Income Producing & Additional Development OP 5646 Cyanamid Rd 16 Unit Apartment Building $2,600,000 ($162,500/Unit) 6.73% Cap Rate Milton, FL 32583

Multiple Income, Development, and Exit Strategies
Located at the signalized northwest corner of Avalon Boulevard and Cyanamid Road, this 4.502-acre assemblage consists of three contiguous parcels with excellent visibility and approximately 33,000 vehicles passing daily.
The primary 3.65-acre parcel is improved with two two-story apartment buildings totaling approximately 15,680 square feet of rentable area. Together, the buildings contain 16 two-bedroom, one-bath residences, each with a private entrance, dedicated balcony or rear porch, and access to ample on-site parking. The well-maintained units feature sliding glass doors, ceiling fans, microwaves, oven/ranges, and a functional mix of carpet and tile flooring. Under the current utility structure, ownership has traditionally paid for water and sewer, while tenants are responsible for their individual electric service.
The property generated approximately $175,000 in gross income during 2025. Property-specific taxes and utilities totaled approximately $25,384.
The 16-unit apartment complex is operating at 100% occupancy, demonstrating consistent demand, while current rents average approximately $950 per month which is below the reported Milton market range of approximately $1,005 to $1,356 per month for a two-bedroom apartment. This rent differential may provide an opportunity to increase income over time through measured rent adjustments and continued property improvements.
The 3.65-acre R-3 parcel may also support up to approximately 49 additional dwelling units based on the stated maximum density of 18 units per acre, subject to site planning, infrastructure, development standards, and governmental approvals. (R-3 zoning may allow for approximately 49 additional dwelling units based on stated density, subject to site planning and governmental approvals).
R-3 zoning permits up to 18 dwelling units per acre, creating potential for additional residential development, subject to applicable approvals.
Two adjoining parcels totaling approximately 0.852 acres complete the corner and are zoned HCD, supporting uses such as retail, professional office, quick-service restaurant, and personal services. Directly across from Circle K and surrounded by established residential and commercial development, the property offers immediate income with significant expansion and redevelopment potential. The HCD zoned, 0.852-acre portion is positioned at signalized hard corner and may be retained for future commercial development or sold independently, providing investors with added flexibility and multiple potential exit strategies.
With approximately 570 feet of frontage along Cyanamid Road and potential for rezoning to HCD, Highway Commercial Development, subject to county approval. Combined with the adjoining 0.852-acre HCD-zoned signalized hard corner, this creates additional flexibility for commercial development, parcel separation, or a future sale.
The opportunity is further supported by continued residential expansion throughout the Pace and Avalon Boulevard area, including two recently approved subdivision projects totaling 274 homes. According to Santa Rosa County approval information supplied for the property, these include the nearby 266-lot Pace Commons development.
The recent subdivision approvals reinforce the continued pace of residential expansion in the Pace area, which has historically represented more than 45% of all new residential building permits issued in Santa Rosa County.
VALUE ADD OPPORTUNITIES
100% Occupancy
Well-Maintained 16-Unit Apartment Complex
Current AVG Rent $950 per month
Below Reported Milton AVG Apt rent for 2-BD $1,005 - $1356 per month
Potential for Measured RENT GROWTH
Potential to Add Approximately 49 Additional Units - for added income stream
Additional 0.852-Acre HCD-Zoned Hard Corner
Potential to Retain, Develop, or Sell the Commercial Corner
The property offers multiple value-add opportunities through rental growth, additional residential density, and the separate commercial corner.
3.65 AC PARCEL 19-1N-28-0000-04300-0000
0.718 AC PARCEL 19-1N-28-0000-00267-0000
0.134 AC PARCEL 19-1N-28-0000-00337-0000