122 Stewart Lake Cove UNIT 278, Miramar Beach, FL 32550 (MLS# 973196)

Supplements: 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.