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Harrison Lilly

Owner/Operator | Harrison Lilly Emerald Coast | Harrison Lilly Realty | PLACE

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5392 Munson Hwy , Milton, FL 32570
$500,000
Est. Payment: $2,535.91/mo
8 Bed
8 Bath
3600 Sqft
Status: active with contingency | Days on site: 23
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VCR-C15903466 - VCR-C159091383,VCR-C159052275

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Harrison Lilly
Owner/Operator

House Description

Riverfront quadplex just east of Downtown Milton with rental income already in place. Each of the four units offers 2 bedrooms and 2 bathrooms. Three units currently rent for $1,200 per month and one rents for $1,150. Tenants pay their own utilities and the owner covers lawn care. All four units are currently leased with staggered expirations of 7/30/2027, 9/30/2026, 12/31/2026, and 2/28/2027. The location is a major highlight. The property sits along the Blackwater River and is about half a mile from both Downtown Milton and Carpenter’s Park, which offers a public boat launch, river access, playground, and green space. The riverfront is currently natural and wooded, creating a private setting along the Blackwater River. The property previously had a dock. All four units share the same efficient layout. Tenants enter through a small foyer into the open kitchen and living area, with sliding glass doors leading to a large private balcony. The balcony also houses the laundry room and provides a quiet outdoor space overlooking the wooded riverfront. Down the hall are two bedrooms and two full bathrooms. One bedroom in each unit opens directly to the balcony and looks toward the river. Covered parking for the units is located beneath the building. Investors may also appreciate the flexibility this property offers. With its riverfront location and proximity to downtown Milton and river recreation, a future owner may explore the possibility of using one or more units as a short term rental. Riverfront multifamily opportunities in this area are rare. Whether you are looking for a long term hold or a unique waterfront investment, this property deserves a closer look.

Highlights

Listed by Matthew Jones , KELLER WILLIAMS REALTY GULF COAST , 850-471-5000. Pensacola Association of REALTORS®, Inc.

Property Type

Multi-Family

Year Built

1984

County

Santa Rosa

Neighborhood

Waterfront

Listing ID

686607

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:8
  • Bathrooms:8
  • Full Bathrooms:8
Appliances:Electric Water Heater, Built In Microwave, Dishwasher, Refrigerator
Air Cond:Central Air
Fireplaces:
Floor:Tile,Laminate,Simulated Wood
Other:
  • Additional:Storage, Baseboards, Ceiling Fan(s)

Exterior Features

Lot:River Front,Waterfront,Natural
Zoning:Res Multi
Roof:Composition
Others:
  • Additional:Resale
Parking Features:2 Space/Unit,Covered
Principal Interest
$2,536
Taxes
$319

Home Price

$500,000

Loan Details

30 yrs
6.529%

Down Payment

20%
$100,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$2,535.91

Principal

Taxes

Principal Taxes HOA Total
Monthly $2,535.91 $318.75 $0.00 $2,854.66
Yearly $30,430.87 $3,825.00 $0.00 $34,255.87
Total $912,926.04 $114,750.00 $0.00 $1,027,676.04

Today's Rates

30 Year

6.53%

20 Year

6.33%

15 Year

5.93%

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Market insight data is pulled from the same city as the listing being viewed (Milton, FL).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Information provided by Pensacola Association of REALTORS®, Inc., and is deemed reliable but not guaranteed accurate.

IDX service by Blueroof 360

Data last updated: 2026-08-20T07:06:24.000Z

© 2026 Pensacola Association of REALTORS®, Inc.