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    Lakeside Oasis on Pate Lake Title is generated by Realmo AI

    3199 Pate Pond Road, Vernon, FL 32462

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    Claim this Listing
    For Sale
    $199,999

    Rare parcel with lake and road frontage, ideal for recreation.

    Type:Land or Vacant Lot
    Lot size:
    73.00 Acres
    Added:
    Feb 21, 2025
    Days on Market:
    469
    Last Refresh:
    May 10 at 10:05 pm

    Property Features for 3199 Pate Pond Road

    General Information

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

    We can help!

    Listing Contact
    CASEY OWENS
    CASEY OWENS

    Listing agent CASEY OWENS License #BK3390116

    Listing office ELITE REALTY

    Listing date Feb 21, 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 ELITE REALTY

    HighLights

    • Enjoy 3,350 ft of water frontage on Pate Lake, perfect for recreation and stunning lake views.
    • Approximately 36 acres of land with a lush tree canopy, including Live Oaks and Cypress trees, creating a picturesque setting.
    • Located on a paved road with over 1,000 ft of road frontage, providing convenient and private access.
    • Cleared and mulched area ready for home construction, with existing driveway, culvert, and gate.
    • Proximity to Florida's natural wonders, freshwater springs, and creeks.
    • Less than 45 minutes from Panama City Beach, offering a balance of nature and beach access.

    Overview

    This parcel on Pate Lake offers opportunities for hunting, recreation, and more. Situated on a paved road, the property features over 1,000 feet of road frontage and a portion of land across the street, providing private and convenient access. It also includes approximately 3,350 feet of water frontage. A portion of the property is cleared and mulched, ready for construction. Approximately 36 acres of the parcel is land, with the remainder being lake. The land features a tree canopy with Live Oaks and Cypress trees. A driveway with a culvert and gate leads to a landing on the lake, offering views. The county public boat landing is nearby. The property is suitable for a home-site, a weekend getaway, or a waterfront investment. It is also located near freshwater springs and creeks, and less than 45 minutes from Panama City Beach. For development purposes, approximately 3 acres near the road are considered buildable without mitigation, with an additional 3 acres potentially usable with mitigation. The land nearest the water's edge must remain natural due to environmental regulations. Buyers should verify usability with the appropriate county, state, and environmental departments.
    Property Profile Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Vernon
    County
    Washington
    State
    Florida
    Longitude
    -85.7496
    Latitude
    30.686

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    FAQs

    What type of property is this?
    Recreation land - Rare parcel with lake and road frontage, ideal for recreation.
    Where is this recreation land located?
    The property is located at 3199 Pate Pond Road Vernon, FL.
    What is the asking price?
    The asking price for this property is $199,999.
    What are key features of this property?
    This property features: Enjoy **3,350 ft of water frontage on Pate Lake**, perfect for recreation and stunning lake views.; Approximately 36 acres of land with a **lush tree canopy**, including Live Oaks and Cypress trees, creating a picturesque setting.; Located on a paved road with over 1,000 ft of road frontage, providing convenient and private access.
    (850) 638-0370
    We can help!
    Listing Contact
    CASEY OWENS
    CASEY OWENS
    Real Estate License ID: BK3390116
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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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