424 Caviar Drive
About This Property
This classic coastal residence, built in 1968 and lovingly owned by the same family for over 30 years, now presents an exceptional chance to create a custom luxury retreat.
Imagine waking up to shimmering water views, enjoying sunsets from your private dock, and launching your boat directly from your backyard into the deep, navigable waters that lead to the Gulf. Property Highlights:
-Premier deep-water lot with private dock
-Expansive Sound views and vibrant sunsets
-Easy access to the Gulf, beaches, dining, Fort Walton Beach and Destin Harbor
-Ideal for new construction or high-end renovation
Opportunities like this rarely come available on Okaloosa Island. Whether you envision a contemporary coastal masterpiece or the revival of a timeless beach home, this property offers the perfect canvas to bring your vision to life. Buyer to verify all information.
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Nov 20, 2025 | Sold | ||
| Sold | |||
| Oct 21, 2025 | In contract | - | |
| In contract | |||
| Oct 13, 2025 | Listed by Keller Williams Realty Destin | $1,050,000 | |
| Listed by Keller Williams Realty Destin | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017