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Listed by Jennifer Amberg • Palm Island Realty Group, LLC
$ 1,295,000
Est. payment | /mo
7,006 SqFt
$ 1,295,000
Est. payment | /mo
7,006 SqFt
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 7,006 sqft
Price per Sqft $184
Subdivision Milton Heights
MLS Listing ID 687890
HOA Y/N No
Year Built 1969
Property Sub-Type Apartment
Source Pensacola MLS
Property Description
Excellent multifamily investment opportunity in Milton! This 8-unit apartment complex consists entirely of updated 2-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 stackable washer and dryer included with each unit. The property is currently 6 of 8 units occupied, providing immediate rental income with additional upside through lease-up of the two vacant units. Current rents range from approximately $1,045 to $1,195 per month, with the vacant units currently offered at $1,195. Tenants also pay an additional $75 per month covering water/sewer, trash, pest control, and lawn care. Situated on approximately 0.55 acres, the complex provides two assigned parking spaces per unit. With all eight units updated and two units immediately available for lease, the property offers an investor the opportunity to acquire an income-producing multifamily asset with additional near-term revenue potential. Additional portfolio opportunity available: Seller also owns the 12-unit multifamily complex directly next door, consisting of updated 1-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, creating the opportunity to acquire up to 26 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
View Y/N No
Roof Type Shingle
Building
Lot Description Central Access
Faces FROM CAROLINE(US 90), NORTH ON STEWART ST (SR 87) TO LEFT MAGNOLIA. APARTMENT IS ON THE LEFT.
Story 2
New Construction No
Others
Tax ID 342N282470011000100
Special Listing Condition As Is
Nearby Locations
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