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    Gulf Frontage Land Opportunity Title is generated by Realmo AI

    1628 E Gulf Beach Dr, Eastpoint, FL 32328

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    Claim this Listing
    For Sale
    Under Contract
    $1,449,000

    LAND - St. George Island, FL

    Lot size:
    1.03 Acres
    Added:
    Apr 28, 2026
    Days on Market:
    26
    Last Refresh:
    May 23 at 6:06 am

    Property Features for 1628 E Gulf Beach Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-1
    Standard status
    Active Under Contract
    APN
    2909S06W731700000224
    Lot size
    1.03 Acres

    Taxes and HOA fees

    Tax Description
    A PRT OF TRACT 22 BEING 1.02 AC AKA LOT 4

    Utilities

    Utilities
    Water Available
    Water front
    1

    We can help!

    Listing Contact
    Jeff Galloway
    Jeff Galloway

    Listing agent Jeff Galloway License #689322

    Listing office Jeff Galloway Real Estate 45 E First St, ST. GEORGE ISLAND, FL

    Listing date Apr 28, 2026

    MLS# 327689 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

    • 126 feet of Gulf of Mexico frontage.
    • Located on the desirable east end of St. George Island, known for lovely beaches and low density.
    • Good elevation and dune structure; elevation has been increasing for the last 6 years.
    • New 5 bedroom 4 1/2 bath home and private swimming pool is now approved by the HOA.
    • Close proximity to the state park and bicycle path.
    • Views of the Apalachicola Bay possible from an elevated home.

    Overview

    This parcel offers 126 feet of frontage on the Gulf of Mexico, situated on the east end of St. George Island. The lot features good elevation and dune structure, with elevation gains observed over the past 6 years. It boasts lovely white sand beaches and proximity to the state park. The east end of St. George Island is known for its beaches and low population density. An elevated home on this lot would offer views of the Apalachicola Bay. This is a great opportunity to acquire a gulf front parcel and build a beachfront home on the Gulf of Mexico. The lot size is 1.03 acres. A bicycle path extends to the state park. There are some restrictive covenants that go with tract 22 but new 5 bedroom 4 1/2 bath home and private swimming pool is now approved by the HOA. There are no HOA dues. Survey showing setbacks for building site are available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Hotel & Motel Restaurant Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Eastpoint
    County
    Franklin
    State
    Florida
    Longitude
    -84.81054
    Latitude
    29.678013

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    FAQs

    What type of property is this?
    Waterfront Land - Prime gulf-front land to build your dream beach home.
    Where is this waterfront land located?
    The property is located at 1628 E Gulf Beach Dr Eastpoint, FL.
    What is the asking price?
    The asking price for this property is $1,449,000.
    What are key features of this property?
    This property features: 126 feet of Gulf of Mexico frontage.; Located on the desirable east end of St. George Island, known for lovely beaches and low density.; Good elevation and dune structure; elevation has been increasing for the last 6 years.
    (850) 323-1500
    We can help!
    Listing Contact
    Jeff Galloway
    Jeff Galloway
    Real Estate License ID: 689322
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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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