Eight-Unit Duplex
816 Lark Street Fort Walton Beach, FL 32547
For Sale
$695,000
MULTI_FAMILY - Other - Fort Walton Beach, FL
Property Size3,322 SF
Lot Size0.43 Acres
Price / SF$209.21
Days on Market440
Property Features for 816 Lark Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Resid Multi-Family
- Bedrooms
- 9
- Bathrooms
- 6
- Rooms
- Bedroom 9, Bedroom 4, Bedroom 6, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 6, Bathroom 4, Bathroom 3, Bedroom 7, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 2, Bedroom 3, Dining Room
- Parking
- 17
- Patio and Porch features
- Patio, Porch
- Exterior features
- Yard Building
- Appliances
- Refrigerator, Smoke Detector, Stove/Oven Electric, Water Heater - Elect
- Standard status
- Active
- APN
- 26-1S-24-0950-0003-0040
- Size
- 3,322 SF
- Lot size
- 0.43 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- FOREST HTS S/D LOT 4 BLK 3 & FOREST HTS S/D LOT 5 BLK 3
- Tax Annual Amount
- 4009
Utilities
- Sewer type
- Public Sewer
- Cooling system
- Central Air
Building Details
- Year built
- 1982
- Floors in Building
- 1
- Flooring type
- Tile, Carpet
- Building materials
- Brick, Trim Wood
- Architectural style
- Other
Listing Agency:
Coldwell Banker Realty
(850) 863-4563
Listed By:
Tamela Leann Hayes · License #3085266
(850) 259-6404
Added: May 14, 2025
Changed: Jul 24
Last Checked: Jul 27 at 8:06AM
MLS# 976432
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 for-sale portfolio comprises two parcels at 816 and 818 Lark Street and includes four single-story duplexes for a total of eight rental units. Seven units offer 2 bedrooms and 1 bath with open kitchen and living areas, covered back patios, washer/dryer hookups, and individual central heat and air systems. Dedicated parking and concrete driveways are in place, along with enhanced street lighting.
Unit 8 at 816 Lark is configured differently, with 3 bedrooms and 3 full bathrooms, plus a dedicated office/flex room. This unit also includes an attached one-car garage, a large screened porch, and a private irrigation well. The parcels are being offered together, and the property’s owner financing is available with $500,000 down, a 6.5% interest rate, 30-year amortization, and a 3-year balloon payment (proof of annual property tax and insurance payments is required during the financing term). Located about 2 minutes from Eglin Air Force Base and roughly 5 minutes from Hurlburt Field, the property is also positioned near shopping, dining, beaches, and everyday amenities.
Unit 8 at 816 Lark is configured differently, with 3 bedrooms and 3 full bathrooms, plus a dedicated office/flex room. This unit also includes an attached one-car garage, a large screened porch, and a private irrigation well. The parcels are being offered together, and the property’s owner financing is available with $500,000 down, a 6.5% interest rate, 30-year amortization, and a 3-year balloon payment (proof of annual property tax and insurance payments is required during the financing term). Located about 2 minutes from Eglin Air Force Base and roughly 5 minutes from Hurlburt Field, the property is also positioned near shopping, dining, beaches, and everyday amenities.
Key Highlights
- 8‑unit multi‑family portfolio across two parcels: 816 & 818 Lark St (see MLS #976434), with 4 single‑story duplexes totaling 8 rental units
- Unit mix: 7 units are 2BR/1BA with open kitchen and living areas and covered back patios, plus washer/dryer hookups and individual central heat/air
- Unit 8 (816 Lark) features 3BR/3BA, an attached 1‑car garage, a dedicated office/flex room, and a large screened porch
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.8k | $17.40 |
| − Vacancy | −$3.2k | −$0.96 |
| EGI | $54.6k | $16.44 |
| − OpEx | −$16.4k | −$4.93 |
| NOI | $38.2k | $11.51 |
3,322 SF · lease $17.40/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$546.2K
$478.0K – $637.3K
NOI $38,237 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$491.0K
$429.6K – $572.8K
NOI $34,368 @ 7.0% cap · market cap 4.95%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,613 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Apartment building - Two parcels with four single-story duplexes provide eight rental units, including central heat and air and covered patios.
Where is this apartment building located?
The property is located at 816 Lark Street Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 8‑unit multi‑family portfolio across two parcels: 816 & 818 Lark St (see MLS #976434), with 4 single‑story duplexes totaling 8 rental units; Unit mix: 7 units are 2BR/1BA with open kitchen and living areas and covered back patios, plus washer/dryer hookups and individual central heat/air; Unit 8 (816 Lark) features 3BR/3BA, an attached 1‑car garage, a dedicated office/flex room, and a large screened porch
