5646 Cyanamid RdMilton, FL 32583

Property Details for 5646 Cyanamid Rd

Year built

1984

Property size (Sq ft)

16,420 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 16-unit apartment complex, located at 5646 Cyanamid Rd in Milton, Florida, presents a compelling investment opportunity. The property boasts 16,420 square feet across two, two-story buildings, built in 1984 and renovated in 2023. Each of the 16 units features two bedrooms and two bathrooms, currently enjoying 100% occupancy. The property generates a strong net operating income (NOI) of $172,800, resulting in a 6.06% cap rate. The asking price is $2,850,000, translating to $173.57 per square foot and $178,125 per unit. Situated on 3.65 acres and zoned R3, this property offers significant development potential. The R3 zoning allows for the addition of up to 18 units per acre, presenting the possibility of expanding the complex by up to 47 additional units, for a total of 63 units. Building heights of up to 50 feet are permitted. The property's prime location, just off Avalon Boulevard and minutes from I-10, provides convenient access to shopping, dining, and employment centers. The seller is open to a partnership for redevelopment, making this an ideal opportunity for investors seeking immediate cash flow and long-term growth in a thriving market. The current rent potential for each unit is $1100.00. This is a rare chance to acquire a well-maintained, income-producing asset with substantial upside potential.

Location Insight

City

Milton

County

Santa Rosa

State

Florida

Latitude

30.5745

Longitude

-87.0882

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