Crestview Contractor Yard with
For Sale
$625,000
Pending
96 Old Milligan Road, Crestview, FL 32536
Fenced yard, fleet storage, and warehouse space on 2.53 acres.
Property Size8,280 SF
Lot Size2.53 Acres
Days on Market154
Property Features for 96 Old Milligan Road
General Information
Standard status
Pending
Size
8,280 SF
Lot size
2.53 Acres
Property subtype
Commercial
Listing Agency:
LOKATION
(954) 545-5583
Listed By:
HILLARY DRISCOLL OLDS · License #3138973
Source:
Corcoran
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 23 at 7:38AM
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 LOKATION
Investment Insights
Based on property information with market context.
This property offers a rare opportunity to acquire a fully fenced contractor yard with fleet storage and warehouse space on approximately 2.53 acres, consisting of two parcels, in Crestview's growing commercial corridor. The property includes approximately 8,280 square feet across two buildings, featuring a large secure yard space and convenient access to Highway 90 and Interstate 10. It is ideally suited for businesses requiring equipment storage, truck parking, and operational warehouse space, such as dump truck companies, excavation and site work contractors, septic service companies, roll-off dumpster operators, utility contractors, trucking or logistics companies, heavy equipment operators, disaster restoration contractors, or construction companies needing a secure yard and service facility. The front building provides a functional office and warehouse operations base with a reception area, two offices, a breakroom, two restrooms, and warehouse storage with a 10-foot roll-up door. The rear service building includes 16-foot clear height truck bays, a covered truck port, and mezzanine storage, making it well-suited for fleet maintenance, equipment service, or contractor operations. The fully fenced yard offers extensive space for truck parking, fleet storage, dumpsters, trailers, equipment, and material staging. The property is currently leased to Waste Pro at $4,000 per month on a month-to-month lease. The tenant will vacate with 90 days notice if the buyer prefers to occupy the property. Zoned Mixed Use (MU), the site allows a wide variety of residential and commercial uses. The site participates in Florida's petroleum restoration monitoring program related to historic operations. Monitoring wells remain on site and must remain accessible but do not prevent normal site use or development of the property. Located just minutes from Highway 90 with quick access to Interstate 10, the property offers excellent regional connectivity for construction, logistics, service, and distribution businesses throughout the Florida Panhandle.
Key Highlights
- Fully fenced 2.53± acre contractor yard with 8,280 SF of building space, ideal for businesses needing secure outdoor storage.
- Excellent location with convenient access to Highway 90 and Interstate 10.
- Includes a front office/warehouse and a rear service building with 16' clear height truck bays and a covered truck port.
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
$56,281
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
9.00%
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%
$1,125,620
$1.1M
Cap Rate 7%
$804,014
$804.0K
Cap Rate 9%
$625,344
$625.3K
Market Conditions
NOI Build-Up for 8,280 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
$69.6K $8.40/SF
− Vacancy
−$3.3K −$0.40/SF
EGI
$66.2K $8.00/SF
− OpEx
−$9.9K −$1.20/SF
NOI
$56.3K $6.80/SF
Area
Okaloosa County, FL
Vacancy
4.80%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,125,620
Cap Rate 7%
$804,014
Cap Rate 9%
$625,344
Alternative Uses
Best Use
Warehouse
$804.0K
$703.5K – $938.0K
NOI $56,281 @ 7.0% cap · market cap 9.00%
Second Best
Industrial
$612.3K
$535.7K – $714.3K
NOI $42,858 @ 7.0% cap · market cap 6.86%
Theoretical Best
Specialty Retail
$3.19M
$2.79M – $3.72M
NOI $223,359 @ 7.0% cap · market cap 35.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 32536, FL
25,807
Population
9,379
Households
2.8
Avg Household Size
34
Median Age
27%
College-Educated
93%
High-School Grad
42.5 sq mi
ZIP Area
607
Density / Sq Mi
$82,643
Median Household Income
$40,845
Median Earnings
$1,351
Median Rent
$280,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Truck terminal - Fenced yard, fleet storage, and warehouse space on 2.53 acres.
Where is this truck terminal located?
The property is located at 96 Old Milligan Road Crestview, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Fully fenced 2.53± acre contractor yard with **8,280 SF of building space**, ideal for businesses needing secure outdoor storage.; Excellent location with convenient access to Highway 90 and Interstate 10.; Includes a front office/warehouse and a rear service building with **16' clear height truck bays** and a covered truck port.
