Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    Surf Road Panacea, FL 32346

    View on Map
    Claim this Listing
    For Sale
    $150,000

    LAND - Panacea, FL

    Lot size:
    230.00 Acres
    Added:
    Apr 3, 2025
    Days on Market:
    401
    Last Refresh:
    May 8 at 5:06 am

    Property Features for Surf Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Wooded, Brush
    Standard status
    Active
    APN
    12129-04-6S-02W-000-03859-000
    Lot size
    230.00 Acres

    Utilities

    Sewer type
    Septic Needed
    Water front
    1

    We can help!

    Listing Contact
    Susan Schatzman

    Listing agent Susan Schatzman License #326572

    Listing office Keller Williams Town & Country 1520 Killearn Ctr. Blvd., FL

    Listing date Apr 3, 2025

    MLS# 384065 Listing URL

    Copyright © 2026 Tallahassee Board 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

    • Private island property offering unparalleled seclusion.
    • Bordered on three sides by a scenic river, perfect for nature lovers.
    • Adjoins government‑owned land on three sides (south, west, and north) ensuring privacy.
    • Dock potentially permitted, offering boating opportunities (subject to wetland delineation survey).
    • Ideal for kayaking and canoeing enthusiasts with streams to explore.
    • Family‑owned for over 75 years, steeped in history.

    Overview

    Private Island Opportunity in Panacea

    This 230-acre private island is located in Panacea, Florida. Three sides of the island border a river, and the south side is bordered by 5 acres of government-owned land. The west and north sides of the island are also bordered by government-owned land. According to planning and zoning regulations, a dock is permitted, contingent upon a survey for wetland delineation to determine buildability. The island features streams suitable for exploration by kayak or canoe. The land has been under family ownership for over 75 years and is rumored to have a fishing hole nearby. The property is located in a VE flood zone.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Private islands

    Map

    City
    Panacea
    County
    Wakulla
    State
    Florida
    Longitude
    -84.430615
    Latitude
    29.995165

    Nearby Similar for Sale

    • $300,000
      1,200 SF

      Panacea Commercial Land on US-98

      High-visibility commercial parcel in a growth corridor on US-98.
      886 Coastal Highway, Panacea, FL 32346
      View Details
    • $284,900
      1,788 SF

      Panacea Commercial Property with Bay View

      Commercial property in Panacea, FL, with highway frontage and upgrades.
      1629 Coastal Hwy, Panacea, FL 32346
      View Details
    • $375,000
      1,200 SF

      Commercial Storefront with Studio Apartment

      Commercial storefront with studio apartment on Highway 98.
      82 Coastal Highway, Panacea, FL 32346
      View Details
    • $30,000

      Prime Commercial Lots on Highway

      Two commercial lots in Panacea, FL, on high-traffic Highway 98.
      Coastal Highway lot: 4 & 5, Panacea, FL 32346
      View Details
    • $30,000

      Panacea, FL Commercial Land

      Two commercial lots in Panacea, FL, on high-traffic Highway 98.
      Coastal Highway lot: 4 & 5, Panacea, FL 32346
      View Details
    • $27,500

      Waterfront Land in Gated Community

      Premier lots in a gated community near Ochlockonee Bay.
      Surf Rd lot: 78, Panacea, FL 32346
      View Details
    • $425,000

      Waterfront Lot in Panacea, FL

      Vacant bay front lot ready for your dream waterfront home.
      Sunrise Lane, Panacea, FL 32346
      View Details
    • $49,500

      Waterfront Land in Gated Community

      Premier lots in a gated community near Ochlockonee Bay.
      Surf Rd lot: 20, Panacea, FL 32346
      View Details
    • $49,000

      Waterfront Land in Panacea, FL

      Partially cleared 0.37 acre lot across from Ochlockonee Bay.
      River Drive lot: 11, Panacea, FL 32346
      View Details
    • $249,900

      Ochlockonee Bay Waterfront Lot

      Deep water bayfront lot with unspoiled views and great fishing.
      Surf Road, Panacea, FL 32346
      View Details
    • $185,000

      Waterfront Land in Panacea, Florida

      0.65-acre waterfront lot with direct water access and utilities.
      Chattahoochee Street lot: 1 & 2, Panacea, FL 32346
      View Details
    • $349,000

      Prime Land in Coastal Panacea

      Versatile land with highway frontage, ideal for development.
      Division Street, Panacea, FL 32346
      View Details

    FAQs

    What type of property is this?
    Land - 230-acre private island bordering river and government land in Panacea, Florida.
    Where is this land located?
    The property is located at Surf Road Panacea, FL.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Private island property offering unparalleled seclusion.; Bordered on three sides by a scenic river, perfect for nature lovers.; Adjoins government‑owned land on three sides (south, west, and north) ensuring privacy.
    (850) 519-2292
    We can help!
    Listing Contact
    Susan Schatzman
    Real Estate License ID: 326572
    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
    Surf Road, Panacea, FL 32346
    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!