Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1187 Alligator Drive Alligator Point, FL 32346

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $475,000

    Buildable beachfront lot on Florida's Forgotten Coast.

    Type:Land / Unimproved Land
    Added:
    Sep 28, 2025
    Days on Market:
    203
    Last Refresh:
    Mar 13 at 2:26 pm

    Property Features for 1187 Alligator Drive

    General Information

    Standard status
    Active
    Property subtype
    Land / Unimproved Land

    We can help!

    Listing Contact
    Debbie Brett
    Debbie Brett

    Listing agent Debbie Brett License #3294336

    Listing office Keller Williams Town & Country

    Listing date Sep 28, 2025

    Source Compass

    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 Keller Williams Town & Country

    Overview

    Beachfront Lot on Alligator Point

    This beachfront vacant lot presents a rare opportunity to own a buildable homesite on the Gulf side of Alligator Point, along Florida’s Forgotten Coast. The property offers direct beach frontage and ample space for custom construction, ideal for a coastal getaway or full-time residence. Positioned along Alligator Point’s shoreline, the property provides views of the sunrise over the Gulf and the sunset. Located steps from the sand on a quiet stretch of coastline, the area is known for its natural beauty, wildlife, boating, fishing, and relaxed atmosphere. This property delivers value for buyers seeking coastal living.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Alligator Point
    County
    Wakulla
    State
    Florida
    Longitude
    -84.35989
    Latitude
    29.897137

    Nearby Similar for Sale

    • $475,000

      Beachfront Lot on Alligator Point

      Buildable beachfront lot on Florida's Forgotten Coast.
      1187 Alligator Drive, Alligator Point, FL 32346
      View Details
    • $75,000

      Waterfront Homesite in Alligator Point

      Waterfront property with Gulf views, perfect for coastal living.
      160 Harbor Circle, Alligator Point, FL 32346-5117
      View Details
    • $99,000

      Waterfront Land in Alligator Point

      Waterfront homesite to build your custom coastal home.
      1272 Angus Morrison Road, Alligator Point, FL 32346
      View Details
    • $450,000

      Beachfront Land on Alligator Point

      Untouched beachfront land near Bald Point State Park.
      722 Bald Point Road, Alligator Point, FL 32346
      View Details
    • $90,000

      Alligator Point Coastal Living Land

      Land for coastal living near the bay and public beach.
      202 Harbor Circle, Alligator Point, FL 32346
      View Details
    • $114,900

      Alligator Point Beach Lot

      Beach lot with views and deeded access in Bald Point.
      8 Trout Street, Alligator Point, FL 32346
      View Details
    • $120,000

      Land Near Beach Access

      Residential land for sale near Bald Point beach access.
      643 & 647 Bald Point Road, Alligator Point, FL 32346
      View Details
    • $85,000

      Panacea, FL Buildable Lot

      Cleared lot on navigable canal, ideal for building a home.
      20 George Vause Road, Alligator Point, FL 32346
      View Details
    • $49,900

      Waterfront Lot on Alligator Drive

      Waterfront lot to build your dream coastal home!
      Alligator Drive, Alligator Point, FL 32346
      View Details
    • $299,000

      Waterfront Lot in Alligator Point

      Bay front lot perfect for building a dream home and dock.
      175 Harbor Circle, Alligator Point, FL 32346
      View Details
    • $239,500

      Gulf-Front Lot on Alligator Point

      0.16-acre Gulf-front lot with unobstructed sunrise and sunset views.
      1269 Alligator Drive, Alligator Point, FL 32346
      View Details
    • $275,000

      Beachfront Property on Alligator Point

      Gulf front homesite on Florida's Forgotten Coast with unobstructed views.
      1035 Gulfshore Boulevard, Alligator Point, FL 32346-5118
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Buildable beachfront lot on Florida's Forgotten Coast.
    Where is this waterfront land located?
    The property is located at 1187 Alligator Drive Alligator Point, FL.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Direct Beachfront Lot: Rare opportunity to build on the Gulf side of Alligator Point.; Spectacular Sunrise and Sunset Views: Enjoy both from the property.; Prime Beach Location: Situated on a quiet stretch of coastline.
    (850) 210-8036
    We can help!
    Listing Contact
    Debbie Brett
    Debbie Brett
    Real Estate License ID: 3294336
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!