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    Carrabelle Multifamily Development Opportunity Title is generated by Realmo AI

    902 Gray Ave, Carrabelle, FL 32322

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    Claim this Listing
    For Sale
    $499,000

    LAND - Carrabelle, FL

    Lot size:
    21.30 Acres
    Added:
    May 11, 2026
    Days on Market:
    13
    Last Refresh:
    May 23 at 1:06 pm

    Property Features for 902 Gray Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    2007S04W415000100000
    Lot size
    21.30 Acres

    Taxes and HOA fees

    Tax Description
    SUN-N-SAND VILLAGE UNIT 2 BEING TRACTS 4,5,6,7, & PARTS OF 8 & 9 61.53 AC M/L OR 197/351 195/639 214/363 1186/360 1267/373 1336/267 1369/650-L/E 1415/573 1432/349

    Utilities

    Utilities
    Cable Available

    We can help!

    Listing Contact
    Lacey Martina

    Listing agent Lacey Martina License #3546997

    Listing office Naumann Group Real Estate, Inc. - Sgi 139 W Gulf Beach Dr., St. George Island, FL

    Listing date May 11, 2026

    MLS# 328155 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

    • Large 21.3‑acre parcel zoned for multifamily development within Carrabelle city limits.
    • Potential for up to 15 units per buildable acre, offering significant development density.
    • City water and sewer available along Gray Ave, simplifying utility connections.
    • Minutes from marinas, boat ramps, and Carrabelle's downtown waterfront.
    • Preliminary plats drafted for the cleared section, providing a starting point for development planning.
    • Seller willing to survey and replat the property upon contract execution.

    Overview

    This 21.3-acre parcel presents an exceptional development opportunity in Carrabelle, Florida. Zoned for multifamily use within city limits, the property has potential for up to 15 units per buildable acre, according to the City of Carrabelle. Preliminary plats have been drafted for the far west cleared section. City water and sewer are available along Gray Ave. The property currently has no existing infrastructure, offering a blank slate for development. The location is minutes from local marinas, public boat ramps, and Carrabelle's downtown waterfront district. The property is positioned to attract both full-time residents and second-home buyers. The 21.3 acres are to be subdivided from a larger 61.5-acre parcel. The seller is willing to survey and replat the property upon execution of an accepted contract. Additional documentation is available upon request.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Carrabelle
    County
    Franklin
    State
    Florida
    Longitude
    -84.6540627
    Latitude
    29.8547596

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    FAQs

    What type of property is this?
    Residential land & home lot - 21.3-acre parcel zoned for multifamily development in Carrabelle, Florida.
    Where is this residential land & home lot located?
    The property is located at 902 Gray Ave Carrabelle, FL.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Large 21.3‑acre parcel zoned for multifamily development within Carrabelle city limits.; Potential for **up to 15 units per buildable acre**, offering significant development density.; City water and sewer available along Gray Ave, simplifying utility connections.
    (334) 723-6799
    We can help!
    Listing Contact
    Lacey Martina
    Real Estate License ID: 3546997
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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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    902 Gray Ave, Carrabelle, FL 32322
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