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Harrison Lilly

Owner/Operator | Harrison Lilly Emerald Coast | Harrison Lilly Realty | PLACE

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480 Santa Rosa Boulevard , Fort Walton Beach, FL 32548
$35,000,000
Est. Payment: $177,513.40/mo
0 Bed
0 Bath
0 Sqft
Status: active | Days on site: 698
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VCR-C15903466 - VCR-C159091383,VCR-C159052275

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Harrison Lilly
Owner/Operator

House 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. 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.

Highlights

Listed by Christina M Schlink , 850-368-1474 Compass , 850-296-9769. Emerald Coast Multiple Listing Services

Property Type

Commercial Sale

Lot/Acreage
1.57

County

Okaloosa

Area

12 - Fort Walton Beach

Listing ID

954584

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:0
  • Bathrooms:0
  • Full Bathrooms:

Exterior Features

Principal Interest
$177,513
Taxes
$22,313

Home Price

$35,000,000

Loan Details

30 yrs
6.529%

Down Payment

20%
$7,000,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$177,513.40

Principal

Taxes

Principal Taxes HOA Total
Monthly $177,513.40 $22,312.50 $0.00 $199,825.90
Yearly $2,130,160.76 $267,750.00 $0.00 $2,397,910.76
Total $63,904,822.65 $8,032,500.00 $0.00 $71,937,322.65

Today's Rates

30 Year

6.53%

20 Year

6.33%

15 Year

5.93%

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Market insight data is pulled from the same city as the listing being viewed (Fort Walton Beach, FL).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Information provided by Emerald Coast Multiple Listing Services, and is deemed reliable but not guaranteed accurate.

IDX service by Blueroof 360

Data last updated: 2026-08-20T06:32:47.000Z

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