480 Santa Rosa Blvd - Apartments FOR SALE


Fort Walton Beach, FL 32548- Santa Rosa Island
$35,000,000 USD
850-368-1474
480 Santa Rosa Blvd, Fort Walton Beach, FL for Sale
$35,000,000 USD
Apartments - FOR SALE
1/69
null | 6% Cap Rate

480 Santa Rosa Blvd
Fort Walton Beach, FL 32548
Santa Rosa Island


HIGHLIGHTS

  • Half of the property offers stunning beachfront views.
  • Enjoy 10 feet of direct beach access.
  • The property boasts 100% occupancy.
  • Plans are in place for a teardown and new development.

OVERVIEW

Welcome to Mar-a-Sol, an exquisite waterfront residence on Okaloosa Island. This distinguished property boasts 69 meticulously updated units, comprising one- and two-bedroom configurations, each adorned with modern and stylish finishes. The East building offers unparalleled full Gulf front views, while the West building provides partial vistas, with every unit being a mere 10 feet from beach access and just 100 feet from the pristine waters. Each unit features gourmet kitchens equipped with stainless steel appliances, luxurious granite countertops, and tasteful backsplashes. Elegant LPV hardwood flooring graces the living spaces, and the master suites offer spacious ensuites with ample room for nightstands and a desk. With an impressive 97% occupancy rate, Mar-a-Sol accommodates long-term and short-term tenants. The owners have meticulously updated the exterior with sophisticated white and black paint, complemented by modernized landscaping and stylish pool furniture, creating a chic and inviting ambiance. This property presents an array of opportunities. You can seamlessly continue the current thriving business or redevelop the buildings into new condominium units or beach homes. The location, combined with stunning Gulf views and immediate beach access, ensures endless possibilities for this highly coveted property. Okaloosa Island is a gem on Florida's Emerald Coast, nestled between the Gulf of Mexico and Choctawhatchee Bay, and known for its pristine white-sand beaches and crystal-clear waters. This idyllic barrier island offers a plethora of activities, including swimming, sunbathing, and a variety of watersports like jet skiing, paddle boarding, and snorkeling. Visitors can enjoy fishing on the Okaloosa Island Pier, embark on dolphin cruises, and explore scenic nature trails. The island boasts a vibrant dining scene with beachfront eateries and fine dining options, as well as lively nightlife. Family-friendly attractions like the Gulfarium Marine Adventure Park and local shopping add to the island's charm, making it a perfect destination for relaxation and adventure. Fort Walton Beach is undergoing a remarkable revitalization of its downtown area, and the replacement of Brook's Bridge is currently underway. Additionally, Okaloosa Island has plans for a 4.3-mile multi-use pathway, providing a safe and scenic route for bicyclists and pedestrians. These exciting developments position Mar-a-Sol in a prime location to benefit from the growth and transformation of this vibrant, up-and-coming community. Do not miss out on this rare opportunity with a special location!

FOR SALE DETAILS

PRICE

$35,000,000 USD

PRICE/SF

$593 USD /SF

# OF UNITS

69

PRICE/UNIT

$507,246

CAP RATE

6%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mar-a-sol Waterfront Residences

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1970

PARKING SPACES

87

LAND DETAILS

LAND ACRES

1.57 AC

LAND SF

68,389 SF

ZONING

R-3

APN/PARCEL ID

00-2S-24-2185-0004-0204,00-2S-24-2185-0004-0205,00-2S-24-2185-0004-0206,00-2S-24-2185-0004-0207

ASK ABOUT THIS PROPERTY

Christina SchlinkCompassMore Info
850-368-1474

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Christina SchlinkCompassMore Info
850-368-1474

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.