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    Waterfront Residential Lot Title is generated by Realmo AI

    Mike Gibson Ln, Milton, FL 32583

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    Claim this Listing
    For Sale
    $500,000

    LAND - Milton, FL

    Lot size:
    0.51 Acres
    Added:
    May 5, 2025
    Days on Market:
    398
    Last Refresh:
    Jun 6 at 9:06 am

    Property Features for Mike Gibson Ln

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    281S280000009050000
    Lot size
    0.51 Acres

    Taxes and HOA fees

    Tax Description
    COM AT SE CORNER OF SW4 OF SECTION 28 TOWNSHIP 1 SOUTH RANGE 28 WEST THN N89*25'0"W ALONG S SEC LN 897.28 FT THN N3*38'20"W 1496. 48 FT THN N0*35'0"E 100 FT THN N19*22' 0"E 102.55 FT THN N89*25'0"W 216.30 FT +/- TO THE WATERS EDGE OF ESCAMBIA BAY FOR POB THN RETRACE LAST CALL 216.30 FT THN N19*22'0"E 106.80 FT THN S89*41'58"W 230.72 FT +/- TO BAY THN SLY ALONG BAY 99.58 FT+/- TO POB TOGETHER WITH AN ESMNT FOR INGRESS/EGRESS ALL AS DES IN OR 3979 PG 880 LESS ALL MINERAL RIGHTS

    Utilities

    Water source
    Public
    Water front features
    Waterfront, Seawall
    Water front
    1

    We can help!

    Listing Contact
    Brenda Wade
    Brenda Wade

    Listing agent Brenda Wade License #695977

    Listing office Keller Williams South Tampa 5690-B W. Cypress St., FL

    Listing date May 5, 2025

    MLS# 663791 Listing URL

    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.

    HighLights

    • Direct waterfront property on Pensacola Bay with west‑facing exposure and sunset views
    • Large .51‑acre vacant lot ready for building
    • Convenient location: 10 minutes to I‑10 and 25 minutes to Downtown Pensacola
    • Excellent boating access to Escambia River, Blackwater Bay/River, and the Gulf of Mexico
    • Level lot with mature trees providing partial shade
    • Existing riprap seawall in place

    Overview

    This vacant waterfront lot offers level ground and direct frontage on Pensacola Bay. The property includes a riprap sea wall and mature trees that provide partial shade, giving you a workable site for planned improvements. With waterfront depth on the bay side, the lot is positioned to take advantage of open water views.

    Located in Milton, Florida on Garcon Point, the parcel provides quick access to major routes and regional amenities. The seller’s remarks note approximately 10 minutes to I-10 and about 25 minutes to Downtown Pensacola. For water access and recreation, the property is described as roughly 10 minutes to the Escambia River or Blackwater Bay, with additional destinations such as the Blackwater River and Downtown Pensacola within about 20 minutes.

    This site is well-suited for a buyer looking to build on a bayfront setting with an established shoreline protection feature. The combination of direct water frontage, a prepared seawall, and a level build area supports a straightforward start to site planning and permitting for a future residence.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Milton
    County
    Santa Rosa
    State
    Florida
    Longitude
    -87.09661
    Latitude
    30.460726

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    FAQs

    What type of property is this?
    Waterfront Land - Vacant lot with direct frontage on Pensacola Bay, level terrain, mature trees, and an existing riprap sea wall.
    Where is this waterfront land located?
    The property is located at Mike Gibson Ln Milton, FL.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Direct waterfront property on Pensacola Bay with west‑facing exposure and **sunset views**; Large .51‑acre vacant lot ready for building; Convenient location: 10 minutes to I‑10 and 25 minutes to Downtown Pensacola
    (813) 875-3700
    We can help!
    Listing Contact
    Brenda Wade
    Brenda Wade
    Real Estate License ID: 695977
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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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