Redevelopment Opportunity in Santa Rosa County

Special Purpose for Sale
Sale Pending/Contingent
Catylist Listing ID: 30839683
Property Subtypes: Health Care/Medical
Status: Pending/Contingent
Building Size (RSF): 61,917 SF
Gross Building Area: See Agent
Gross Land Area: 3.72 Acres
Sale Price: $550,000
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 8/31/2023

Overview / Comments

The subject property consists of a ±61,917 SF Facility on ±3.7 acres constructed in 1952, and a ±3,825 SF metal building with HVAC, built in 1996, previously used as a gymnasium. From a market perspective, and considering the significant expense of renovating the existing building for an adaptive reuse, it is likely that the current highest and best use of the subject property is as commercial development land.

Located on Stewart Street in Milton, FL, the property has good access and visibility on one of the primary commercial corridors in the small market area, where other nearby uses include institutional/government use and a variety of retail and general commercial services. Located just 3 miles south of NAS Whiting Field, the “backbone of naval aviation training” and the largest employer in Santa Rosa County. 16,000 AADT on Stewart Street.

Attachments & Media

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Santa Rosa
Tax ID/APN: 34-2N-28-0000-17901-0000
Area Description: With a population now exceeding 500,000, the Pensacola MSA anchors the Florida Panhandle economy. Major employers include Naval Air Station Pensacola, Baptist Health Care, Ascension Sacred Heart, Gulf Power and Navy Federal Credit Union. Located in the northeast side of Pensacola is the University of West Florida, a growing state university nearing 15,000 in annual enrollment. Pensacola is serviced by air, sea and rail. Pensacola International Airport offers non-stop service to 9 major US cities, with over 1,300 domestic flights and 21 international flights via 6 major air carriers. The Port of Pensacola is a deep-water port strategically positioned along the northern Gulf of Mexico, with connection to Class-1 rail line (CSX). Major road transportation includes Interstate 10 (I-10), which runs east/west along the northern border of Pensacola; Highway 98, also running east/west, along the southern border of Pensacola and connecting it to neighboring coastal communities; and Interstate 110 (I-110), which runs north/south, connecting Highway 98 and I-10.
Total Number of Buildings: 1
Zoning Description: SSC - RC, Stewart St Corridor mixed-use, City of Milton

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,212 23,176 47,129
Median Age: 34.71 38.36 38.02
Households: 886 9,114 17,049


Photograph of Listing Agent

Thomas D. Watson

CBRE, Inc. Gulf Coast CMLS Member
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