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163 E Gulf Beach Dr

St. George Island, FL 32328

3 beds
2 baths
2,080 sqft
6,750 sqft lot
$793 per sqft
2001 build
– on site

Looking for a strong investment opportunity with the added bonus of island living? This well-maintained mixed-use property offers both a stable commercial tenant and a spacious private residence-all in one. The ground floor is home to a long-standing SUBWAY restaurant, operating here since 2005 and committed to staying long-term. With approximately 2,070 square feet of commercial space and a current lease of $5,000/month under a national SUBWAY lease, this is a turnkey income-generating asset. The current commercial lease is a triple net (NNN) lease, meaning the tenant is responsible for property taxes, insurance, and maintenance—offering minimal owner responsibility. Upstairs, the second floor mirrors the size of the commercial space, offering approximately 2,070 square feet of residential living. The residence includes two large living areas, a beautiful great room, three generously sized bedrooms, and two full bathrooms. It's one of the largest condo-style units on the island, and zoning permits both residential and commercial use. The residential space is currently operating as a short-term rental on VRBO and Airbnb. Gross Rental Income (GRI) for 2024 was [insert GRI here], adding another layer of income potential to the property. The building has been well cared for, with a new roof installed and permitted in 2023 by Lloyd's Roofing of Tallahassee, a new HVAC system added around 2021, and regular maintenance of both the structure and septic system. Flood insurance is assumable at an affordable rate of just $2,600 annually.

Listing courtesy of RAFGC / St George Island Realty, Llc

Last checked: Checking… • Last updated May 24, 2025 •

MLS# 322058 —

The Building

Year Built:

2001
Building Name:

Subway
Construction Materials:

Frame, Vinyl Siding
Structure Type:

Condo
Roof:

Shingle
Foundation Details:

Slab
Levels:

2
Stories:

2
Security Features:

Fire Alarm/Sprinkler System, Smoke Detector(s)

Interior

Interior Features:

Breakfast Bar, Recessed Lighting, Lock Out Closet, Renovated
Furnished:

Negotiable
Fireplace:

false

Room Dimensions

Living Area:

2080
Living Area Units:

Square Feet

Location

Directions:

Take bridge to St George Island. Turn left on E Gulf Beach Drive. The building is at 2nd Street on the left.
Latitude:

29.664656
Longitude:

-84.860478

The Property

Property Type:

Residential
Property Subtype:

Condominium,Detached Single Family
Property Condition:

Construction Complete
Property Attached:

true
Zoning Description:

Mixed Use
Lot Features:

Corner Lot, Within 1/2 Mile of Water, Improved Lot
Lot Size Area:

6750
Lot Size Dimensions:

50 x 135
Lot Size SqFt:

6750
Lot Size Acres:

0.155
Lot Size Units:

Square Feet
Waterfront:

false
View:

Gulf, Water
View:

true
Road Surface Type:

Paved
Road Frontage Type:

County Road
Additional Parcels:

false

Listing Agent

Contact info:

Taxes

Tax Year:

2024
Tax Annual Amount:

4249.26
Tax Legal Description:

Lots 1 and 2, Block 5 East, Si. George Island Gulf Beaches Unit No. I, according to the plat thereof, recorded in Plat Book 2, Page(s) 7, of the Public Records of Franklin County, Florida.

Beds

Bedrooms Total:

3

Baths

Total Baths:

2
Total Baths:

2
Full Baths:

2

Heating & Cooling

Heating:

Central Electric
Heating:

true
Cooling:

true
Cooling:

Central Electric

Utilities

Utilities:

Cable Connected, Electricity Connected, Internet Available, Water Connected, Private Trash
Water Source:

Private
Sewer:

Aerobic Septic

Appliances

Appliances:

Dryer, Washer, Cooktop, Dishwasher, Exhaust Fan, Microwave, Range Hood, Refrigerator w/Ice Maker, Electric Oven, Electric Water Heater
Laundry Features:

Washer/Dryer Hookup

The Community

Subdivision Name:

Gulf Beaches Units 1-5
Association:

false
Pool Private:

false
Pool Features:

None

Parking

Garage:

false
Attached Garage:

false
Carport:

false
Open Parking:

true
Parking Features:

Driveway
Parking Total:

12

Monthly cost estimate

Asking price

$1,650,000

Expense	Monthly cost
Mortgage	$8,835
Taxes	$354
Insurance	$453
Utilities	$148 See report
Total	$9,790/mo.^*
	^*This is an estimate

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This condo located in St. George Island 32328 is currently for sale for $1,650,000. 163 E Gulf Beach Dr is a 2,080 square foot condo with 3 beds and 2 baths that has been on Estately for 1 days. This condo is in the attendance area of Franklin County Schools K-12 and Apalachicola Bay Charter School.

Listing Courtesy of: RAFGC and St George Island Realty, Llc.

Property information provided by the RAFGC MLS – a service of the REALTOR® Association of
Franklin & Gulf Counties. The information provided is exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified.