Paired Patio
For Sale
$543,732
Pending
Suwannee Drive, Watersound, FL 32461
MULTI_FAMILY - Other - Watersound, FL
Property Size1,418 SF
Days on Market196
Property Features for Suwannee Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Resid Single Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Family Room, Bedroom 2, Bedroom 1
Window features
Storm Window(s)
Interior features
Kitchen Island, Pantry
Appliances
Auto Garage Door Opn, Dishwasher, Microwave, Refrigerator, Stove/Oven Gas, Warranty Provided, Water Heater - Tnkls
Subdivision
WATERSOUND ORIGINS
Elementary school
Dune Lakes
Middle school
Emerald Coast
High school
South Walton
Directions
Located in the Watersound Town Center at the corner of Hwy 98 and Watersound Pkwy. From Hwy 98, turn onto Watersound Pkwy North, then turn right onto Origins Main St, and the Watersound Discovery Center is the 2nd building on the right, 34 Origins Main St, Ste 101.
Standard status
Pending
APN
23-3S-18-16160-000-0470
Size
1,418 SF
Taxes and HOA fees
Tax Description
LOT 47 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3380-2840
HOA Fee
$979 Monthly
Legal Description
LOT 47 THE VILLAS AT LONGLEAF PARK PB 26-93 OR 3380-2840
Utilities
Sewer type
Public Sewer
Building Details
Year built
2026
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Frame, Siding CmntFbrHrdBrd
Architectural style
Other
Listing Agency:
Watersound Real Estate
(850) 213-5170
Listed By:
Builder Services
(850) 213-5170
Added: Feb 17
Changed: Aug 5
Last Checked: Sep 1 at 5:06PM
MLS# 995977
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 paired patio villa offers single-level living with an open layout flowing from the foyer into the kitchen, dining, and family room. The home includes two bedrooms and two bathrooms, plus a 1.5-car garage. A covered rear patio extends from the main living space, and the home also features a front porch and a family foyer/drop zone.
Additional interior details include upgraded kitchen finishes and a pantry, 10' ceilings, 8' doors, and luxury vinyl plank flooring. Entry is provided via a SmartCode touchscreen. Energy-efficient features noted include impact-rated windows, LED lighting, and a tankless gas water heater.
The property is listed for sale in Watersound, Florida, and is identified with zoning of Resid Single Family. The address is Suwannee Drive, Watersound, FL 32461.
Additional interior details include upgraded kitchen finishes and a pantry, 10' ceilings, 8' doors, and luxury vinyl plank flooring. Entry is provided via a SmartCode touchscreen. Energy-efficient features noted include impact-rated windows, LED lighting, and a tankless gas water heater.
The property is listed for sale in Watersound, Florida, and is identified with zoning of Resid Single Family. The address is Suwannee Drive, Watersound, FL 32461.
Key Highlights
- Under construction 2‑bedroom, 2‑bath paired patio villa (Year built: 2026) with single‑level layout
- Includes a 1.5‑car garage and covered rear patio
- Open kitchen with island and pantry; equipped with dishwasher, microwave, refrigerator, and gas stove/oven
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
$15,704
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
2.89%
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%
$314,080
$314.1K
Cap Rate 7%
$224,343
$224.3K
Cap Rate 9%
$174,489
$174.5K
Market Conditions
NOI Build-Up for 1,418 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
$34.0K $24.00/SF
− Vacancy
−$5.5K −$3.86/SF
EGI
$28.6K $20.14/SF
− OpEx
−$12.8K −$9.06/SF
NOI
$15.7K $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%
$314,080
Cap Rate 7%
$224,343
Cap Rate 9%
$174,489
Alternative Uses
Best Use
Apartment 5plus
$224.3K
$196.3K – $261.7K
NOI $15,704 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$356.6K
$312.0K – $416.0K
NOI $24,962 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 32461, FL
2,878
Population
5,860
Households
0.5
Avg Household Size
52
Median Age
59%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
193
Density / Sq Mi
$146,393
Median Household Income
$82,620
Median Earnings
$2,665
Median Rent
$947,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Single-level paired patio villa with two bedrooms, two baths, and a 1.5-car garage, featuring a covered rear patio.
Where is this single family property located?
The property is located at Suwannee Drive Watersound, FL.
What is the asking price?
The asking price for this property is $543,732.
What are key features of this property?
This property features: Under construction 2‑bedroom, 2‑bath paired patio villa (Year built: 2026) with single‑level layout; Includes a 1.5‑car garage and covered rear patio; Open kitchen with island and pantry; equipped with dishwasher, microwave, refrigerator, and gas stove/oven
