Vaulted-Ceiling
New
For Sale
$230,000
94 5th Street, Shalimar, FL 32579
MULTI_FAMILY - Other - Shalimar, FL
Property Size1,122 SF
Price / SF$204.99
Days on Market5
Property Features for 94 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family, Resid
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Dining Room, Bathroom 2
Parking
5
Parking features
Garage
Window features
Skylight(s)
Interior features
Ceiling Cathedral, Fireplace
Exterior features
Fenced Back Yard
Fencing
Back Yard
Fireplace
1
Appliances
Auto Garage Door Opn, Dishwasher, Refrigerator, Water Heater - Elect
Subdivision
PORT DIXIE PATIO HOMES
Elementary school
Shalimar
Middle school
Meigs
High school
Choctawhatchee
Directions
Heading North on Eglin PKWY, turn right onto 12th Avenue. Then turn right onto 5th Street. The property is the second driveway on the left.
Standard status
Active
APN
05-2S-23-2085-000D-0070
Size
1,122 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Port Dixie Patio Homes Lot 7 Blk D
Tax Annual Amount
2007
Legal Description
Port Dixie Patio Homes Lot 7 Blk D
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
attached garage
privacy fenced backyard
patio
garden
skylight
Building Details
Year built
1983
Floors in Building
2
Flooring type
Vinyl, Carpet
Building materials
Siding Vinyl, Trim Wood
Architectural style
Other
Listing Agency:
RE/MAX Gulf Coast Realty · RE/MAX International
(850) 664-2510
Listed By:
Dane M Aho · License #3374888
(850) 664-2510
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 8:06PM
MLS# 1009445
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 1,122-square-foot duplex, built in 1983, features vaulted ceilings, expansive windows, and an open first-floor arrangement connecting the living and dining areas. The kitchen includes wood cabinetry and a tile backsplash, while new luxury vinyl plank flooring extends through the main living spaces. Both bedrooms have brand-new carpet. Additional interior features include a fireplace, central heating and central air, and a primary bathroom with a skylight, updated vanity, and sintered stone countertop.
An attached garage provides direct entry into the residence. Outside, the full privacy-fenced backyard includes a locking gate, patio, and garden area. The property is served by public sewer and carries Resid Multi-Family, Resid zoning. Its end-position placement is adjacent to a corner unit, with limited street-facing windows supporting added privacy.
An attached garage provides direct entry into the residence. Outside, the full privacy-fenced backyard includes a locking gate, patio, and garden area. The property is served by public sewer and carries Resid Multi-Family, Resid zoning. Its end-position placement is adjacent to a corner unit, with limited street-facing windows supporting added privacy.
Key Highlights
- 1,122‑square‑foot duplex with vaulted ceilings and expansive windows
- New luxury vinyl plank flooring in the main living areas
- Both bedrooms feature brand‑new carpet
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
$12,914
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
5.61%
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%
$258,280
$258.3K
Cap Rate 7%
$184,486
$184.5K
Cap Rate 9%
$143,489
$143.5K
Market Conditions
NOI Build-Up for 1,122 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
$19.5K $17.40/SF
− Vacancy
−$1.1K −$0.96/SF
EGI
$18.4K $16.44/SF
− OpEx
−$5.5K −$4.93/SF
NOI
$12.9K $11.51/SF
Area
Okaloosa County, FL
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$258,280
Cap Rate 7%
$184,486
Cap Rate 9%
$143,489
Alternative Uses
Best Use
Multifamily LT 5
$184.5K
$161.4K – $215.2K
NOI $12,914 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$165.8K
$145.1K – $193.5K
NOI $11,608 @ 7.0% cap · market cap 5.05%
Theoretical Best
Specialty Retail
$432.4K
$378.3K – $504.5K
NOI $30,267 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 32579, FL
10,444
Population
5,130
Households
2
Avg Household Size
46
Median Age
48%
College-Educated
95%
High-School Grad
3.5 sq mi
ZIP Area
2,984
Density / Sq Mi
$98,014
Median Household Income
$46,926
Median Earnings
$1,582
Median Rent
$430,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Light-filled duplex with renovated finishes, attached garage, fenced backyard, and patio.
Where is this duplex located?
The property is located at 94 5th Street Shalimar, FL.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 1,122‑square‑foot duplex with vaulted ceilings and expansive windows; New luxury vinyl plank flooring in the main living areas; Both bedrooms feature brand‑new carpet
