Catylist ID:
#30876911
Multi Unit Property Available Just Steps from the Beach
Multi-Family
for Sale
Also listed as Business Opportunity
| Catylist Listing ID: | 30876911 |
| Property Subtypes: | Low-Rise/Garden |
| Number of Units: | 69 Units |
| Building Size (RSF): | 20,250 SF |
| Gross Building Area: | 31,271 SF |
| Gross Land Area: | 1.57 Acres |
| Sale Price: | $35,000,000 |
| Unit Price: | $507,246.38 Per Unit |
| Property Use Type: | Investment, Business |
| Building Name: | Mar-A-Sol |
| Sale Terms: | Undisclosed, Cash to Seller, Purchase Money Mortgage |
| Cap Rate: | Undisclosed |
| Average Occupancy Rate: | 86 |
| Last Updated: | 9/17/2024 |
Overview / Comments
|
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 86% 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! |
Attachments & Media
Additional Details
| Nearest MSA: | Crestview-Fort Walton Beach-Destin |
| County: | Okaloosa |
| Tax ID/APN: | 00-2S-24-2185-0004-0204 |
| Zoning: | MF-2 |
| Percent Occupied: | 96% |
| Community Amenities: | Outdoor Pool, Community Hot Tub, Exercise Room, On-Site Maintenance |
| Property Located Between: | Santa Rosa Blvd, main street on Oka |
| Highway Access: | Turn on to Okaloosa Island from Highway 98, heading south on Santa Rosa Blvd. The property is on the south side about a mile down. Look for the signs. |
| Airports: | Destin-Ft. Walton Beach Airport VPS |
| Site Description: | 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 86% 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. |
| Area Description: | 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! |
| Total Number of Buildings: | 2 |
| Property Condition: | Good |
| Number of Stories: | 2 |
| Year Built: | 1970 |
| Year Renovated: | 2024 |
| Roof Type: | Flat |
| Construction/Siding: | Concrete |
| Exterior Description: | The exterior has been updated with a modern white and black look and all new hurricane-restricted windows. |
| Parking Ratio: | 2 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | Parking available around all units |
| Laundry: | Shared |
| Sprinklers: | Wet |
| Heat Type: | Electricity |
| Heat Source: | Central |
| Internet Access: | Cable |
| Zoning Description: | Multiple Family |
| Lot Frontage: | 253 |
| Lot Depth: | 100 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Ingress/Egress |
| Easements Description: | Street in the middle of the buildings to get to both of the buildings and property in the back of the buildings. |
| Land Ownership: | LLC |
| Legal Description: | SANTA ROSA ISLAND LOT 207 BLK 4 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 3,827 | 31,613 | 65,566 |
| Median Age: | 37.41 | 41.2 | 39.06 |
| Households: | 1,902 | 13,843 | 28,011 |
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