Listed by NBI Properties
$625,000
322 Green Acres Rd
Details
Property Type Multifamily, Land
Sub Type Residential, Commercial
Square Footage 3,636
Units 4
Cap Rate 10.08%
NOI $63,000
Price per SqFt $172
Buildings 4
Acreage 0.680
Parking Spaces 2 spaces
Parking per 1,000 SqFt 0.55
Multifamily | 10.08% CAP | 4 Units
Marketing description
Investment Dream With Maximum Flexibility! Also great revelopment parcel, medical etc.Four homes on .68 acres. One 2160sf brick home (3BR, 2BA, with double carport and HVAC system in good working order); one 896sf cedar home (2BR, 2BA, with carport); two clean 784sf mobile homes (2BR, 2BA, with 2-car parking for each, and one with a HVAC system good working order); a 475sf fenced-in workshop/storage area that is usable by owner or rentable. All homes have w/d hookups, and serviced by a central lawn pump. Property suitable for investment, residential and/or commercial applications, zoning compliments commercial use. Current gross income $63k annually
Exceptional multi-unit investment opportunity featuring four income-producing residences on one property at 322-324B Green Acres Rd. This well-maintained portfolio offers a diverse unit mix with stable tenancy and strong rental history, making it ideal for investors seeking immediate cash flow.
The primary residence at 322 Green Acres Rd. is a 1973 brick home offering 3,636 total square feet (2,167 heated), with 3 bedrooms and 2 baths. This all-electric home features vinyl plank flooring throughout, a functional layout with a dedicated laundry room, fireplace, and a screened back porch. Exterior amenities include a double carport and a large fenced shed (reserved for landlord use). The asphalt roof was replaced in December 2019, and the HVAC system is in good working order. Currently leased at $1,750/month plus $25/month Resident Benefit Package (RBP), with lease renewal scheduled for May 2026.
At 324 Green Acres Rd., a charming 1988 solid cedar plank home offers 1,392 total square feet (896 heated), with 2 bedrooms and 2 baths. This all-electric residence includes vinyl plank flooring, a metal roof, single carport, additional parking space, and a rear deck accessible from the back door. The unit also features a laundry area and a well-maintained HVAC system. Currently rented at $1,550/month plus $25/month RBP, with lease renewal due May 2026.
The 324A Green Acres Rd. unit is a 1985 mobile home offering 880 total square feet (784 heated), with 2 bedrooms and 2 baths. This property underwent extensive renovations in 2024, including a new shingled roof, updated sheetrock, vinyl flooring, cabinetry, paint, trim, tubs, showers, fixtures, appliances, and electrical systems. The unit is all-electric and includes a covered front deck and two parking spaces. Currently leased at $1,150/month, with renewal through December 31, 2026, and a planned rent increase to $1,200+.
Finally, 324B Green Acres Rd. is a 1985 2-bedroom, 2-bath mobile home (880 total square feet, 784 heated) featuring an enclosed front deck and two parking spaces. This unit is all-electric with a gas stove and is occupied by a long-term tenant of over 25 years, currently paying $800/month on a month-to-month basis, with a planned increase to $850/month effective June 2026. HVAC system is in good working order.
All units are separately rented, providing multiple income streams with upside potential through future rent adjustments and property enhancements. Strong occupancy history, recent upgrades, and dependable tenants make this a compelling addition to any investment portfolio.
Serving as the primary residence on the property, this well-maintained brick home offers strong long-term tenancy and functional living space with a practical layout designed for everyday comfort. Interior features include vinyl plank flooring throughout, a fireplace, laundry room, and screened back porch, while exterior improvements include a double carport and fenced storage shed reserved for landlord use. Major capital improvements have already been completed, supporting ease of ownership and long-term durability.
Investment highlights
- Situated on a single parcel in the heart of Fort Walton Beach, this unique multi-residence investment property presents a rare opportunity to acquire a consistently income-producing asset with strong rental history and long-term occupancy. Comprised of four residential units with separately paid utilities by tenants, the property has maintained stable performance since ownership began in 2010, generating approximately $63,000 in annual gross income. The site offers a diversified unit mix, established tenancy, on-site parking, maintained landscaping, and additional upside potential through future rental adjustments and continued property improvements. With multiple residences on one parcel, low operating complexity, and a proven track record of occupancy, this property is well-positioned for investors seeking dependable cash flow in the growing Fort Walton Beach market.
- Current rent: $1,750/month + Resident Benefit Package
- Lease renewal due May 2026
- Roof replaced December 2019
- HVAC in good working order
- Double carport & large fenced storage shed
- All-electric utilities
Listing Contacts
Listed by NBI Properties
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$63,000.00
$5,250.00/mo
Valuation Metrics
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DSCR
10.08%
Cap Rate
10.08%
ROI
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