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Riviera Place Apartments 125 N Davis Ln 55 Unit Apartment Building $8,165,990 CAD ($148,473 CAD/Unit) 7.23% Cap Rate Defuniak Springs, FL 32433
Investment Highlights
- Recent 2023 renovation including new metal roofs
- Assumable Freddie Mac loan at 3.54% w/ approx. 6 years remaining
- Low maintenance hard coat stucco exteriors, freshly painted in 2023
- 55 modern and spacious units
Executive Summary
ntroducing a prime investment opportunity in Northwest Florida! Discover a meticulously renovated 42,000 SF, 55-unit multifamily gem, boasting a prime location zoned for Multifamily use. This property is a beacon of opportunity, with a track record of exceptional performance evidenced by its impressive 95% occupancy rate. Featuring modern amenities and thoughtful design, this low-rise/garden property represents a compelling prospect for prospective investors seeking a turnkey opportunity in the flourishing Northwest Florida market.
Current in-place ASSUMABLE Freddie MAC first mortgage:
Origination: March 24, 2022
Loan Amount: $3,120,000
Term: 10 yrs.
Amort: 30 yrs.
Rate: 3.54%
Don't miss your chance to add this high-performing asset with below market debt to your portfolio!
Current in-place ASSUMABLE Freddie MAC first mortgage:
Origination: March 24, 2022
Loan Amount: $3,120,000
Term: 10 yrs.
Amort: 30 yrs.
Rate: 3.54%
Don't miss your chance to add this high-performing asset with below market debt to your portfolio!
Property Facts
| Price | $8,165,990 CAD | Building Class | C |
| Price Per Unit | $148,473 CAD | Lot Size | 3.40 AC |
| Sale Type | Investment | Building Size | 42,000 SF |
| Cap Rate | 7.23% | Average Occupancy | 94% |
| No. Units | 55 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1984/2022 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R-2 - Multifamily Residential | ||
| Price | $8,165,990 CAD |
| Price Per Unit | $148,473 CAD |
| Sale Type | Investment |
| Cap Rate | 7.23% |
| No. Units | 55 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.40 AC |
| Building Size | 42,000 SF |
| Average Occupancy | 94% |
| No. Stories | 1 |
| Year Built/Renovated | 1984/2022 |
| Parking Ratio | 2/1,000 SF |
| Zoning | R-2 - Multifamily Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Smoke Free
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 650 |
| 2+1 | 29 | - | 750 |
| 3+1 | 14 | - | 825 |
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 25-3N-19-19070-001-536A | Improvements Assessment | $6,149,398 CAD |
| Land Assessment | $0 CAD | Total Assessment | $6,149,398 CAD |
Property Taxes
Parcel Number
25-3N-19-19070-001-536A
Land Assessment
$0 CAD
Improvements Assessment
$6,149,398 CAD
Total Assessment
$6,149,398 CAD
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Riviera Place Apartments | 125 N Davis Ln
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