Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Canal-Front Lot with Bay Access Title is generated by Realmo AI

    186 Stillwater Road, Freeport, FL 32439

    View on Map
    Claim this Listing
    For Sale
    $159,000

    Waterfront lot with direct access to Choctawhatchee Bay.

    Type:Land or Vacant Lot
    Lot size:
    0.40 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    128
    Last Refresh:
    Apr 5 at 10:26 pm

    Property Features for 186 Stillwater Road

    General Information

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

    We can help!

    Listing Contact
    CRYSTAL CHEATHAM

    Listing agent CRYSTAL CHEATHAM License #3302915

    Listing office CLASSIC LUXURY REAL ESTATE LLC

    Listing date Jan 27, 2026

    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 CLASSIC LUXURY REAL ESTATE LLC

    HighLights

    • Direct canal‑front access to Choctawhatchee Bay with 70' of waterfront.
    • Located in Flood Zone X, meaning low flood risk.
    • No HOA, providing flexibility for building or RV use.
    • Paved driveway and underground utilities (city water and electric) already in place.
    • Conveniently located 1.5 miles to a public boat ramp.
    • Large septic system installed (public sewer coming soon).

    Overview

    This canal-front lot offers 70' of waterfront with direct access to Choctawhatchee Bay. The property is located in Flood Zone X and has no HOA. Paved driveway access and underground utilities, including city water and electric, are available. A large septic system is in place, with public sewer service planned for the near future. The property is situated approximately 1.5 miles from the public boat ramp and 20 minutes from the beach. The existing mobile home has no value and will need to be removed, offering a blank slate for development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Building Supply Auto Repair Shop Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom Bar & Pub Grocery & Convenience Store HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.1173
    Latitude
    30.4329

    Nearby Similar for Sale

    • $2,150,000

      Prime Freeport Development Opportunity

      4.05-acre commercial land with prepaid utilities in Freeport, FL.
      150 Marquis Way, Freeport, FL 32439
      View Details
    • $69,900

      Freeport Land: Development Potential

      0.50-acre wooded corner lot in rapidly growing Freeport, Florida.
      Piney Point Road, Freeport, FL 32439
      View Details
    • $1,350,000
      6,016 SF

      Freeport Multifamily Investment Opportunity

      Apartment complex with 8 units plus additional development potential.
      248 Four Mile Road, Freeport, FL 32439
      View Details
    • $895,000

      Commercial Land on Highway 331

      1.72-acre commercial land with high visibility on Highway 331.
      S US Highway 331, Freeport, FL 32439
      View Details
    • $1,000,000

      Waterfront Land Ready for Development

      1.7 acres of waterfront land with development order.
      193 Ramsey Br Road, Freeport, FL 32439
      View Details
    • $759,500

      Bayou Front Homesite in Freeport

      Rare 0.43 acre bayou front homesite with utilities.
      448 Holly Point Road, Freeport, FL 32439
      View Details
    • $489,900

      Waterfront Land with Transferable Permit

      Waterfront land in Freeport, FL with transferable building permit.
      Alden Lane lot: 6 & 7, Freeport, FL 32439
      View Details
    • $210,000

      Waterfront Land in Freeport, FL

      0.70 acre waterfront lot with existing utilities and dock.
      211 Carol Drive, Freeport, FL 32439
      View Details
    • $350,000

      Waterfront Lot in Growing Freeport

      Cleared residential lot with 70 feet of waterfront.
      Dexton King Road, Freeport, FL 32439
      View Details
    • $480,000

      Freeport Land Approved for Development

      Land approved for townhomes or single-family homes in Freeport, FL.
      176 Bourbon Street, Freeport, FL 32439
      View Details
    • $799,000

      Waterfront Land with Bay Frontage

      Waterfront property in Freeport with bay frontage and new dock.
      2554 Bay Grove Road, Freeport, FL 32439
      View Details
    • $500,000

      Waterfront Homesite with Private Dock

      Build on a small waterfront parcel with a private dock at Jolly Bay in Freeport, Florida.
      203 Pitts Bayshore Drive, Freeport, FL 32439
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Waterfront lot with direct access to Choctawhatchee Bay.
    Where is this waterfront land located?
    The property is located at 186 Stillwater Road Freeport, FL.
    What is the asking price?
    The asking price for this property is $159,000.
    What are key features of this property?
    This property features: Direct canal‑front access to Choctawhatchee Bay with 70' of waterfront.; Located in Flood Zone X, meaning low flood risk.; No HOA, providing flexibility for building or RV use.
    (850) 660-1962
    We can help!
    Listing Contact
    CRYSTAL CHEATHAM
    Real Estate License ID: 3302915
    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
    186 Stillwater Road, Freeport, FL 32439
    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!