2-Acre Multifamily Development Opportunity

Vacant Land for Sale
Also listed as Multi-Family
Catylist Listing ID: 30733323
Property Subtypes: Multi-Family, Office, Residential (Single Family), Retail
Gross Land Area: 2 Acres
Sale Price: $1,500,000
Unit Price: $750,000 Per Acre
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 5/21/2021

Overview / Comments

Excellent multifamily development opportunity in Northwest Florida. The +/- 2-Acre site is centrally located in the rapidly growing Fort Walton Beach MSA near colleges, businesses, and military bases. The site is an incredible location for a residential, multifamily, or apartment development with the high demand for affordable housing and low inventory in the NW FL markets. The property has convenient access to Beal Parkway off of Green Acres Rd, which is just east of the site. Beal Pkwy serves as a major arterial in Fort Walton Beach and the surrounding market. The property is located on Green Acres Road and consists of 2 parcels which are zoned MU (Mixed Use). The current zoning allows for a variety of residential, multifamily, and commercial uses. The density allowed varies on the proposed development type and site plan approval through the county. The seller has made available a conceptual site plan for a previously approved multifamily development. The previous development order was approved for a proposed +/- 32-unit townhome development. The Okaloosa County Mixed Use (MU) zoning density allows for 25 units per acre (+/-50 units for the site); however, the density and plans will need to allow for sufficient space for landscaping, parking, and setbacks. Further, the seller would consider going through the county approval process on behalf of the buyer to renew the prior development order that was approved for a 32-unit development.

Highlights:
Excellent developer opportunity with prior development order to be renewed
Proposed development allows for 32 multifamily unit townhomes
All utilities are available to the site (per coordination with utility companies)

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 34-1S-24-0000-0117-0000 & 34-1S-24-0000-0119-0000
Zoning: MU- MIXED USE
Property Visibility: Excellent
Area Description: Fort Walton Beach is located between Pensacola and Panama City. The property's trade area is largely characterized by military personnel from Eglin Air Force Base and Hurlburt Field. Eglin Air Force Base covers over 463,000 acres and employs more than 8,500 military and approximately 4,500 civilians. Hurlburt Field has 10,782 active duty military personnel and 1,316 civilian employees. Additionally, the site is within minutes to Northwest Florida State College. Within 5 miles the estimated population is 72,500. The new projects and infrastructure improvements within the Fort Walton Beach MSA have drawn private development to the city, creating new jobs and a booming economy. With the stable economy, Northwest Florida College, largest U.S. air force base in the world, strong tourism market, low state taxes, highly-rated school systems, and beautiful beaches, Okaloosa County, Florida has become a highly sought after MSA and community to reside and popular tourist destination.
Zoning Description: Zoning District: Mixed Use (MU) Future Land Use: Mixed Use (MU) Density: 25 units/acre (per development code; subject to setbacks, landscaping, and county approvals)
Part of Planned Development?: Yes
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Internet Access, Other

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,163 47,786 67,170
Median Age: 34.48 37.23 38.87
Households: 5,599 19,743 28,431
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