Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Land in Northwest Florida Title is generated by Realmo AI

    0000 Hwy 231, Alford, FL 32420

    View on Map
    Claim this Listing
    For Sale
    $350,000

    43 acres with conversion potential in a strategic location.

    Type:Land or Vacant Lot
    Lot size:
    43.00 Acres
    Added:
    Jun 19, 2025
    Days on Market:
    352
    Last Refresh:
    May 11 at 1:38 am

    Property Features for 0000 Hwy 231

    General Information

    Standard status
    Active
    Lot size
    43.00 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    KENT WHITSON

    Listing agent KENT WHITSON

    Listing office AG ONE LAND COMPANY LLC

    Listing date Jun 19, 2025

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of AG ONE LAND COMPANY LLC

    HighLights

    • 43 +/- acres of prime property with flexible agricultural zoning easily convertible to commercial zoning.
    • Strategic corner location at Hwy 231 and Freeman Road.
    • Valuable road frontage of .43 miles.
    • Numerous possibilities for large‑scale projects, homesite, or family compound.
    • Offers numerous business and investment opportunities.
    • Less than .4 miles from the Bay County line.

    Overview

    This property features approximately 43 acres of land in Northwest Florida. Zoned for agricultural use, the land can be converted to commercial zoning. Located at the corner of Hwy 231 and Freeman Road, the tract includes 0.43 miles of road frontage. The property is suitable for large-scale projects, a homesite, or a family compound. It offers business and investment opportunities and is less than 0.4 miles from the Bay County line, 9 miles from Hwy 20, 38 miles from Panama City Beach International Airport, 23 miles from Panama City, and 40 miles from Panama City Beach.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Kitchen & Bath Showroom Food Market Bar & Pub Furniture & Home Goods

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

    Location Insight

    • Map
    • Local Demand
    City
    Alford
    County
    Jackson
    State
    Florida
    Longitude
    -85.3902
    Latitude
    30.5813

    Nearby Similar for Sale

    • $144,900

      Lakepoint Road Land Opportunity

      10.48 acres near Compass Lake, Alford, Florida.
      Lakepoint Road, Alford, FL 32420
      View Details
    • $600,000
      5,076 SF

      Historic Satsuma Hotel Multi-Use Property

      Unique 5,076 sq ft property ideal for various uses.
      1748 Georgia Street, Alford, FL 32420
      View Details
    • $120,000

      Land For Sale in Alford

      18.87 acres of land suitable for homesite.
      White Pond Church Road, Alford, FL 32420
      View Details
    • $10,000

      Corner Lot in Compass Lake

      One-acre corner lot in Compass Lake community.
      Trenton Avenue lot: 7, Alford, FL 32420
      View Details
    • $15,000

      Wooded Lot Near Compass Lake

      0.25 acre wooded lot near Compass Lake in the Hills.
      Mona Lane, Alford, FL 32420
      View Details
    • $11,500

      Acre Homesite in Alford, FL

      One acre homesite in Compass Lake in the Hills.
      Channel Drive, Alford, FL 32420
      View Details
    • $20,000

      1.5 Acre Parcel in Alford

      1.5-acre parcel for homesite, retreat, or recreational getaway.
      Swaills Road, Alford, FL 32420
      View Details
    • $40,000

      Multi-Acre Land Parcel in Alford

      Land parcel perfect for building or recreational activities near Compass Lake.
      Pembroke, Alford, FL 32420
      View Details
    • $40,000

      Waterfront Land in Alford, FL

      Waterfront lot with boating access in a peaceful setting.
      McPherson Drive, Alford, FL 32420
      View Details
    • $32,000

      Land in Compass Lake Community

      2.37 acres in amenity-rich Compass Lake in the Hills.
      1166 Alene Drive, Alford, FL 32420
      View Details
    • $40,000

      Waterfront Land for Outdoor Enthusiasts

      Waterfront lot perfect for kayaking, fishing, and boating.
      00 McPherson Drive, Alford, FL 32420
      View Details
    • $11,650

      Wooded Manufactured Home Lot

      A 1.16-acre wooded homesite with power on site and paved road access, offering space for a manufactured or custom build.
      02-2N-11-0083-00P0-0310 Fairview Road, Alford, FL 32420
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 43 acres with conversion potential in a strategic location.
    Where is this agricultural land / farmland located?
    The property is located at 0000 Hwy 231 Alford, FL.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: 43 +/- acres of prime property with flexible agricultural zoning easily convertible to commercial zoning.; Strategic corner location at Hwy 231 and Freeman Road.; Valuable road frontage of .43 miles.
    (850) 849-3963
    We can help!
    Listing Contact
    KENT WHITSON
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    0000 Hwy 231, Alford, FL 32420
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!