480 Santa Rosa Blvd Fort Walton Beach, FL 32548
Irreplaceable Gulf-front site on Okaloosa Island with immediate income.
Lot size:
1.57 AcresProperty Features for 480 Santa Rosa Blvd
General Information
- Standard status
- Active
- Lot size
- 1.57 Acres
Source:
Corcoran
Listing Agency: COMPASS Listing Agent: Christina M Schlink
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Gulf-Front Multifamily Investment Opportunity
Mar-a-Sol presents a unique opportunity to acquire a Gulf-front site on Okaloosa Island, located steps from the shoreline. The property consists of 69 units across two buildings, with 100% occupancy. The majority of units operate as long-term rentals, providing stable in-place income. Interior and exterior upgrades have been completed. Conversion to short-term rentals could potentially double the existing capitalization rate. Plans are in place for a seven-story luxury condominium tower, offering the opportunity to capitalize on Gulf views and direct beach access. The property offers multiple paths to value creation in a constrained coastal market.
Location Intelligence
Current Use by Public Records
Mar-A-Sol Waterfront Residences
Apartment Building
Sandman Motel
Hotel & Motel
Location Insight
- Map
- Local Demand
- City
- Fort Walton Beach
- County
- Okaloosa
- State
- Florida
- Longitude
- -86.6089921
- Latitude
- 30.3966716
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Irreplaceable Gulf-front site on Okaloosa Island with immediate income.
Where is this apartment building located?
The property is located at 480 Santa Rosa Blvd Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $35,000,000.
What are key features of this property?
This property features: - Irreplaceable Gulf-front location on Okaloosa Island, steps from the shoreline.; - Significant upside potential through conversion to short-term rentals, potentially doubling the existing capitalization rate.; - Immediate, stable income from 100% occupied units operating as long-term rentals.
