Wind power is emerging as one of the most sustainable and low-cost options for energy production. Far-offshore floating wind turbines are attractive in view of exploiting high wind availability sites while minimizing environmental and landscape impact. In the last few years, some offshore floating wind farms were deployed in Northern Europe for technology validation, with very promising results. At present time, however, no offshore wind farm installations have been developed in the Mediterranean Sea. The aim of this work is to comprehensively model an offshore floating wind turbine and examine the behavior resulting from a wide spectrum of sea and wind states typical of the Mediterranean Sea. The flexible and accessible in-house model developed for this purpose is compared with the reference model FAST v8.16 for verifying its reliability. Then, a simulation campaign is carried out to estimate the wind turbine LCOE (Levelized Cost of Energy). Based on this, the best substructure is chosen and the convenience of the investment is evaluated.