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Positioned at the southwest corner of U.S. Highway 331 South and Sweetwater Lane, this 5.99± acre waterfront development site offers a rare combination of highway exposure, corner visibility and navigable water frontage. The property is located approximately one-half mile north of the U.S. 331 Bridge and just one-half mile south of the new Walmart development, placing it directly along the primary corridor connecting rapidly growing Freeport with South Walton. As development pressures and land values continue to push north from the high-cost South Walton corridor, this location offers an opportunity to capture the accessibility, customer base and growth associated with South Walton at a potentially more attractive development basis. The assemblage features approximately 785 feet of frontage on U.S. 331 and 420 feet along Mallet Bayou, which borders the property to the south and provides navigable access through Choctawhatchee Bay to the Gulf of America. The waterfront creates an exceptional setting for hospitality, dining or boat-accessible restaurant uses, while the extensive highway frontage supports multiple retail, medical, financial and service-oriented development pads. Despite its waterfront setting, the vast majority of the property appears high and dry and is shown within Flood Zone X, allowing developers to capitalize on water views without sacrificing substantial usable upland area.

Highlights

  • Land
  • Unimproved Land
  • 5.99 Acre Lot
  • Waterfront
  • 65 days on Market


  • Acres
    5.99
  • Water Front Features
    Canal Front
  • Water Front
    Yes
  • View
    Canal
  • Utilities
    None

  • Area
    12 - Walton County
  • County
    Walton
  • City
    Freeport
  • Neighborhood
    Mallet Bayou
  • Zip Code
    32439

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Frequently Asked Questions

How do I schedule a tour of 18500 Us Highway 331?

We can make that happen quickly. Click Tour This Home and we'll connect you directly with our vetted local partner to schedule your visit to 18500 Us Highway 331.

They know lands in the area well and can give you the guidance you need to buy with confidence.

How do I get more information about 18500 Us Highway 331?

Click Ask a Question to talk with our team. You already know it is a N/A bed, N/A bath, listed for $5,995,000. We can talk through recent upgrades, potential seller motivation, how this unimproved land compares to others in Freeport, and can even get you in to see the property quickly.

How much is the monthly mortgage payment for 18500 Us Highway 331?

With a 20% down payment and a 30-year fixed loan at an illustrative 6.75% rate, the ez Mortgage Calculator estimates the monthly payment for 18500 Us Highway 331 at around $32,506. This includes estimated property taxes and insurance.

Want to see how this changes with different down payments or interest rates? Jump to the calculator to run the numbers and fine-tune your plan.

How do I get pre-approved to buy 18500 Us Highway 331?

Stand out in a competitive market by getting pre-approved today. Our quick and private pre-approval process helps you understand your true buying power—no credit pull required to explore all of your options.

Or, let us connect you with our preferred local lender in Walton County. They will give you all of your available financing options, based on your specific situation and what is available to you.

Can I negotiate the asking price for 18500 Us Highway 331?

In most cases, yes. Whether 18500 Us Highway 331 is priced competitively or not, your best offer depends on your personal situation, the seller's timeline, and recent activity in Freeport's market. Our preferred local partner will help you craft a strategy—factoring in comparable properties that have sold, timing, and deal structure—to make a smart, strong offer. Click here to ask about negotiation opportunities.

How do I make an offer on 18500 Us Highway 331?

We can handle that for you. Our preferred local agent specializes in lands in Freeport and can guide you through every step of the offer process.

You need an expert who is looking out for your best interests. From market valuation to contingencies and timing, they'll help you present a compelling offer that fits your goals. Click Ask a Question to get started today.

How long has this property been on the market?

18500 Us Highway 331 was listed on September 04, 2026, which means it's been on the market for 65 days.

Want to keep tabs on it? Click the ♥ to favorite this home and get notified of price drops or changes.

What is the lot size of this property?

18500 Us Highway 331 sits on a 5.99-acre lot, which is 260,924 square feet.

Is 18500 Us Highway 331 still available for sale?

Yes, this home is still available! Click the ♥ to favorite it so you don't miss any changes—or ask our local expert to schedule a time to see it in person.

Source: ez Home Search, MLS Data

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Listing information provided 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. Information deemed reliable but not guaranteed by the MLS. Copyright 2026, Central Panhandle Association of REALTORS. All rights reserved.

Last Updated: November 08, 2026 at 02:35AM | Source: Central Panhandle Association of REALTORS | MLS#: 795036