Avalon Blvd. Income-producing Redevelopment Assemblage
HCD LAND I Multifamily | & 100% Occupied APTS
Marketing description
Existing Improvements, Access & Future Development Potential
The property offers multiple value-add opportunities through rental growth, additional residential density, and the separate commercial corner. The well-maintained 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.
POTENTIAL EXPANSION
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.
In addition, the separate 0.718-acre HCD-zoned parcel & the 0.134 AC COM zoned parcel completes the signalized hard corner and may be retained for future commercial development or sold independently, providing investors with added flexibility and multiple potential exit strategies
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.
Investment highlights
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.
- Prime Signalized Corner Location
- 4.502 Acres
- 33,000 Vehicles Per Day
Potential for Measured Rental-Rate Growth
- 16 Fully Leased Two-Bedroom, Two-Bath Units
- 15,680 Square Feet of Rentable Area
- Below Market Rental Rate- Currently receiving $950 Per Unit
- Permitted Access Via Woodcrest Drive for additional Ingress/Egress
- Immediate In-Place Cash Flow
Potential to Add Approximately 49 Residential Units
- R-3 Medium High Density Residential Zoning
- Potential Residential Expansion -Up to 18 Dwelling Units Per Acre, Subject to Approval
- Potential for Additional Multifamily Development
- 0.852 Acres of HCD-Zoned Commercial Land
- Potential Retail, Office, QSR, or Personal-Service Uses
- 570 feet of frontage along Cyanamid Road- Potential to rezone to HCD
- Strong Visibility and Redevelopment Flexibility
- Multiple Investment and Exit Strategies
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