$35,000,000
Fort Walton Beach, FL 32548
MLS# 954584
1 / 82
Property 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.
Details
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
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.
Listing Office: Compass
Last Updated: May - 10 - 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.
