480 Santa Rosa Boulevard, Fort Walton Beach, FL 32548 (MLS# 954584)

480 Santa Rosa Boulevard, Fort Walton Beach, FL 32548

$35,000,000

2 Buildings and 200 Ft of Frontage on Santa Rosa Blvd on Okaloosa Island

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Property Type: Commercial for Sale Lot Size (sq. ft.): 68,389 Status: Active

Current Price: $35,000,000 List Date: 6/13/2025 Last Modified: 1/13/2026

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.

Supplements: 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.

More Information MLS# 954584

Contract Info

GCCMLS Number: 30875317 Listing Board: Emerald Coast List Date: 2024-07-10 List Price: $35,000,000

Location, Tax and Legal

Sub Area: 1201 - Okaloosa Island Property Name: Mar-a-Sol Waterfront Residence Legal Description: SANTA ROSA ISLAND LOT 204 BLK 4 AND W1/2 VAC

General Property Info

Listed on GCCMLS: No Vacant: No Immediate Occupancy: Yes Lot Depth: 100 Lot Frontage: 253 Acreage: 1.57

Listing Info, Tax & Legal

As Is: No

Remarks & Misc

Remarks: 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.

Class

Income Producing: 1 Multi-Family: 1

Construction Status

Existing: 1

Lot Features

Coastal Barrier Zone: No

Income Producing

Year Built: 1970 Building SqFt: 20250 Price P/SqFt: 1728.4 Property Type: Multi-Family

Multi-Family

Year Built: 1970 Building SqFt: 20250 # of Units: 69 Price P/SqFt: 1728.4 Vacancy Rate: 86 # Buildings: 2 # Stories/Buildings: 3

None

Current Price: $35,000,000

Status Change Info

Status: Active

Location Tax and Legal

Area: 12 - Fort Walton Beach Street #: 480 Street Name: Santa Rosa Street Suffix: Boulevard State: FL Zip Code: 32548 County: Okaloosa Parcel ID: 00-2S-24-2185-0004-0204

Property Features

Class: Income Producing; Multi-Family Construction Status: Existing

Listing Office: Compass

Last Updated: January - 13 - 2026

All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2026 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.

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