Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    92 Acres Prime Development Land Title is generated by Realmo AI

    92 Acres W State Highway 20, Freeport, FL 32439

    View on Map
    Claim this Listing
    For Sale
    $12,500,000

    92 acres for commercial, mixed-use, or light industrial development.

    Type:Commercial/Industrial
    Property size:
    4,007,520 SF
    Lot size:
    92.00 Acres
    Price / SF:
    $3/SF
    Added:
    Mar 24, 2026
    Days on Market:
    69
    Last Refresh:
    Mar 22 at 8:13 pm

    Property Features for 92 Acres W State Highway 20

    General Information

    Standard status
    Active
    Size
    4,007,520 SF
    Lot size
    92.00 Acres
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    Sherry L Nelson Paris

    Listing agent Sherry L Nelson Paris License #3366280

    Listing office Palmetto Properties & Realty LLC

    Listing date Mar 24, 2026

    Source Exitrealty

    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 Palmetto Properties & Realty LLC

    HighLights

    • 92 Acres for Commercial, Mixed Use, or Light Industrial Development within Freeport City Limits.
    • Prime Location directly across from Hammock Bay entrance on Hwy 20.
    • 14 Acres on Hwy 20 with approx. 1320 ft of frontage, cleared, with all utilities available.
    • Ideal site for Retail, Medical Center, Townhomes, Office/Warehouse, Hotel, Grocery & more.
    • Easy commute to Eglin AFB, Mid‑Bay Bridge to Destin, and Hwy 331 for north/south travel.
    • Approx. 30 minutes to NW Florida International Airport via Hwy 20 & 79.

    Overview

    This 92-acre property, located within Freeport city limits, presents an opportunity for commercial, mixed-use, or light industrial development. Situated directly across Highway 20 from the Hammock Bay entrance, the location is suited for new commercial development. The area is experiencing rapid growth, with new apartments under construction across Highway 20. The site is ideal for retail, a medical center, townhomes, office/warehouse space, a hotel, a grocery store, and more. 14 acres on Highway 20 are cleared and ready, featuring approximately 1320 feet of frontage and available utilities. The north 78 acres are wooded and have approximately 1500 feet of frontage on Ben King Road. The property allows for an easy commute on Highway 20 to Eglin AFB, the Mid-Bay Bridge to Destin, and east to Highway 331 for north/south travel to the Interstate or the Beach. Northwest Florida International Airport is approximately 30 minutes to the east via Highways 20 and 79.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Walton
    State
    Florida
    Longitude
    -86.1355399
    Latitude
    30.4973423

    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
    • $636,000

      5-Acre Wooded Parcel in Freeport

      Beautiful 5-acre wooded corner lot in Freeport, Florida.
      Mullet Dr, Freeport, FL 32439
      View Details

    FAQs

    What type of property is this?
    Commercial land - 92 acres for commercial, mixed-use, or light industrial development.
    Where is this commercial land located?
    The property is located at 92 Acres W State Highway 20 Freeport, FL.
    What is the asking price?
    The asking price for this property is $12,500,000.
    What are key features of this property?
    This property features: 92 Acres for Commercial, Mixed Use, or Light Industrial Development within Freeport City Limits.; Prime Location directly across from Hammock Bay entrance on Hwy 20.; 14 Acres on Hwy 20 with approx. 1320 ft of frontage, cleared, with all utilities available.
    (850) 835-4153
    We can help!
    Listing Contact
    Sherry L Nelson Paris
    Real Estate License ID: 3366280
    Learn More
    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
    92 Acres W State Highway 20, 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!