REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Jennifer Amberg • Palm Island Realty Group, LLC
$ 1,295,000
Est. payment | /mo
6,144 SqFt
$ 1,295,000
Est. payment | /mo
6,144 SqFt
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,144 sqft
Price per Sqft $210
Subdivision Milton Heights
MLS Listing ID 687888
HOA Y/N No
Year Built 1982
Property Sub-Type Apartment
Source Pensacola MLS
Property Description
Excellent multifamily investment opportunity in Milton! Updated complex consisting of a total of 12 1-bedroom, 1-bathroom units. Each unit has been updated with modern finishes including luxury vinyl plank flooring, stainless steel appliances, quartz countertops, updated fixtures, and washer/dryer hookups. The property is currently 10 of 12 units occupied, providing immediate rental income with additional upside through lease-up of the two vacant units. One vacant unit, 6651, is currently set up and utilized as an on-site leasing office and could be returned to residential use. Current base rents are approximately $925-$945 per month, with tenants also paying an additional $75 monthly utility/service fee covering water/sewer, trash, pest control, and lawn care. Situated on approximately 0.48 acres, the property also offers assigned resident parking. With all 12 units already updated, plus strong existing occupancy, this apartment complex offers an attractive opportunity to acquire an income-producing multifamily asset with additional revenue potential. Additional portfolio opportunity available: Seller also owns an 8-unit complex next door consisting of 2-bedroom, 1-bathroom units, as well as a nearby 6-unit property consisting of a 2-bedroom, 1-bathroom duplex and four 1-bedroom, 1-bathroom units on the same parcel. Seller is willing to consider a package transaction, providing an opportunity to acquire up to 26 multifamily units in close proximity. Properties may also be purchased separately.
Location
State FL
County Santa Rosa
Interior
Heating Central
Cooling Ceiling Fan(s), Central Air
Flooring See Remarks
Exterior
Parking Features Assigned, Parking Lot
View Y/N No
Roof Type Shingle
Garage No
Building
Lot Description Central Access
Faces NORTH ON STEWART ST., WEST ON MAGNOLIA STREET. UNITS ARE ON THE LEFT
Story 2
Structure Type Frame
New Construction No
Others
Tax ID 342N282470011000070
Special Listing Condition As Is
Pets Allowed Yes
Nearby Locations