42,240 SqFt
42,240 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 42,240 sqft
Price per Sqft $122
Subdivision [No Recorded Subdiv]
MLS Listing ID 795863
HOA Y/N No
Year Built 1984
Lot Size 4.340 Acres
Acres 4.34
Property Sub-Type Multi Family
Property Description
Introducing a stabilized multifamily investment opportunity in Northwest Florida. Riviera Place Apartments is a well-maintained, approximately 42,000 SF, 55-unit garden-style apartment community offered at $5,195,000.
The property combines strong current occupancy, recent capital improvements, and attractive existing debt. Most notably, the property has an assumable Freddie Mac first mortgage at a fixed 3.54% interest rate, subject to lender approval and assumption requirements. The loan originated March 24, 2022 with an original principal balance of $3,120,000, a 10-year term and 30-year amortization.
Investment Highlights
Asking Price: $5,195,000
55 Units
NOI: $390,465.64
Cap Rate: 7.51%
95%+ Occupancy
Approximately 42,000 SF
Garden-style / single-story multifamily
3.54% fixed-rate assumable Freddie Mac financing
Flood Zone X
Significant recent capital improvements
Metal roofs
Low-maintenance hard-coat stucco exteriors
On-site laundry and video monitoring/security system
Additional rent-growth potential within the existing rent roll
The latest rent roll reflects 96.4% occupancy, while the current T12 reports $605,757.74 in total income and $390,465.64 in NOI.
Offering Memorandum, current T12, rent roll and loan documentation available upon request.
Location
State FL
County Walton
Area 12 - Walton County
Interior
Fireplace No
Exterior
Utilities Available Sewer Available
Accessibility Common Area
Private Pool No
Building
Lot Description Landscaped
Sewer Public Sewer
Schools
Elementary Schools Maude Saunders
Middle Schools Walton
High Schools Walton
Others
Restrictions No Short Term Rentals
Tax ID 25-3N-19-19070-001-536A
Security Features None
Special Listing Condition Listed As-Is, Other
Nearby Locations
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