Ad #5211333
MLS #954584
Mar-a-Sol presents a once-in-a-market opportunity to acquire an
480 Santa Rosa Blvd, Fort Walton Beach, FL 32548
$35,000,000
--Beds
--Baths
--Sqft
1.57Acres
About this property
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.
Property Features
0 Beds
0 Baths
0 Sqft
1.57 Acres
Okaloosa County
Additional Photos
Contact Information
Christina M Schlink
Compass Florida, LLC
850-368-1474
Location
Listing Agent: Christina M Schlink (License #: 3137018) 850-368-1474
Broker: Compass Florida, LLC 305-851-2820 Listing Site
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: Compass Florida, LLC 305-851-2820 Listing Site
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
BeachHouse.com
Printed Aug 11, 2026
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$35,000,000
--
Beds
--
Baths
--
Sqft
480 Santa Rosa Blvd, Fort Walton Beach, FL 32548
By contacting this agent you agree to these Terms and Conditions.
MLS# 954584
Mar-a-Sol presents a once-in-a-market opportunity to acquire an
$35,000,000
480 Santa Rosa Blvd, Fort Walton Beach, FL 32548
--
Beds
--
Baths
--
Sqft
1.57
Acres
$35,000,000
480 Santa Rosa Blvd, Fort Walton Beach, FL 32548
-- Beds
-- Baths
-- Sqft
1.57 Acres
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.
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Property Details
HOME DETAILS
0 Beds
0 Baths
0 Sqft
1.57 Acres
FINANCIAL & COMMUNITY
Okaloosa County
Location
Mortgage Calculator
Ad Statistics
Ad Number
5211333
Viewed
514 times
Listing Status
Active
Added
Jul 29, 2024
Last Refreshed
Jul 03, 2026 06:17:28 PM
Listing Information
Data Source
Emerald Coast Association of Realtors
Source Property ID
954584
Listing Agent: Christina M Schlink (License #: 3137018) 850-368-1474
Broker: Compass Florida, LLC 305-851-2820 Listing Site
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: Compass Florida, LLC 305-851-2820 Listing Site
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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