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    1001 Highway 98 E Carrabelle, FL 32322

    Sponsored
    For Sale
    $829,000

    Real Estate & Business - Carrabelle, FL

    Property size:
    3,600 SF
    Lot size:
    0.73 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 19 at 10:06 am

    Property Features for 1001 Highway 98 E

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    C-1
    APN
    29-07S-04W-4200-0024-0150
    Size
    3,600 SF
    Lot size
    0.73 Acres

    Building Details

    Year built
    1996
    Floors in Building
    2
    Number of units
    8
    Flooring type
    Slate, Tile, Vinyl
    Building materials
    Frame
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Donnie Gay

    ST. GEORGE ISLAND REALTY (850) 927-4777

    Listing agent Donnie Gay (850) 927-4777

    Listing date Jan 17, 2026

    MLS# 325048 Listing URL

    Copyright © 2026 Forgotten Coast Realtor Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Coastal Lodge Business Opportunity

    Cole's Lodge is a coastal lodging business located in Carrabelle, Florida. The property features eight units, including seven 1-bedroom, 1-bathroom suites and one 2-bedroom, 1-bathroom unit; one of the units requires interior construction. The property also includes two RV sites, one with 30-amp service and the other with 50-amp service, both equipped with water and sewer connections. Situated on 0.73 acres, the property is located on Highway 98, providing visibility and access to downtown Carrabelle, a public boat ramp, marinas, and the beaches of St. George Island. The business is positioned to serve anglers, eco-tourists, contractors, and travelers seeking accommodations. The property size is 3,600 square feet. The zoning is C-1. The business includes all furniture, fixtures, and equipment (FF&E), the established business entity, website, branding, and goodwill. Projections estimate a Year-1 rental income of approximately $131,955, with a Net Operating Income of $88,718, based on a 47% occupancy rate. These projections do not include income from the two RV sites, which represent additional revenue potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cole's Lodge Motel

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Building Supply Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Cole's Lodge, Lookout motel, Save A Ship - Ride A Pirate, HAMMOCK TIME TOO, Georgian Motel

    Location Insight

    • Map
    • Local Demand
    City
    Carrabelle
    County
    Franklin
    State
    Florida
    Longitude
    -84.6563939
    Latitude
    29.8497789

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    FAQs

    What type of property is this?
    Motel - Income-producing lodging business with expansion potential in Carrabelle, Florida.
    Where is this motel located?
    The property is located at 1001 Highway 98 E Carrabelle, FL.
    What is the asking price?
    The asking price for this property is $829,000.
    What are key features of this property?
    This property features: - Turnkey coastal lodging business with established branding, website, and goodwill for immediate cash flow.; - Strong income potential: Projected Year-1 rental income of approximately $131,955 with an estimated Net Operating Income of $88,718.; - Eight lodging units (seven 1BR/1BA, one 2BR/1BA) plus two RV sites with water and sewer connections provide multiple income streams.
    (850) 927-4777
    Request Owner's contact information
    1001 Highway 98 E Carrabelle, FL 32322
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    Carrabelle, FL 32322
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1001 Highway 98 E Carrabelle, FL 32322
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    We can help!
    Listing Contact
    Donnie Gay
    (850) 927-4777
    Learn more
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