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    Gulf-View Homesites on Cape San Blas Title is generated by Realmo AI

    150/138 Sanuk Dr, Cape San Blas, FL 32456

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    Claim this Listing
    For Sale
    $729,000

    LAND - Cape San Blas, FL

    Lot size:
    0.74 Acres
    Added:
    Jan 9, 2026
    Days on Market:
    148
    Last Refresh:
    Jun 6 at 1:06 pm

    Property Features for 150/138 Sanuk Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    06345243R
    Lot size
    0.74 Acres

    Taxes and HOA fees

    Tax Description
    (S36 T8 R12 BEING PARCEL E, MCLAUGHLIN MINOR REPLAT 2002/1 ORB 356/360 FR VICK MAP 5D) (S36 T8 R12 BEING PARCEL F, MCLAUGHLIN MINOR REPLAT 2002/1 ORB 353/925 FR BRANCH MAP 5D)

    Utilities

    Utilities
    Cable Available

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    Listing Contact
    Cameron Harmon

    Listing agent Cameron Harmon

    Listing office Mexico Beach Harmon Realty Inc 1402 Hwy. 98, MEXICO BEACH, FL

    Listing date Jan 9, 2026

    MLS# 324948 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.

    HighLights

    • Gulf‑view lots totaling approximately 0.74 acres in a desirable Cape San Blas location.
    • Rare flexibility to purchase lots together or separately for custom build, investment, or added privacy.
    • Steps from sugar‑white sands and turquoise waters with deeded beach access.
    • Located near St. Joseph Peninsula State Park with pristine dunes, hiking trails, wildlife, and fishing.
    • Ample room for a private pool and outdoor living areas.
    • No HOA and minimal restrictions, providing freedom to build and use the property as desired.

    Overview

    These two Gulf-view homesites, totaling approximately 0.74 acres, are located in Cape San Blas. They may be purchased together or separately, offering flexibility for buyers seeking a custom coastal build, future investment, or added privacy. Situated steps from the Gulf, each homesite provides the ideal setting for an elevated custom home designed to capture expansive Gulf views. With generous lot dimensions, there is ample room for a private pool, outdoor living areas, and thoughtfully designed coastal architecture. Deeded beach access is a short walk away. Positioned on the north end of Cape San Blas, the property sits near the entrance to St. Joseph Peninsula State Park, renowned for its pristine dunes, hiking trails, wildlife, and exceptional fishing. Nearby Salinas Park offers pickleball courts, a playground, and convenient kayak access to St. Joseph Bay, while the Cape San Blas bike path connects miles of scenic coastline from the park to Salinas. With no HOA and minimal restrictions, these homesites provide freedom to build and use the property to suit your vision. Opportunities like this are increasingly rare, whether you're planning a private beach retreat, a full-time residence, or a long-term investment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Travel Agency Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Cape San Blas
    County
    Gulf
    State
    Florida
    Longitude
    -85.398496
    Latitude
    29.746477

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    FAQs

    What type of property is this?
    Residential land & home lot - Two homesites near St. Joseph Peninsula State Park.
    Where is this residential land & home lot located?
    The property is located at 150/138 Sanuk Dr Cape San Blas, FL.
    What is the asking price?
    The asking price for this property is $729,000.
    What are key features of this property?
    This property features: Gulf‑view lots totaling approximately 0.74 acres in a desirable Cape San Blas location.; Rare flexibility to purchase lots together or separately for custom build, investment, or added privacy.; Steps from sugar‑white sands and turquoise waters with deeded beach access.
    (850) 247-0207
    We can help!
    Listing Contact
    Cameron Harmon
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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.

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