Rural Residential Agricultural
For Sale
$250,000
5568 Forest Hills Ln, Milton, FL 32570
Land, Milton, FL
Property Size1,256 SF
Lot Size5.01 Acres
Price / SF$199.04
Days on Market160
Property Features for 5568 Forest Hills Ln
General Information
Property type
Land
Property subtype
Other
Zoning description
Agricultural, Mobile Homes, Res Single
Lot features
Central Access, Cleared, Pond On Lot
Elementary school
Chumuckla
Middle school
CENTRAL
High school
Central
Directions
From Milton on Dogwood Dr. North Hwy 87 to Forest Hills Lane home on left
Standard status
Active
APN
303N280000001080000
Lot size
5.01 Acres
Taxes and HOA fees
Tax Description
Metes and Bounds, Lenghty Forest Hills Ln. Santa Rosa County, FL
Legal Description
Metes and Bounds, Lenghty Forest Hills Ln. Santa Rosa County, FL
Utilities
Sewer type
Septic Tank
Water source
Public
Water front features
Waterfront
Building Details
Additional Structures
Residence
Listing Agency:
Hess Realty Group, LLC
(850) 477-7050
Listed By:
Sharon Hess Herrick
(850) 341-1648
Added: Apr 1
Changed: Aug 27
Last Checked: Sep 7 at 5:06AM
MLS# 680193
Copyright © 2026 Pensacola Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This rural property offers approximately 5.01 acres of level land measuring about 330 ft. by 660 ft., zoned Rural Residential Agriculture (AG-RR). Improvements include a 1,256 sq. ft. double wide manufactured home with 3 bedrooms and 2 bathrooms, described as livable in good condition and insurable. The home has a deck added in 2020 and roof-top solar. The septic tank was serviced in 2024. Also on site are two sheds: a 24 ft. by 24 ft. shed built in 2008 and a 16 ft. by 24 ft. shed built in 2016. The property includes a small manmade pond not stocked and approximately 60 to 70 mature pecan trees.
The site is located in Milton, Florida within Santa Rosa County, with access described as a paved county road. The seller notes the parcel can potentially be divided and that additional construction may be allowed with approval from county zoning/planning. The surrounding area is described as rural, with horses and farmland nearby.
For buyers, the combination of usable improvements and rural zoning may support straightforward owner-occupant or multi-home planning, while still retaining the existing manufactured home. Prospective buyers should confirm all division and building approval requirements with Santa Rosa County as part of their due diligence.
The site is located in Milton, Florida within Santa Rosa County, with access described as a paved county road. The seller notes the parcel can potentially be divided and that additional construction may be allowed with approval from county zoning/planning. The surrounding area is described as rural, with horses and farmland nearby.
For buyers, the combination of usable improvements and rural zoning may support straightforward owner-occupant or multi-home planning, while still retaining the existing manufactured home. Prospective buyers should confirm all division and building approval requirements with Santa Rosa County as part of their due diligence.
Key Highlights
- 5.01 acres zoned Rural Residential Agriculture (AG‑RR) with potential for division and additional home construction.
- Approximately 60‑70 mature pecan trees.
- Two sheds in good, insurable condition (24' x 24' built 2008 and 16' x 24' built 2016).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,130
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$202,600
$202.6K
Cap Rate 7%
$144,714
$144.7K
Cap Rate 9%
$112,556
$112.6K
Market Conditions
NOI Build-Up for 1,256 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.6K $15.60/SF
− Vacancy
−$1.2K −$0.94/SF
EGI
$18.4K $14.66/SF
− OpEx
−$8.3K −$6.60/SF
NOI
$10.1K $8.07/SF
Area
Santa Rosa County, FL
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$202,600
Cap Rate 7%
$144,714
Cap Rate 9%
$112,556
Alternative Uses
Best Use
Apartment 5plus
$144.7K
$126.6K – $168.8K
NOI $10,130 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$309.3K
$270.6K – $360.8K
NOI $21,649 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 32570, FL
33,144
Population
15,387
Households
2.2
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
301.1 sq mi
ZIP Area
110
Density / Sq Mi
$73,615
Median Household Income
$38,394
Median Earnings
$1,233
Median Rent
$240,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Level rural tract with a pond, mature pecan trees, and an existing manufactured home plus sheds.
Where is this agricultural land / farmland located?
The property is located at 5568 Forest Hills Ln Milton, FL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 5.01 acres zoned Rural Residential Agriculture (AG‑RR) with potential for division and additional home construction.; Approximately 60‑70 mature pecan trees.; Two sheds in good, insurable condition (24' x 24' built 2008 and 16' x 24' built 2016).
