40 & 38 NE Irwin Avenue, Fort Walton Beach, FL 32548

$595,000

bedrooms

bathrooms

square feet

Acreage

0.2

Open Houses

year built

Full Baths

Half Baths

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Discover a rare opportunity to own two prime investment properties in the Town of Cinco Bayou, on the edge of the highly sought after Elliott Point neighborhood—just steps from Cinco Bayou, the public boat launch, local churches, popular restaurants, and retailers. This two parcel investment opportunity consist two homes with long and short term rental history. The front building features a beautifully renovated (2023) 2-bedroom, 1-bathroom home, currently operating as a successful short term rental. With its prime location and flexible layout, this space could easily be converted into a boutique office, retail shop, or professional studio. Guests and clients alike are welcomed by a large pergola-covered front patio— an ideal setting for relaxing or entertaining under the Florida sun. The spacious back patio offers a peaceful retreat, perfect for al fresco dining or an outdoor break area. The second home includes a completely renovated (2023) two-story structure with 1 bedroom, 1 bathroom, a kitchen, and a living area upstairs, and storage downstairs which could potentially be converted into a third living space. Upstairs, all new flooring and modern finishes make this space move-in or rent-ready. Whether you're seeking an income-generating short term rental, a live/work setup, or a dynamic mixed-use investment, this gem offers unmatched versatility and charm.

Location
Subdivision	-
County	Okaloosa
Elementary School	-
Middle School	-
High School	-

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MLS number: 973193

Listing agent: Jennifer Purdy

Listing broker: Coldwell Banker Realty (850) 501-1545

Copyright © 2025 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. [source]

Last update: Monday, April 7 2025 at 11:24 a.m. EDT

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