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Looking for a property that offers both steady income and the charm of coastal living? This well-maintained mixed-use building delivers on both fronts. The ground floor features approximately 2,070 sq. ft. of commercial space, currently leased to a long-standing SUBWAY restaurant that has operated here since 2005. With a $5,000/month triple net (NNN) lease, the tenant covers taxes, insurance, and maintenance"”making this a true turnkey investment with minimal owner responsibility. This is one of the lowest, remodeled price per square foot properties on the island. Upstairs, the residence mirrors the commercial footprint with another 2,070 sq. ft. of living space. Highlights include two spacious living areas, a beautiful great room, three generously sized bedrooms, and two full baths. One of the largest condo-style units on the island, it's currently a successful short-term rental on VRBO and Airbnb, generating $68,553 in Gross Rental Income (GRI) for 2024. Recent upgrades include a new roof (permitted and installed in 2023 by Lloyd's Roofing of Tallahassee), a new HVAC system (2021), new Hardie siding on sides of exterior, and regular structural and septic maintenance. Flood insurance is assumable at an affordable $3,541 per year. This rare opportunity provides dual income streams in one desirable package. For added flexibility, the commercial space may also be purchased separately. MLS #323922
Property Type(s):
Condo/Townhouse/Co-Op
| Last Updated | 10/6/2025 | Tract | Gulf Beaches Units 1-5 |
|---|---|---|---|
| Year Built | 2001 | Community | St. George Island |
| County | Franklin |
Price History
| Prior to Oct 6, '25 | $1,599,000 |
|---|---|
| Oct 6, '25 - Today | $1,549,000 |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Cooktop, Dishwasher, Dryer, Electric Cooktop, Electric Oven, Electric Water Heater, Microwave, Washer |
| AREA | St. George Island |
| CONSTRUCTION | Frame, Vinyl Siding |
| INTERIOR | Breakfast Bar |
| LOT | 6534 sq ft |
| LOT DESCRIPTION | Corner Lot |
| LOT DIMENSIONS | 50 X 135 |
| STYLE | 2 Story, Condo |
| SUBDIVISION | Gulf Beaches Units 1-5 |
| TAXES | 4249.26 |
| VIEW | Yes |
| VIEW DESCRIPTION | Water |
| ZONING | Mixed Use |
Location
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Listed with St George Island Realty, LLC
Listings are provided by the Forgotten Coast REALTOR Association. This information is provided exclusively for consumers’ personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is deemed reliable but is not guaranteed accurate by the Forgotten Coast REALTOR Association.
Copyright 2025 Forgotten Coast REALTOR Association.
This IDX solution is (c) Diverse Solutions 2025.
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