.2 sq mi
ZIP Area
1,512
Density / Sq Mi
$105,858
Median Household Income
$52,028
Median Earnings
$1,744
Median Rent
$414,900
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?
Apartment building - Two connected buildings provide eight residential units with individual kitchens, dining areas, and living rooms.
Where is this apartment building located?
The property is located at 700 N Palm Blvd Niceville, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 8 units across two buildings connected by a breezeway; Each unit has 2 bedrooms and 1 full bath; Individual kitchens include an electric oven, pantry, and refrigerator
