122 Stewart Lake CV #UNIT 278 Miramar Beach, FL 32550
3 Beds
3 Baths
1,546 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Sale
Square Footage 1,546 sqft
Price per Sqft $400
Subdivision Seascape Condo Ph 7
MLS Listing ID 973196
Bedrooms 3
Full Baths 3
HOA Fees $1,098/mo
HOA Y/N Yes
Year Built 1985
Annual Tax Amount $5,449
Tax Year 2024
Property Sub-Type Condominium
Source Emerald Coast Association of REALTORS®
Land Area 1546
Property Description
This unit generated $73,811 in verified rental income in 2024. Income has moderated since, consistent with regional short-term rental softening across the Emerald Coast -- we believe in transparency, not spin. With a brand-new HVAC installed in 2025 and third-party revenue projections estimating $70,000-$80,000 in gross rental income in year one under fresh, active management, this is real upside for an investor ready to capture it. The comparable Unit 279 -- same floorplan, same building -- sold for $664,000 just one year ago, meaning this listing sits meaningfully below the market.
Motivated seller. Priced to move. Ready for a serious buyer. Seascape is one of South Walton's most established gated resort communities, and this residence sits in one of its best-oriented buildings for water views. Both balconies at Unit 278 face south and southwest -- you get Stewart Lake immediately in the foreground, with the white sand and emerald-blue Gulf waters visible in the distance beyond it, and warm sunset color most evenings thanks to the southwest exposure. It's a view combination that's genuinely hard to find in this price range.
Inside, the 1,546 sq ft floorplan offers three bedrooms and two full baths, vaulted ceilings, hardwood flooring, a kitchen island, plantation shutters, and an enclosed patio in addition to the main balcony -- all sold fully furnished and rental-ready. A brand-new HVAC system was installed in 2025, removing one of the largest capital concerns a buyer typically faces with an older vacation rental unit.
On the numbers: this unit's verified rental performance was $73,811 in 2024. Since then, income has moderated, consistent with a broader softening in short-term rental performance seen across the Emerald Coast market over the past two seasons. We'd rather tell you that directly than let you find it in due diligence. What makes this an interesting opportunity is the combination of where the unit sits today and where it could go -- third-party revenue analysis projects $70,000-$80,000 in gross rental income in year one under renewed, active management and light updates. The directly comparable unit in this same building, Unit 279 with an identical floorplan, sold for $664,000 in July of 2025 -- meaning this listing currently sits meaningfully below the market's most recent proof point for this exact product.
Seascape itself continues to gain momentum. The community's main entrance has recently been redeveloped alongside The Grove, a new construction project within Seascape where homes are trading from the $700,000s up to $2 million, signaling real reinvestment and rising values across the community. A new amphitheater has also been added, creating fresh programming and draw during shoulder-season months -- a meaningful factor for owners who rely on spring and fall rental demand.
This is a rare water-view combination, in a community on the upswing, priced with real room for a buyer to win. The seller is motivated and ready to move forward with the right offer.
Location
State FL
County Walton
Community Short Term Rental - Allowed, Pickle Ball, Bbq Pit/Grill, Beach, Deed Access, Exercise Room, Fishing, Gated Community, Golf, Pets Allowed, Playground, Pool, Tennis, Tv Cable, Waterfront
Area 15 - Miramar/Sandestin Resort
Direction Seascape Security gate on Hwy 98 or on Scenic 98 to Stewart Lake to Building 122
Rooms
Kitchen true
Interior
Interior Features Ceiling Vaulted, Kitchen Island, Owner's Closet, Washer/Dryer Hookup
Cooling Central Air
Flooring Floor Hardwood
Furnishings Furnished - All
Window Features Plantation Shutters,Window Treatment All
Appliance Cooktop, Dishwasher, Dryer, Microwave, Refrigerator, Stove/Oven Electric, Washer
Exterior
Exterior Feature Balcony, Enclosed Patio, Balcony
Pool Pool Type
Community Features Short Term Rental - Allowed, Pickle Ball, BBQ Pit/Grill, Beach, Deed Access, Exercise Room, Fishing, Gated Community, Golf, Pets Allowed, Playground, Pool, Tennis, TV Cable, Waterfront
Utilities Available Electric, Public Water
Accessibility 8
Porch Patio Enclosed
Garage No
Building
Faces Seascape Security gate on Hwy 98 or on Scenic 98 to Stewart Lake to Building 122
Sewer Public Sewer
New Construction No
Schools
Elementary Schools Van R Butler
Middle Schools Emerald Coast
High Schools South Walton
Others
Pets Allowed No
HOA Fee Include Accounting, Ground Keeping, Insurance, Internet Service, Legal, Management, Master Association, TV Cable, Trash, Water
Tax ID 29-2S-21-42760-000-0278
Virtual Tour https://my.matterport.com/show/?m=XVnW64dgce6&play=1&qs=0&nt=1&help=2&brand=0&mls=1&
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