Milton Retail Building & Development
For Sale
Contact for pricing
6593 Caroline St, Milton, FL 32570
Retail building with 24+ acres for development in Milton, FL.
Property Size7,950 SF
Lot Size25.05 Acres
Price / SF$377.36
Days on Market156
Property Features for 6593 Caroline St
General Information
Standard status
Active
Size
7,950 SF
Class
C
Lot size
25.05 Acres
Property subtype
Land, Mixed Use, Retail
Zoning
COM
Building Details
Year Built
1987
Year Renovated
2025
Buildings
1
Stories
1
Listing Agency:
FMIG
(850) 889-2571
Listed By:
Faith Morgan · License #Alabama 000162267
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Jul 16 at 11:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of FMIG
Investment Insights
Based on property information with market context.
Located in Milton, Florida, this investment opportunity features a 7,950 square foot retail building constructed in 1987, situated on 1.05 acres zoned C-2 (General Commercial), along with over 24 acres of adjoining land zoned REC (recreational use). The building is considered a Class C commercial property. The front portion of the building previously operated as a smoke shop, while the rear portion has been recently renovated and is approximately 70% complete as a full country-style bar and restaurant concept. Much of the renovation work has already been completed. The additional land offers potential for residential development, subdivision, or long-term land investment. Positioned on Caroline Street, the property offers convenient access to surrounding residential communities and the historic downtown district of Milton within Santa Rosa County. The location provides convenient access to Interstate-10 and has high traffic counts with 35,000+ vehicles per day along nearby U.S. Highway 90. The property is located within the Pensacola Metropolitan Area.
Key Highlights
- 24+ Acres of Adjoining Land Zoned REC: Offers significant potential.
- Existing 7,950 SF Retail Building: Provides immediate income potential.
- High Traffic Location: Benefits from 35,000+ vehicles per day.
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
$85,545
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
2.85%
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%
$1,710,900
$1.7M
Cap Rate 7%
$1,222,071
$1.2M
Cap Rate 9%
$950,500
$950.5K
Market Conditions
NOI Build-Up for 7,950 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
$133.6K $16.80/SF
− Vacancy
−$11.4K −$1.43/SF
EGI
$122.2K $15.37/SF
− OpEx
−$36.7K −$4.61/SF
NOI
$85.5K $10.76/SF
Area
Santa Rosa County, FL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,710,900
Cap Rate 7%
$1,222,071
Cap Rate 9%
$950,500
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.43M
NOI $85,545 @ 7.0% cap · market cap 2.85%
Second Best
Mixed Use
$1.01M
$885.4K – $1.18M
NOI $70,835 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,033 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
269k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 13%
Home Improvements & Furnishings 12%
Apparel 9%
Texas Roadhouse
Dining
32,149 visits/mo
0.2 miles
McDonald's
Dining
30,555 visits/mo
0.4 miles
Bealls
Apparel
23,334 visits/mo
0.2 miles
Dollar Tree
Shops & Services
18,552 visits/mo
0.2 miles
El Paso Mexican Restaurant
Dining
16,961 visits/mo
0.3 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail building with 24+ acres for development in Milton, FL.
Where is this mixed-use property located?
The property is located at 6593 Caroline St Milton, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 24+ Acres of Adjoining Land Zoned REC: Offers significant potential.; Existing 7,950 SF Retail Building: Provides immediate income potential.; High Traffic Location: Benefits from 35,000+ vehicles per day.
