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    Waterfront Homesite with Private Dock Title is generated by Realmo AI

    203 Pitts Bayshore Drive, Freeport, FL 32439

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    For Sale
    $500,000

    LAND - Freeport, FL

    Lot size:
    0.20 Acres
    Added:
    Apr 24, 2026
    Days on Market:
    42
    Last Refresh:
    Jun 4 at 6:06 pm

    Property Features for 203 Pitts Bayshore Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Resid Single Family
    Standard status
    Active
    APN
    02-2S-19-24080-00G-0090
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOT 9 BLK G PITTS BAY SHORE S/D PB 2-51 OR 820-315 OR 2911-932 OR 3228-4844 OR 3267-400
    Tax Annual Amount
    942

    Utilities

    Sewer type
    Public Sewer
    Water front
    1

    We can help!

    Listing Contact
    Grant and Cooper Group

    Listing agent Grant and Cooper Group

    Listing office Watersound Real Estate 1701 E Cnty Hwy 30A, SANTA ROSA BEACH, FL

    Listing date Apr 24, 2026

    MLS# 1001411 Listing URL

    Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront parcel on Jolly Bay at the mouth of Choctawhatchee Bay with access to the surrounding bays and rivers
    • Includes a private dock for direct water access
    • Public sewer available
    • Located on a quiet, shaded street with mature oak and magnolia trees

    Overview

    This for-sale waterfront homesite is approximately 0.2 acres and sits along the shores of Jolly Bay at the mouth of Choctawhatchee Bay. The property includes a private dock and is framed by mature trees, including towering oaks and magnolias, along a quiet, shaded street. With residential single-family zoning noted as “Resid Single Family,” the parcel is set up for a primary residence or similar single-family buildout.

    Located in Freeport, Florida in Walton County, the site offers direct access to Choctawhatchee Bay and surrounding rivers, supporting everyday water access once developed. The setting is described as private and coastal in character, positioned where boat access and waterfront living can be part of daily life.

    For buyers seeking a waterfront homesite, the combination of dock access and a residential zoning designation makes the property straightforward for planning a single-family residence. The mature landscaping and shaded street frontage add to the livable feel of the homesite, while the coastal water orientation provides a consistent theme for those building a retreat designed around time on the water.
    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 Bar & Pub Grocery & Convenience Store HVAC Service Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.123973
    Latitude
    30.431126

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    FAQs

    What type of property is this?
    Waterfront Land - Build on a small waterfront parcel with a private dock at Jolly Bay in Freeport, Florida.
    Where is this waterfront land located?
    The property is located at 203 Pitts Bayshore Drive Freeport, FL.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Waterfront parcel on Jolly Bay at the mouth of Choctawhatchee Bay with access to the surrounding bays and rivers; Includes a private dock for direct water access; Public sewer available
    (850) 428-3002
    We can help!
    Listing Contact
    Grant and Cooper Group
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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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