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    Carrabelle Golf Resort Vacant Lot Title is generated by Realmo AI

    397 Royal Tern Way, Carrabelle, FL 32322

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    For Sale
    $59,000

    LAND - Carrabelle, FL

    Lot size:
    0.21 Acres
    Added:
    Sep 25, 2025
    Days on Market:
    251
    Last Refresh:
    Jun 2 at 5:06 am

    Property Features for 397 Royal Tern Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Pets allowed
    Yes
    Standard status
    Active
    APN
    0507S03W1001000F0220
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Description
    ST JAMES BAY PHASE II PB 8/23 BLOCK F LOT 22

    Utilities

    Utilities
    Propane

    We can help!

    Listing Contact
    Brenda Brown

    Listing agent Brenda Brown License #3434598

    Listing office Berkshire Hathaway Homeservices - Sgi 140 1st Street, Ste B, ST. GEORGE ISLAND, FL

    Listing date Sep 25, 2025

    MLS# 324140 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

    • Golf course‑front vacant lot in St. James Golf & Pickleball Resort
    • Access to a Robert Walker designed 18‑hole championship golf course
    • Enjoy eight dedicated pickleball courts and a newly remodeled community pool
    • On‑site dining at Crooked River Grill, boat storage, and gulf‑front neighborhood park
    • Proximity to Carrabelle, a river town with plentiful dockage and charter opportunities
    • Close to Carrabelle Beach, Alligator Point and St. George Island beaches

    Overview

    This vacant lot, located at 397 Royal Tern Way in Carrabelle, Florida, is situated in the St. James Golf & Pickleball Resort. The property offers an opportunity to build a golf course-front home. Community amenities include an 18-hole championship Audobon Signature Sanctuary golf course designed by Robert Walker, eight pickleball courts, a remodeled community pool, on-site dining at Crooked River Grill, boat storage, and a gulf-front neighborhood park with a day dock and park pavilions. The river town of Carrabelle provides dockage and charter opportunities for fishing enthusiasts. The Lanark Boat Club boat ramp is located 1.5 miles from St. James Bay, providing boating access. Carrabelle Beach, Alligator Point and St. George Island are located within a 15-40 minute drive. The lot size is 0.2066 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Carrabelle
    County
    Franklin
    State
    Florida
    Longitude
    -84.5594831
    Latitude
    29.9082055

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    FAQs

    What type of property is this?
    Residential land & home lot - Vacant lot in St. James Golf & Pickleball Resort.
    Where is this residential land & home lot located?
    The property is located at 397 Royal Tern Way Carrabelle, FL.
    What is the asking price?
    The asking price for this property is $59,000.
    What are key features of this property?
    This property features: Golf course‑front vacant lot in St. James Golf & Pickleball Resort; Access to a Robert Walker designed 18‑hole championship golf course; Enjoy eight dedicated pickleball courts and a newly remodeled community pool
    (850) 591-9444
    We can help!
    Listing Contact
    Brenda Brown
    Real Estate License ID: 3434598
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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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