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Mar-a-sol Waterfront Residences 480 Santa Rosa Blvd 69 Unit Apartment Building $35,000,000 ($507,246/Unit) 6% Cap Rate Fort Walton Beach, FL 32548
INVESTMENT HIGHLIGHTS
- Half of the property offers stunning beachfront views.
- The property boasts 100% occupancy.
- Enjoy 10 feet of direct beach access.
- Plans are in place for a teardown and new development.
EXECUTIVE SUMMARY
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.
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 FACTS
| Price | $35,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $507,246 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.57 AC |
| Cap Rate | 6% | Building Size | 58,991 SF |
| Sale Condition | Redevelopment Project | Average Occupancy | 97% |
| No. Units | 69 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Zoning | R-3 - Multifamily | ||
| Price | $35,000,000 |
| Price Per Unit | $507,246 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Sale Condition | Redevelopment Project |
| No. Units | 69 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.57 AC |
| Building Size | 58,991 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built/Renovated | 1970/2022 |
| Parking Ratio | 1.47/1,000 SF |
| Zoning | R-3 - Multifamily |
AMENITIES
UNIT AMENITIES
- Balcony
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Pool
- Tenant Controlled HVAC
- Waterfront
- Grill
- Smoke Free
- Walk-Up
- Smoke Detector
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $8,123,727 | |
| Land Assessment | $844,245 | Total Assessment | $8,967,972 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$844,245
Improvements Assessment
$8,123,727
Total Assessment
$8,967,972
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Mar-a-sol Waterfront Residences | 480 Santa Rosa Blvd
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