480 Santa Rosa Boulevard, Fort Walton Beach, FL 32548
Okaloosa County
Key Facts
Description
Mar-a-Sol presents a once-in-a-market opportunity to acquire an irreplaceable Gulf-front site on Okaloosa Island, positioned just steps from the shoreline. Assets with this level of beach proximity are virtually nonexistent on the Emerald Coast and increasingly rare across Florida's entire Gulf Coast, making this offering exceptionally difficult to replicate. The property currently consists of 69 units across two buildings and is 100% occupied, with the majority operating as long-term rentals, providing immediate, stable in-place income. The asset has benefited from thoughtful interior and exterior upgrades, allowing a buyer to maintain current operations while evaluating strategic alternatives. Substantial upside exists through conversion to short-term rentals, with projected performance indicating the potential to approximately double the existing capitalization rate. For developers seeking higher and better use, plans are already in place for a seven-story luxury condominium tower, offering a rare opportunity to replace the existing structures and capitalize on elevated Gulf views and direct beach access. The scarcity of comparable opportunities cannot be overstated. Beachfront sites this close to the Gulf are effectively irreplaceable, not only on Okaloosa Island but throughout much of the Emerald Coast and the broader Gulf side of Florida, where zoning, environmental constraints, and land availability severely limit new development. Whether held as a stabilized income-producing asset, repositioned for enhanced rental performance, or fully redeveloped into a premier luxury beachfront project, Mar-a-Sol offers multiple executable paths to value creation in one of Florida's most constrained coastal markets.
Property Information
Property Type
Commercial Sale
Year Built
1970
Lot Size
1.57 acres
Days on Market
607
MLS® Listing#
954584
Property Features
Financial Details
Parcel Number
00-2S-24-2185-0004-0204
Directions
Turn on to Okaloosa Island heading south on Santa Rosa Blvd. The property is on the south side about a mile down. Look for the signs.
Affordability Calculator
$7,000,000
Estimated monthly payment
$186,285/mo
Principal $28,000,000 · Est. interest $39,062,492 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Fort Walton Beach, FL
- $476,816
- Median Listing Price
- 119
- Median Days on Market
- 1,429
- Median Sq Ft
- $356
- Median Price / Sq Ft
- 34,507
- Active Listings
- This home’s price is 7240% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Fort Walton Beach, FL.
Location
Points of Interest in Fort Walton Beach, FL
Showing the Fort Walton Beach area map.
Nearby Schools
Okaloosa County School District
School · 0.7 mi away
Emeralds Coast Christian School
Secondary · 0.9 mi away
Saint Mary Catholic School
Elementary · 1.0 mi away
Ami Kids Emerald Coast
School · 1.1 mi away
Elliott Point Elementary School
Elementary · 1.8 mi away
Cinco Christian School
School · 1.9 mi away
Edwins Elementary School
Elementary · 1.9 mi away
Max Bruner Junior Middle School
Secondary · 2.1 mi away
Fort Walton Beach High School
Secondary · 2.1 mi away
Silver Sands School
School · 2.4 mi away
Wright Elementary School
Elementary · 3.0 mi away
Mary Esther Elementary School
Elementary · 3.0 mi away
Liza Jackson Preparatory School
Elementary · 3.0 mi away
Learning Adventures
School · 3.2 mi away
Pryor Middle School
Secondary · 3.6 mi away
Choctawhatchee High School
Secondary · 3.7 mi away
Okaloosa Academy
School · 3.8 mi away
Meigs Middle School
Secondary · 3.9 mi away
Shalimar Elementary School
Elementary · 4.2 mi away
KENWOOD Elementary School
Elementary · 4.3 mi away
Commute Calculator
Nearby Homes
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Similar Home Values
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|---|---|---|---|---|
| 2419 N Federal Highway, Delray Beach, FL | $24,500,000 | — | — | — |
| 2419 N Federal Highway, Delray Beach, FL | $24,500,000 | — | — | — |
| 648 POINSETTIA AVENUE, CLEARWATER BEACH, FL | $24,600,000 | — | — | 18,412 |
| 2430 Del Lago Drive, Fort Lauderdale, FL | $24,900,000 | 7 | 9 | 10,428 |
| 23 Isla Bahia Dr, Fort Lauderdale, FL | $24,900,000 | 6 | 9 | 9,135 |
| 14880 Palmwood Road, Palm Beach Gardens, FL | $24,900,000 | 7 | 11 | 10,398 |
Moving Cost Estimate
EXIT Agents in Fort Walton Beach
Listing Courtesy: Compass - 8502969769