This huge ten-bedroom home with a highly sought-after location right on the shimmering white shore in Miramar Beach at 209 Open Gulf Street is now nearing completion. It soars three stories tall with columned open verandas on each level, providing stunning views of its own seascape, and encompasses 7,176 square feet.
An elevator connects to all the upper floors. Each one of the ten bedrooms includes a full ensuite luxury bath with two additional half baths provided to serve as convenient powder rooms. Besides the brand new construction finished with upscale accouterments and detailed craftsmanship, this hospitable home is being sold with brand new furnishings, which will include professionally designed décor. It will be ready for immediate use as soon as the purchase contract is closed on a turnkey basis.
The on-going trend among wealthy investors who love The Emerald Coast is to own property here, place them on highly-rated vacation rental programs and collect the lucrative income. This makes so much sense since our famous bright crystalline beaches and the glowing emerald-toned waters are a popular vacation destination that is becoming nationally well known. This demand for property in our pristine paradise has created an ever-rising equity value for properties year after year. Owners of such sought-after homes or condos earn an extra annual rental income while the property equity value continues to increase. It also provides them with a wonderful place for their own family vacations when not renting them out for cash on a short-term basis at other times. The highest rental returns are almost always for beachfront properties, in addition to the number of guests that can be accommodated with sleeping quarters. The amount of guest quarter accommodations matters because the overwhelming majority of those who vacation here split the rental cost by the number of beds they are each using. Simply said, the more bedrooms or sleeping accommodations you have, the higher the income you receive.
This gracious home will have two Bunk Rooms with two sets of queen-sized beds along with king-sized beds in the other eight-bed, so many guests may be accommodated here. The projected gross rental income for this home is estimated at a very impressive $555,000 per year. Our highly established and well-respected Ocean Reef Resorts property management division has been handling vacation rentals for our private owner clients since 1982. We are able to provide detailed data for annual gross rental income on many comparable properties located in Miramar Beach upon request.
The first floor of this home includes a lavish Game Room, which will feature a billiards table, a wet bar, and a media theater room for entertainment. Twelve-foot tall ceilings accentuate the spacious look. This room opens onto the furnished beachside veranda that overlooks a private pool, a bubbling hot tub, and the glorious gulf. Private beach access takes you down to your own sugary shore. An elegant outdoor spiral staircase leads from the pool area to the second-floor veranda, conveniently placed beside the main open living area. The veranda itself measures 628 square feet and will feature an outdoor kitchen for grilling.
The open Chef’s Kitchen features a top-of-the-line Wolfe appliance package, regal white custom cabinetry, and a spacious Butler’s Pantry. The living area has multiple walls of windows that frame the spectacular views and a built-in bar for entertaining. Light beach-washed hardwood tile flooring flows throughout, providing an excellent coastal look. All of the bedrooms have luxurious private baths that feature double vanity sinks, upscale fixtures, and rich custom tile adornment.
Two Master Suites are located on the top floor, which has access to another very spacious 628 square foot veranda that provides endless views of the sparkling southern horizon, the wide white ribbon of the beach, and the swimming pool below. A central hall on this level also provides access to the veranda observation deck for other guests. Additional details include the use of high wind impact Anderson windows and two large laundry rooms located conveniently on the first and third floor.
In addition to everything else, this home has an outstanding location close to popular gulf-front restaurants with friendly beach bars, grocery stores, liquor wine shops, and one of the nation’s largest Designer Discount Centers famously known as The Silver Sands Premium Outlet. Delightful diversions, fine restaurants, lively bars, shopping adventures, open-air concerts, and fun festivals are minutes away in the captivating setting of Baytowne Wharf as well as swank Grand Boulevard at Sandestin.
This incredible 7,176 square foot beachfront investment property with ten bedrooms, complete furnishings, professional décor, and an awe-inspiring projected vacation rental return is offered at $7,499,000. There are currently only three other gulf-front homes for sale in Miramar Beach, which includes a 5,953 square foot property right next door with ten bedrooms for $5,975,000, which also comes furnished and received a gross rental income of $481,147 for 2019. Another gulf-front home with ten bedrooms and 4,578 square feet is listed for $3,600,000, and a seven-bedroom gulf-front home with 6,408 square feet is listed at $4,500,000.
If you are fortunate enough to take advantage of these great property investments, contact our Ocean Reef Real Estate office today at 877-392-6085. We would be happy to provide you with professional, detailed data, complete information, a complimentary Comparative Market Analysis, and set up a private tour so you may carefully consider all of your options.