# 480 Santa Rosa Boulevard, Fort Walton Beach, FL 32548 > **TL;DR:** commercial, $35,000,000. Est. $187,187/mo. Listed 844 days. ## Property at a Glance | Attribute | Value | |-----------|-------| | Price | $35,000,000 | | Lot Size | 68,389 sqft (1.57 acres) | | Property Type | Commercial (Other) | | Status | Active | | Days on Market | 844 | ## Estimated Monthly Costs | Category | Amount | |----------|--------| | Principal & Interest (20% down, 30-year at 6.5%) | $176,979 | | Estimated Insurance | $10,208 | | **Total** | **$187,187** | ## Property Highlights - 1.57 acre lot ## Description ### Agent 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. ## Location - **Address:** 480 Santa Rosa Boulevard, Fort Walton Beach, FL 32548 - **County:** Okaloosa - **Coordinates:** 30.396783, -86.610053 - **Google Maps:** https://www.google.com/maps?q=30.396783,-86.610053 ## Listing Agent - **Name:** Christina M Schlink · **License:** 3137018 - **Brokerage:** Compass Florida, LLC - **Broker Phone:** (305) 851-2820 ## Photos ![480 Santa Rosa Boulevard - Photo 1](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f2970666500r.jpg) ![480 Santa Rosa Boulevard - Photo 2](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f245192060r.jpg) ![480 Santa Rosa Boulevard - Photo 3](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f4267328351r.jpg) ![480 Santa Rosa Boulevard - 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Photo 77](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f910480704r.jpg) ![480 Santa Rosa Boulevard - Photo 78](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f1813280042r.jpg) ![480 Santa Rosa Boulevard - Photo 79](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f2958846713r.jpg) ![480 Santa Rosa Boulevard - Photo 80](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f77421785r.jpg) ![480 Santa Rosa Boulevard - Photo 81](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f2673382494r.jpg) ![480 Santa Rosa Boulevard - Photo 82](http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f365827365r.jpg) --- **MLS#:** 954584 | **Updated:** 2026-10-20 **Source:** listhub *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.* [View on PropertySimple](https://www.propertysimple.ai/listing/480-santa-rosa-boulevard-fort-walton-beach-fl-32548-6aea56d5241349c19ca9263a79f31cec) --- ## Structured Data ```json { "@context": "https://schema.org", "@type": "RealEstateListing", "@id": "https://www.propertysimple.ai/listing/480-santa-rosa-boulevard-fort-walton-beach-fl-32548-6aea56d5241349c19ca9263a79f31cec#listing", "url": "https://www.propertysimple.ai/listing/480-santa-rosa-boulevard-fort-walton-beach-fl-32548-6aea56d5241349c19ca9263a79f31cec", "name": "480 Santa Rosa Boulevard, Fort Walton Beach, FL 32548", "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.", "image": [ "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f2970666500r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f245192060r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f4267328351r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f419819908r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f2539898224r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f1035105678r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f2342824470r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f951480151r.jpg", "http://lh.rdcpix.com/acbed8bca526f066776d1218bc92b14dl-f3497112946r.jpg", 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