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700 N Palm Blvd

Niceville, FL 32578

$1,500,000 $6,324/Mo

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Overview

Bed

Bath

Description

Discover the potential of this well-maintained 8-unit apartment complex, perfectly positioned for steady rental income and future growth. The property consists of two buildings connected by a breezeway, offering a cohesive layout and convenient access for residents. Each of the eight units features 2 bedrooms, 1 full bath, a comfortable living room, a dedicated dining area, and a functional kitchen equipped with an electric oven, pantry, and refrigerator. Four units are currently tenant-occupied with varying lease terms, providing immediate income while leaving room for strategic updates or new tenants as desired. Sitting on a generously sized lot, this property offers rare development flexibility. There is ample space to expand up to 15 total units, allowing the addition of another apartm ent building, townhomes, or even single-family homes—making it an ideal opportunity for both seasoned investors and developers. Located just down the road from Northwest Florida State College and nearby medical facilities, the demand for quality rental housing in this area remains strong. With its prime location, existing income, and room to grow, this property is truly a standout investment with unlimited potential.

Property Details

Property Type : Residential Income

Price : $1,500,000

AD Id : 69562581

MLS Id : 674157

Beds : 2

Year Built : 1985

County : Okaloosa

Map

What's Nearby

Nearby Areas

Features

Bathroom Information

Total Baths: 1 Full Baths: 1

Kitchen Information

Kitchen Room Remarks: Laminate Counters, Pantry

Room Information

Total Bedroom: 2 Window Feature: Double Pane Windows, Blinds
Flooring Information

Tile, Vinyl
Roofing Information

Shingle
Interior Features

Storage, Baseboards, Ceiling Fan(s), High Speed Internet Roof: Shingle Appliances: Electric Water Heater, Dishwasher, Refrigerator
Heating & Cooling

Heating: Central Cooling: Ceiling Fan(s), Central Air WaterSource: Public

Building Information

Year Built: 1985 Construction Materials: Frame Security System: Smoke Detector(s)
Exterior Features

Foundation Details: Slab

Lot Information

Lot Description: Central Access Lot Size Units: Acres Waterfront: None Stories: 2

Property Information

Property Type: Residential Income Sub Type: ApartmentSubdivision: None

Listing Price Information

Original Listing Price: $1500000

Tax Information

Parcel Number: 051S22256B00150080

Virtual Tour

Virtual Tour (External Link)

Parking Information

1 Space/Unit, Guest

Elementary School: Local School In County

Junior High School: LOCAL SCHOOL IN COUNTY

Senior High School: Local School In County
Utility Information

Cable Available
Location Information

Direction: N. on Hwy 85 to right on College Blvd to right on Palm Blvd. Complex will be on the left.

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ByOwner last updated this listing 07/01/2026 @ 20:31

MLS: 674157 LISTED BY: Andy Powell, KELLER WILLIAMS REALTY GULF COAST 850-471-5029 SOURCE: Pensacola MLS