Milton Retail Building & Development
6593 Caroline St, Milton, FL 32570
For Sale
Contact for pricing
Retail building with 24+ acres for development in Milton, FL.
Property Size7,950 SF
Lot Size25.05 Acres
Price / SF$377.36
Days on Market246
Property Features for 6593 Caroline St
General Information
Standard status
Size
Class
Lot size
Property subtype
Zoning
Building Details
Year Built
Year Renovated
Buildings
Stories
Listing Agency:
FMIG
Listed By:
Faith Morgan · License AL #000162267
(850) 889-2571
Source:
Crexi
Added: Mar 10
Changed: Nov 8
Last Checked: Nov 10 at 6:32AM
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
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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 / Yr
$85,545
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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.
