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    19494 Us Highway 331 Freeport, FL 32439

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    Claim this Listing
    For Sale
    $4,250,000

    LAND - Freeport, FL

    Lot size:
    14.44 Acres
    Added:
    May 13, 2024
    Days on Market:
    724
    Last Refresh:
    May 6 at 6:06 am

    Property Features for 19494 Us Highway 331

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Commercial, County, Resid
    Standard status
    Active
    APN
    34-1S-19-23000-014-0000
    Lot size
    14.44 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    COM AT THE SW/C OF SEC 34-1S- 19W THENCE N 87 DEG 35'E ALONG THE S BDY OF SEC 34 A DISTANCE OF 551.67FT TO IT'S INTER- SECTION WITH THE NW ROW LINE OF FLORIDA STATE HWY #83 (AKA US HWY 331) THENCE N 59 DEG 27'E ALONG SAID ROW LINE A DISTANCE OF 471.04FT TO A CONCRETE MONUMENT THENCE N 01 DEG 41'W 343.70FT TO A CONCRETE MONUMENT THENCE N 59 DEG 28'E 695.15FT TO POB OF THE FOLLOWING DESC TRACT OF L
    Tax Annual Amount
    2981

    Utilities

    Sewer type
    Septic Tank
    Water source
    Well
    Water front features
    Pond
    Water front
    1

    We can help!

    Listing Contact
    Sally R Merrifield

    Listing agent Sally R Merrifield License #492292

    Listing office Merrifield & Pilcher Realty 682 Baldwin Ave, DeFuniak Springs, FL

    Listing date May 13, 2024

    MLS# 949762 Listing URL

    Copyright © 2026 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.

    Overview

    Freeport Land Near Clyde Wells

    This 14.4-acre property is located just north of the Clyde Wells Bridge, providing convenient access to South Walton and the beach. The front portion of the property is designated for commercial use, while the remaining area is zoned as rural residential, according to the Walton County Land Use Map. Approximately 68% of the property is located in Zone X, according to the NWFWMD Flood Map. The property borders Mallet Bayou, which flows into Choctawhatchee Bay, and features a small pond with a dam. It has approximately 300 feet of frontage on US Highway 331 and approximately 550 feet on Laird Dr. Davis Rd, a private drive into the property, is referenced in several maps and the legal description. The land remains untouched, showcasing mature oak trees. The property is located in the County, offering various possibilities for development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel Department Store Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.137193
    Latitude
    30.44586

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    FAQs

    What type of property is this?
    Commercial land - 14.4 acres in Freeport, FL with commercial and residential zoning.
    Where is this commercial land located?
    The property is located at 19494 Us Highway 331 Freeport, FL.
    What is the asking price?
    The asking price for this property is $4,250,000.
    What are key features of this property?
    This property features: 14.4 acres with commercial and rural residential land use.; Easy access to South Walton and the Beach via Clyde Wells Bridge.; Approximately 300 ft of frontage on US Hwy 331 and 550 ft on Laird Dr.
    (850) 865-0640
    We can help!
    Listing Contact
    Sally R Merrifield
    Real Estate License ID: 492292
    Learn More
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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
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