Emerald Coast · Okaloosa Island · Gulf-Front

Mar-a-Sol

A once-in-market Gulf-front acquisition on Santa Rosa Island — 69 income-producing units, 1.57 acres, three paths to extraordinary returns.

Asking Price
$35M
Units
69
Lot Size
1.57 ac
Occupancy
100%
MLS
#954584
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Mar-a-Sol aerial view, Okaloosa Island
Property Overview

Irreplaceable Gulf-Front Asset

Mar-a-Sol sits directly on the Gulf of Mexico — steps from the shoreline on Okaloosa Island. Assets with this level of beach proximity are virtually nonexistent on the Emerald Coast and increasingly rare across Florida's entire Gulf side.

Property Type
Commercial / Multi-Family
Total Sq. Ft.
68,389
Buildings
2 + 4 Homes
Current Status
100% Occupied
County
Okaloosa
Tax (2025)
$33,449
Three Paths to Value

Choose Your Strategy

Mar-a-Sol offers multiple executable paths to value creation. Model each scenario below with the interactive income calculators.

Long-Term Rental Income

The property is currently 100% occupied with long-term tenants across 69 units. This path represents the status quo — stable, immediate in-place income with zero repositioning risk. The Emerald Coast's strong demand from military families, healthcare workers, and remote workers provides a deep, consistent tenant pool.

  • Zero vacancy transition risk — income from day one
  • Low management overhead vs. short-term operations
  • Steady cash flow while evaluating upside strategies
  • Benefits from Fort Walton Beach downtown revitalization
  • Favorable to conventional commercial financing
Long-Term Rental Calculator
Average Monthly Rent / Unit $2,200
Occupancy Rate 95%
Operating Expense Ratio 40%
Units 69
Gross Annual Revenue —
Operating Expenses —
Net Operating Income —

Vacation Rental Repositioning

The Emerald Coast is one of the most sought-after vacation destinations in the Southeast — consistently ranked among the top beach markets for short-term rental performance. Converting Mar-a-Sol to vacation rental operations can approximately double the existing cap rate, capitalizing on Gulf-front premiums that drive nightly rates well above market averages.

  • Gulf-front location commands premium nightly rates
  • Emerald Coast STR occupancy averages 70–80% annually
  • Peak summer season rates surge 3–5x off-season
  • Direct beach access is a top booking driver
  • Projected to ~2x current cap rate upon conversion
Vacation Rental Calculator
Average Nightly Rate $350
Annual Occupancy Rate 72%
Units Active as STR 69
Management + Expense Ratio 50%
Gross Annual Revenue —
Mgmt + Expenses —
Net Operating Income —

7-Story Luxury Condo Development

For developers seeking the highest and best use, plans are already in place for a seven-story luxury condominium tower. Replacing existing structures unlocks elevated Gulf views across all floors — a transformative premium on Okaloosa Island where new Gulf-front development is severely constrained by zoning, environmental regulations, and scarcity of available land.

  • Development plans already in place — reduced entitlement risk
  • 59 luxury condo units across 7 Gulf-view floors
  • Beachfront condos on 30A/Emerald Coast avg $1.2M–$3.5M+
  • Virtually irreplaceable site — regulatory barriers protect value
  • Presales can de-risk construction before shovel hits ground
Condo Development Calculator
Average Sale Price / Condo $1,800,000
Condos Sold (of 59) 59
Construction Cost / Sq. Ft. $350 / sqft
Avg Unit Size (sq ft) 1,400 sqft
Total Gross Sales Revenue —
Est. Construction Cost —
Land Acquisition ($35M) $35,000,000
Developer Net Profit (Est.) —
Side-by-Side Analysis

Income Stream Comparison

All three strategies modeled at conservative assumptions. Numbers update as you adjust sliders above.

Metric Path 1 · Long-Term Path 2 · Vacation STR Path 3 · Condo Dev.
Strategy Type Hold & Operate Reposition & Operate Redevelop & Sell
Time to Revenue Immediate 6–12 months transition 3–5 years
Annual NOI — — Event-based profit
Gross Revenue — — —
Risk Level Low Low–Medium Medium–High
Upside Ceiling Moderate High Highest
Financing Complexity Standard Moderate Construction / Mezzanine
Ideal Investor Profile Income-focused Value-add operator Developer / Equity group
Location Intelligence

Okaloosa Island

Nestled between the Gulf of Mexico and Choctawhatchee Bay — a barrier island with world-class beaches, a thriving visitor economy, and proximity to Eglin Air Force Base creating perennial year-round rental demand.

  • Gulf of MexicoSteps away
  • Eglin Air Force Base~10 min
  • Destin HarborWalk Village~20 min
  • Destin–Fort Walton Airport (VPS)~20 min
  • 30A / Seaside / Rosemary Beach~35 min
  • Pensacola International Airport~50 min
  • Gulfarium Marine Adventure ParkOn-island
  • Okaloosa Island PierOn-island
  • Annual Emerald Coast Visitors4.5 million+
20 Minutes Away

Destin's HarborWalk Village

Ranked among the nation's top waterfront destinations, HarborWalk Village sits at the heart of Destin Harbor — home to the largest private charter fishing fleet in North America. Built in 2007 in a charming Old Florida architectural style, it is the first landmark visitors see arriving from the western bridge and the beating cultural heart of the Emerald Coast.

For investors, HarborWalk is a critical demand driver. Its year-round calendar of events, live music, dining, and water adventure keeps the Emerald Coast on the itinerary of millions of visitors annually — translating directly into occupancy demand for Mar-a-Sol just 20 minutes west.

The quarter-mile boardwalk along Destin Harbor offers waterfront restaurants, boutiques, art galleries, fishing charter booking booths, and live entertainment stages. The Destin Seafood Festival each October draws tens of thousands of visitors. Weekly fireworks light the harbor throughout summer.

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World-Class Fishing
140+ charter boats operating from the marina. Deep-sea trips targeting snapper, grouper, wahoo, and sailfish. The Destin Fishing Rodeo each October is one of the Southeast's premier angling events, drawing competitors and spectators from across the country.
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Dining & Nightlife
12+ waterfront restaurants including Harry T's Lighthouse, AJ's Seafood & Oyster Bar, Jimmy Buffett's Margaritaville, Dewey Destin's, and Jackacuda's. Fresh Gulf-to-table seafood is the signature. Live music, rooftop bars, and Coyote Ugly Saloon power the nightlife scene year-round.
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Water Adventures
Dolphin cruises, pirate ship excursions, snorkeling, scuba trips, jet ski rentals, pontoon boats to Crab Island, parasailing, paddleboard tours, and sunset dinner sails. HarborWalk Marina offers transient slips, bait, and full boat services for visiting vessels.
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Shopping & Boutiques
12+ boutiques and specialty shops including upscale resortwear, designer sunglasses, jewelry galleries, and coastal art. Silver Sands Premium Outlets — one of Florida's top luxury outlet destinations — is nearby with 110+ designer brands.
🎉
Events & Festivals
Destin Seafood Festival (Oct), Emerald Coast Boat Week (Aug), Kitty Hawk Kite Festival (Sep), Blues Brews & BBQ (Nov), and the Destin Harbor Boat Parade (Dec). Free outdoor concerts throughout summer. SEC College Football Saturdays with ESPN live tapings draw massive crowds.
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Golf & Recreation
Sandestin Golf & Beach Resort offers four championship courses with Gulf views. Regatta Bay Golf Course winds through wetlands and coastal dunes. The Destin area's recreation economy extends well beyond the water — a key driver of extended stays and repeat visits.
4.5M+ Annual Visitors
140+ Charter Boats
$2.1B Annual Tourism Revenue
¼ mi Waterfront Boardwalk
Qualified Investors Only

Request the Offering Memorandum

Complete financials, rent rolls, development plans, and market comparables available to verified investors.

CS
Christina Schlink
Listing Agent · Compass
850-368-1474 Christina.Schlink@Compass.com
Compass

This site is presented for informational purposes. All financial projections are estimates only and do not constitute a guarantee of returns.