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    Pristine Waterfront Land in Milton Title is generated by Realmo AI

    Corral Road, Milton, FL 32583

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    Claim this Listing
    For Sale
    $1,998,000

    LAND - Milton, FL

    Lot size:
    95.00 Acres
    Added:
    Jan 5, 2026
    Days on Market:
    149
    Last Refresh:
    Jun 3 at 12:06 am

    Property Features for Corral Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Resid Single Family
    Standard status
    Active
    APN
    13-1N-28-0000-02004-0000
    Lot size
    95.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    DESCRIPTION UPDATED FOR 2024 THAT PORTON OF OR 1183 PG 228 LYING IN SEC 13 LESS OR 1372 PG 325 LESS OR 13 87 PG 1622 LESS OR 1431 PG 105 LESS OR 1935 PG 1337 (#20.38) LESS OR 1954 PG 996 (#20.39) LESS OR 1967 PG 1572 (#20.40) LESS OR 1971 PG 1715 (#20.41 & #20.42) LESS OR 2053 PG 352 (# 20.47) LESS ALL MINERAL RIGHTS & LESS OR 2812 PG 1591 TO CO FOR RD SUBJ TO CONSV ESMNTS DES IN OR 2854 PG 1140 A
    Tax Annual Amount
    3744

    Utilities

    Water front features
    Lagoon
    Water front
    1

    We can help!

    Listing Contact
    Matthew N McGee
    Matthew N McGee

    Listing agent Matthew N McGee License #3227750

    Listing office Livin Right Real Estate LLC 102 Buck Dr NE #C, Fort Walton Beach, FL

    Listing date Jan 5, 2026

    MLS# 992216 Listing URL

    Copyright © 2026 Emerald Coast 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.

    HighLights

    • Over 95 acres of pristine waterfront property.
    • Waterfront on both Pelican Bayou and a historic lagoon.
    • Easy access to Milton and Pensacola via car or boat.
    • Close proximity to I‑10.
    • Conservation easement allows for fill dirt.
    • Two docks provide water access.

    Overview

    This property offers a rare opportunity to own a large amount of pristine waterfront in Florida, consisting of multiple parcels totaling over 95 acres. Located on Corral Road, the property features waterfront on both sides, with one side on Pelican Bayou and the other on a lagoon originally dug in the 1800s to obtain clay for the construction of Fort Pickens and Fort Barrancas. A conservation easement was granted to allow fill dirt, and two docks were constructed to provide water access. The Casa Grande Road parcel is a large parcel with no easements. This wilderness property provides easy access to Milton by car or boat, is located just off I-10, and is close to Pensacola. The owners prefer a conservation group as the buyer. The zoning is Residential Single Family.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Milton
    County
    Santa Rosa
    State
    Florida
    Longitude
    -87.011588
    Latitude
    30.60018

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    FAQs

    What type of property is this?
    Waterfront Land - 95+ acres of waterfront property near Pensacola and I-10.
    Where is this waterfront land located?
    The property is located at Corral Road Milton, FL.
    What is the asking price?
    The asking price for this property is $1,998,000.
    What are key features of this property?
    This property features: Over 95 acres of pristine waterfront property.; Waterfront on both Pelican Bayou and a historic lagoon.; Easy access to Milton and Pensacola via car or boat.
    (850) 426-4136
    We can help!
    Listing Contact
    Matthew N McGee
    Matthew N McGee
    Real Estate License ID: 3227750
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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