68,389 SqFt
68,389 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 68,389 sqft
Price per Sqft $511
MLS Listing ID 954584
Lot Size 1.570 Acres
Acres 1.57
Source Emerald Coast Association of REALTORS®
Property Description
The property currently consists of 69 units across two buildings and is 100% occupied, with the majority operating as long-term rentals, providing immediate, stable in-place income. The asset has benefited from thoughtful interior and exterior upgrades, allowing a buyer to maintain current operations while evaluating strategic alternatives. Substantial upside exists through conversion to short-term rentals, with projected performance indicating the potential to approximately double the existing capitalization rate. For developers seeking higher and better use, plans are already in place for a seven-story luxury condominium tower, offering a rare opportunity to replace the existing structures and capitalize on elevated Gulf views and direct beach access.
The scarcity of comparable opportunities cannot be overstated. Beachfront sites this close to the Gulf are effectively irreplaceable, not only on Okaloosa Island but throughout much of the Emerald Coast and the broader Gulf side of Florida, where zoning, environmental constraints, and land availability severely limit new development. Whether held as a stabilized income-producing asset, repositioned for enhanced rental performance, or fully redeveloped into a premier luxury beachfront project, Mar-a-Sol offers multiple executable paths to value creation in one of Florida's most constrained coastal markets.
Location
State FL
County Okaloosa
Area 12 - Fort Walton Beach
Direction Turn on to Okaloosa Island heading south on Santa Rosa Blvd. The property is on the south side about a mile down. Look for the signs.
Exterior
Garage No
Building
Faces Turn on to Okaloosa Island heading south on Santa Rosa Blvd. The property is on the south side about a mile down. Look for the signs.
New Construction No
Others
Pets Allowed No
Tax ID 00-2S-24-2185-0004-0204
Nearby Locations
- 9
Liza Jackson Preparatory School
Public | KG - 8
- 8
Northwest Florida Ballet Academie
Public | 3 - 8
- 7
Annette P. Edwins Elementary School
Public | PK - 5
- 7
Wright Elementary School
Public | PK - 5
- 4
Elliott Point Elementary School
Public | PK - 5
- 0
Silver Sands-Exceptional Children
Public | PK - 12
- 0
Emerald Coast Christian School
Private | 4 - 8
- 0
St Mary Catholic School
Private | PK - 8
- 0
Montessori Learning Center
Private | PK - KG
- 0
Cinco Christain School
Private | PK - 8
- 0
Okaloosa Virtual Instruction Program
Public | KG - 12
- 5
Max Bruner Junior Middle School
Public | 6 - 8
- 0
Ami Kids Emerald Coast
Public | 6 - 12
- 6
Fort Walton Beach High School
Public | 9 - 12
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755b Grand Blvd 105286, Miramar Beach, Florida, 32550, USA