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    The Largest CRE Database in the US with Over 1 Million Listings

    148 White Pelican Way Carrabelle, FL 32322

    Sponsored
    For Sale
    $44,900

    LAND - Carrabelle, FL

    Lot size:
    0.43 Acres
    Days on Market:
    36
    Last Refresh:
    Jan 27 at 3:06 am

    Property Features for 148 White Pelican Way

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Vegetation
    Wooded
    APN
    12037-05-07S-03W-1000-000P-0070
    Lot size
    0.43 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    John P Brown
    John P Brown

    Beach Properties of Florida (850) 534-3006

    Listing agent John P Brown (850) 252-4160 License #565281

    Listing date Dec 23, 2025

    MLS# 394197

    Copyright © 2026 Tallahassee Board 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.

    Learn more

    Overview

    Land in St. James Bay

    Located in Carrabelle, Florida, the property at 148-150 White Pelican Way comprises two contiguous lots within the St. James Bay Golf and Pickleball Resort. Established in 2003, the resort features an 18-hole championship golf course designed by Robert Walker, recognized as a Designated Audubon Signature Sanctuary Course. The resort also includes 8 pickleball courts. Additional amenities consist of a gulf-front park with a day-dock, boat storage, meeting spaces, and two community pools. The property is situated near the 212,000-acre Tate's Hell State Forest, offering nature trails. Wildlife sightings of birds, deer, bears, alligators, and Florida panthers are common. The on-site Crooked River Grill provides dining options. The coastal town of Carrabelle is located a few miles west. Carrabelle Beach, with its white sand, is nearby. St. George Island, a 22-mile-long barrier island, is a 40-minute drive away. The lots offer an opportunity to build a home within a resort setting with access to golf, pickleball, and natural surroundings. The total lot size is 0.43 acres.
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Carrabelle
    County
    Franklin
    State
    Florida
    Longitude
    -84.561097
    Latitude
    29.900771

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    FAQs

    What type of property is this?
    Land - Two contiguous lots in a golf and pickleball resort.
    Where is this land located?
    The property is located at 148 White Pelican Way Carrabelle, FL.
    What is the asking price?
    The asking price for this property is $44,900.
    What are key features of this property?
    This property features: - Opportunity to build a custom home on two contiguous lots in St. James Bay Golf and Pickleball Resort.; - Enjoy access to the resort's amenities, including an 18-hole championship golf course and 8 state-of-the-art pickleball courts.; - Proximity to the Gulf of Mexico, including a gulf-front park with day-dock and boat storage.
    (850) 524-6720
    Request Owner's contact information
    148 White Pelican Way 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
    148 White Pelican Way Carrabelle, FL 32322
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    Listing Contact
    John P Brown
    John P Brown
    Real Estate License ID: 565281
    (850) 524-6720
    Learn more
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