The real estate adage of location, location, location certainly applies to this teeny, tiny Florida house with a humongous price tag.

The home in Santa Rosa Beach measures just 196 square feet and is on the market for $1,095,000. That comes out to a remarkable $5,587 per square foot. But the price reflects much more than the diminutive dwelling.

“It’s a quarter-acre lot, and the land is very valuable. We based the price not just on the dwelling itself, but the land it’s on,” explains listing agent Brad Dahler, with Berkshire Hathaway HomeServices. “It’s in a very dense area of 38 Highway and is on a pretty large piece of land comparatively speaking to the rest of our area.”

The property is just a short walk to Seagrove Beach, a popular Panhandle destination.

The home was built in 2016 with a corrugated metal roof, shiplap walls, and a hardwood floor. But it’s basically a single room and a bathroom.

Due to the lack of space, the “kitchen” resembles a hotel kitchen with a sink, small refrigerator, microwave, and coffee maker.

The bathroom is equipped with a claw-foot tub and a pedestal sink. The shower is outside.