492 Parish Boulevard
About This Property
This property is located in one of the absolute most picturesque areas of the beautiful Santa Rosa Sound. The postcard-like backdrop of the Sound-front view includes a never-to-be developed, Air Force-owned barrier island covered in sand dunes made of sugar-white sand separated by aromatic native pine trees. This naturally beautiful, virtually undisturbed barrier island separates the emerald waters of the Gulf of Mexico from the calmer, pristine waters of the Santa Rosa Sound. Just imagine a rare natural waterfront view of the Sound and barrier island that will never be contaminated by high-rise condominiums.
The location of this large waterfront property on Parish Blvd. takes you away from the hustle and bustle of noisy U.S. Highway 98. This quiet location away from Hwy 98, combined with the fact that the vessel navigation channel is located on the opposite side of the Santa Rosa Sound, makes for one of the most tranquil and majestic waterfront settings in south Okaloosa County, if not all of Northwest Florida. This is the perfect property to buy and build your forever dream home. There is an ever-diminishing, finite amount of waterfront properties available in Okaloosa County and an even more finite number of waterfront properties of this caliber. Notably, Parish Point, a waterfront subdivision first developed around the year 1980, is one of the last waterfront subdivisions in south Okaloosa County, if not the last, to feature 100-foot-wide waterfront lots on the Santa Rosa Sound. Don't miss out on this golden opportunity to own a piece of Northwest Florida heaven!
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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 |
|---|---|---|---|
| May 11, 2026 | Sold | ||
| Sold | |||
| Mar 27, 2026 | In contract | - | |
| In contract | |||
| Feb 5, 2026 | Listed by Watersound Real Estate | $699,000 | |
| Listed by Watersound Real Estate | |||
| Sep 6, 2025 | Price Decreased |
$699,000
↓ $30K
(4.1%) | |
| Price Decreased | |||
| Aug 15, 2025 | Price Decreased |
$729,000
↓ $21K
(2.7%) | |
| Price Decreased | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017