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    Two-Lot Residential Land Package Title is generated by Realmo AI

    E Black Cherry Drive lot 28-29, Defuniak Springs, FL 32433

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    LAND - DeFuniak Springs, FL

    Lot size:
    0.45 Acres
    Added:
    Jan 19, 2026
    Days on Market:
    137
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for E Black Cherry Drive lot 28-29

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Mobile Home, Resid Single
    Standard status
    Active
    APN
    15-3N-20-28070-030-0280
    Lot size
    0.45 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOT 28 BLK 30 OAKWOOD HILLS UNIT 2 OR 2672-2188 OR 2710-4167 OR 3275-4231
    Tax Annual Amount
    56

    We can help!

    Listing Contact
    Gabriela Orozco
    Gabriela Orozco

    Listing agent Gabriela Orozco License #3514043

    Listing office LPT Realty LLC 1400 S International Pky #1020, Lake Mary, FL

    Listing date Jan 19, 2026

    MLS# 993217 Listing URL

    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.

    HighLights

    • Two residential lots offered together as a package deal.
    • Partially cleared lot included.
    • Enjoy a quiet, rural setting.
    • Convenient access to I‑10.
    • Location coordinates provided.

    Overview

    This offering includes two residential lots sold as a package. One lot is partially cleared, which may help reduce initial site preparation needs compared with fully wooded parcels. The properties are positioned as land opportunities for buyers looking to design and build their own homes.

    The land is located in a quiet rural setting with convenient access to I-10. The property is zoned for Mobile Home and Residential Single use, and buyers are responsible for all due diligence, including zoning confirmation, utilities availability, and build requirements.

    For tenant or buyer use, these lots fit best for owner-users and small-scale developers who want to control site layout and construction. The partially cleared condition of one lot can be advantageous for starting early planning, while the package approach may appeal to buyers looking for flexibility with lot selection and overall site configuration. As with any raw land purchase, confirm all development constraints and utility access prior to closing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Defuniak Springs
    County
    Walton
    State
    Florida
    Longitude
    -86.1987
    Latitude
    30.7313

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    FAQs

    What type of property is this?
    Residential land & home lot - Two adjacent residential lots in a quiet rural setting, with one partially cleared for easier site planning.
    Where is this residential land & home lot located?
    The property is located at E Black Cherry Drive lot 28-29 Defuniak Springs, FL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Two residential lots offered together as a package deal.; Partially cleared lot included.; Enjoy a quiet, rural setting.
    (850) 586-6703
    We can help!
    Listing Contact
    Gabriela Orozco
    Gabriela Orozco
    Real Estate License ID: 3514043
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    E Black Cherry Drive lot: 28-29, DeFuniak Springs, FL 32433
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