Seagrove Beach Townhome Near
For Sale
$389,900
Pending
78 N Myrtle Dr UNIT 110, Santa Rosa Beach, FL 32459
Vacation townhome in Seagrove Beach with community amenities.
Property Size1,072 SF
Lot Size0.01 Acres
Days on Market266
Property Features for 78 N Myrtle Dr UNIT 110
General Information
Standard status
Pending
Size
1,072 SF
Lot size
0.01 Acres
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$3,000
Building Details
Building Size
1,072 SF
Year Built
1982
Stories
2
Listing Agency:
(850) 699-8060
Listed By:
Adrian D Lovell · License #403258
(850) 699-8060
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 19 at 12:41PM
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 Adrian D Lovell
Investment Insights
Based on property information with market context.
Located in Cassine Gardens in Seagrove Beach, this vacation townhome offers proximity to the beach. The community provides amenities including two swimming pools, a nature area, two tennis courts, a basketball court, two deeded beach accesses, a lake, a picnic area, and a community walking/fitness trail. It also offers direct access to the Timpoochee (30A bikepath) Trail, as well as miles of hiking and biking trails in the adjacent state forest. The property is within walking distance of shops and restaurants and provides convenient access to the community pool, lake, mailbox, and tennis courts.
Key Highlights
- Short walk to the beach with 2 deeded beach accesses.
- Located in Seagrove Beach with easy walking distance to shops and restaurants.
- Direct access to the Timpoochee (30A Bike Path) Trail and adjacent state forest hiking/biking trails.
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
$11,872
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
3.04%
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%
$237,440
$237.4K
Cap Rate 7%
$169,600
$169.6K
Cap Rate 9%
$131,911
$131.9K
Market Conditions
NOI Build-Up for 1,072 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
$25.7K $24.00/SF
− Vacancy
−$4.1K −$3.86/SF
EGI
$21.6K $20.14/SF
− OpEx
−$9.7K −$9.06/SF
NOI
$11.9K $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%
$237,440
Cap Rate 7%
$169,600
Cap Rate 9%
$131,911
Alternative Uses
Best Use
Apartment 5plus
$169.6K
$148.4K – $197.9K
NOI $11,872 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$269.6K
$235.9K – $314.5K
NOI $18,871 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 32459, FL
20,567
Population
17,700
Households
1.2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
377
Density / Sq Mi
$101,067
Median Household Income
$53,393
Median Earnings
$2,165
Median Rent
$613,100
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?
Short term rental property - Vacation townhome in Seagrove Beach with community amenities.
Where is this short term rental property located?
The property is located at 78 N Myrtle Dr UNIT 110 Santa Rosa Beach, FL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Short walk to the beach with 2 deeded beach accesses.; Located in Seagrove Beach with easy walking distance to shops and restaurants.; Direct access to the Timpoochee (30A Bike Path) Trail and adjacent state forest hiking/biking trails.
