163 E Gulf Beach Dr

St. George Island

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. 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 $65,000, 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.