Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Corner Lot in Sunny Hills Title is generated by Realmo AI

    Otis Lane, Chipley, FL 32428

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - Chipley, FL

    Lot size:
    0.28 Acres
    Added:
    Mar 30, 2026
    Days on Market:
    41
    Last Refresh:
    May 9 at 11:06 am

    Property Features for Otis Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Resid Single Family
    Standard status
    Active
    APN
    00000000-05-0304-0001
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Description
    SUNNY HILLS UNIT #5 LOT 1 ORB 721 P 331 BLK 0304

    We can help!

    Listing Contact
    Amanda L Reaves
    Amanda L Reaves

    Listing agent Amanda L Reaves License #3456993

    Listing office Coldwell Banker Realty 45 Eglin Pkwy NE #101, Pensacola, FL

    Listing date Mar 30, 2026

    MLS# 999324 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

    • No HOA fees
    • Corner lot in an established, actively developing community (Sunny Hills)
    • Access to recreational activities: 18‑hole golf course, lakes with beaches for swimming, boating, and fishing
    • Located between Panama City Beach and Chipley
    • Part of the Vernon school district
    • Adjacent lot available for purchase

    Overview

    This 0.28-acre corner lot is located in the Sunny Hills community, an established subdivision with over 20,000 lots currently being developed with several national builders. The subdivision offers an 18-hole golf course with a clubhouse and numerous lakes with white sandy beaches suitable for recreational activities such as swimming, boating, and fishing. There is no HOA. Sunny Hills is located in Washington County between Panama City Beach and Chipley, within the Vernon school district. The property is zoned for single-family residential use. An adjacent lot is also available for purchase, either individually or as a package, for those seeking additional space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Chipley
    County
    Washington
    State
    Florida
    Longitude
    -85.5678
    Latitude
    30.604

    Nearby Similar for Sale

    • $349,900

      Prime Commercial Land in Chipley

      High-traffic commercial land with multiple access points in growing Chipley.
      1217 Main Street, Chipley, FL 32428
      View Details
    • $699,999

      Expansive Land in Chipley, Florida

      117-acre tract ideal for investment, hunting, or private homestead.
      Goodman Hill Road, Chipley, FL 32428
      View Details
    • $699,999

      Expansive Acreage in Chipley, Florida

      117-acre tract ideal for investment, hunting, or private homestead.
      Goodman Hill Road, Chipley, FL 32428
      View Details
    • $160,000

      Commercial Lots in Sunny Hills

      Vacant commercial lots suitable for various uses.
      Elkcam Boulevard, Chipley, FL 32428
      View Details
    • $27,950

      Versatile Commercial Parcel in Chipley

      One-acre commercial parcel with multi-family development potential in Sunny Hills.
      Elkcam Boulevard, Chipley, FL 32428
      View Details
    • $14,000

      Residential Lot in Sunny Hills

      0.26-acre residential lot in established Sunny Hills community.
      Weller Street, Chipley, FL 32428
      View Details
    • $13,900

      Residential Lot in Sunny Hills

      Residential lot in Sunny Hills subdivision with green space.
      BLK 0569 Airmont Drive lot: 19, Chipley, FL 32428
      View Details
    • $15,900

      Residential Lot in Sunny Hills

      0.34-acre lot in Sunny Hills, no HOA, not in floodzone.
      HEMLOCK CIRCLE, CHIPLEY, FL 32428
      View Details
    • $39,900

      Residential Lot in Chipley, FL

      0.711-acre lot ready for your dream home in Chipley.
      South Boulevard, Chipley, FL 32428
      View Details
    • $22,995

      Commercial Lot in Growing Area

      Prime commercial lot near amenities in a rapidly growing area.
      Deltona Boulevard, Chipley, FL 32428
      View Details
    • $149,000

      8 Acres Land Near Beaches

      8 acres of land with highway frontage near beaches.
      Moss Hill Road, Chipley, FL 32428
      View Details
    • $22,000

      Vacant Lot in Sunny Hills

      0.37-acre lot ready for your dream home.
      Sunny Hills Boulevard, Chipley, FL 32428
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential corner lot in established community with golf and lakes.
    Where is this residential land & home lot located?
    The property is located at Otis Lane Chipley, FL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: No HOA fees; Corner lot in an established, actively developing community (Sunny Hills); Access to recreational activities: 18‑hole golf course, lakes with beaches for swimming, boating, and fishing
    (850) 797-0927
    We can help!
    Listing Contact
    Amanda L Reaves
    Amanda L Reaves
    Real Estate License ID: 3456993
    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
    Otis Lane, Chipley, FL 32428
    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!