590-592 Hill Ln

• All 10 units occupied at $1,341 average in-place rent
• Market rent of $1,500 supported by Niceville and Valparaiso comps
• $19,080 annual loss to lease, 12% average upside per unit
• Captured through natural turnover, not repositioning risk
• In-place rents range $1,250 to $1,395
• Unit-level upside ranges 8% to 20%
• No single distressed unit carrying the story
• Value capture smooths out as leases roll
• Spanish Trace Apartments, 203 John Sims Pkwy, same 32578 zip
• Traded 12/8/2025 at $179,643 per unit, 7.39% cap, 1973 vintage
• Subject priced at $140,000 per unit, 22% below that basis
• All 10 units identical 2 BD / 1.5 BA townhome layouts
• Two buildings: 590 (six units), 592 (four units)
• One renovation scope, one materials package, one appliance SKU set
• No unit-mix leasing complexity
• 28 Garden Ln, Niceville, 1984 vintage, achieves $1,575 per unit renovated
• $75 above subject’s untouched market rent on a smaller 950 SF footprint
• Documented second layer of rent growth beyond loss-to-lease capture
• 2.5 miles to Eglin Air Force Base, the region’s dominant employer
• Government and Defense represents 28% of area employment
• Northwest Florida State College and VPS Airport add demand depth
• Military housing demand tracks force posture and PCS cycles, not the regional economy
• Niceville population 17,948 as of 2025, up 13.6% since 2020
• Median household income $102,409
• Room to push rents without straining the tenant base