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

Overview

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 str ... (Read more)

Listing Details MLS# 954584

Contract Info

GCCMLS Number: 30875317
Listing Board: Emerald Coast

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

General Property Info

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

Income Producing

Year Built: 1970
Building SqFt: 20250
Price P/SqFt: 1728.4

More Information

Multi-Family

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

Lot Features

Coastal Barrier Zone: No

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

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: Yes
Multi-Family: Yes

Construction Status

Existing: Yes

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.