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    240 Acres Development Opportunity Title is generated by Realmo AI

    2839 Highway 79, Vernon, FL 32462

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    Claim this Listing
    For Sale
    $7,500,000

    240 acres on Highway 79, Vernon, FL. Development opportunity.

    Type:Land or Vacant Lot
    Lot size:
    240.00 Acres
    Added:
    Apr 5, 2025
    Days on Market:
    427
    Last Refresh:
    May 10 at 11:32 pm

    Property Features for 2839 Highway 79

    General Information

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

    We can help!

    Listing Contact
    SUZANNE MOORE

    Listing agent SUZANNE MOORE License #3048452

    Listing office COLDWELL BANKER REALTY

    Listing date Apr 5, 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 COLDWELL BANKER REALTY

    HighLights

    • Approximately 240 acres of land suitable for development.
    • Frontage on both sides of FL HWY 79, a major route to Panama City Beach.
    • Located less than 30 minutes from the Latitude Margaritaville and Watersound developments.
    • Frontage on Washington County Hwy 279 (Pate Pond Rd).
    • Frontage on Canoe Lovers Holmes Creek.
    • Previous development agreements exist with The City of Vernon, FL and Washington County, FL for commercial, medium, and high‑density land uses.

    Overview

    This is a development opportunity encompassing approximately 240 acres situated on Florida Highway 79, a major four-lane route leading into Panama City Beach, Florida. The property features approximately one-half mile of frontage on both sides of Highway 79, as well as approximately one-half mile of frontage on Washington County Highway 279 (Pate Pond Road), and approximately one-half mile of frontage on the Canoe Lovers Holmes Creek. Highway 79 traverses the Latitude Margaritaville Watersound, Florida development, which includes approximately 150,000 planned homes, with 2,000 already sold. This 240-acre tract is located less than 30 minutes from this development. Previous development efforts have resulted in agreements between the City of Vernon, Florida, and Washington County, Florida, to cooperate in development with commercial, medium-density, and high-density land uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Nail Salon Gym & Fitness Center Department Store Accounting Firm Discount Store Furniture & Home Goods

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

    Location Insight

    • Map
    • Local Demand
    City
    Vernon
    County
    Washington
    State
    Florida
    Longitude
    -85.7076
    Latitude
    30.6367

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    FAQs

    What type of property is this?
    Commercial land - 240 acres on Highway 79, Vernon, FL. Development opportunity.
    Where is this commercial land located?
    The property is located at 2839 Highway 79 Vernon, FL.
    What is the asking price?
    The asking price for this property is $7,500,000.
    What are key features of this property?
    This property features: Approximately 240 acres of land suitable for development.; Frontage on both sides of FL HWY 79, a major route to Panama City Beach.; Located less than 30 minutes from the Latitude Margaritaville and Watersound developments.
    (850) 234-6696
    We can help!
    Listing Contact
    SUZANNE MOORE
    Real Estate License ID: 3048452
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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.

    More about this property
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