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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
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!
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!
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 | $9,255,291 | |
| Land Assessment | $811,773 | Total Assessment | $10,067,064 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$811,773
Improvements Assessment
$9,255,291
Total Assessment
$10,067,064
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Mar-a-sol Waterfront Residences | 480 Santa Rosa Blvd
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