Mar-a-Sol Waterfront Residences presents a once-in-a-market opportunity to acquire an irreplaceable Gulf-front site on Okaloosa Island, positioned just steps from the shoreline of Florida's Emerald Coast. The property consists of 69 units across two buildings totaling 58,991 square feet, currently 100% occupied with the majority operating as long-term rentals, delivering immediate and stable in-place income at a 6% cap rate. Half of the units offer stunning direct beachfront views, and the property includes 10 feet of direct beach access — an amenity that is virtually nonexistent on the Emerald Coast and increasingly rare across Florida's entire Gulf Coast.
Listed at $35,000,000, the asset offers multiple paths to value creation: it can be held as a stabilized income-producing property, repositioned through conversion to short-term rentals with the potential to approximately double the existing capitalization rate, or fully redeveloped — with plans already in place for a seven-story luxury condominium tower. Built in 1970 and renovated in 2022, the property is zoned R-3 Multifamily and sits on 1.57 acres, offering investors a rare and irreplaceable foothold on one of Florida's most constrained and sought-after coastal stretches.
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