The Grove Townhome Apartments 3034 Jefferson St 44 Unit Apartment Building $6,935,613 CAD ($157,628 CAD/Unit) 7.66% Cap Rate Marianna, FL 32446

The Grove has been decisively re-priced to $4.99M, creating one of the most compelling stabilized multifamily opportunities in Northwest Florida.
Now offered with a strong in-place yield, an 8.5%+ Year One cap rate, and immediate, proven upside through a light value-add program, The Grove combines day-one cash flow, low execution risk, and long-term development optionality.
The property is consistently 98-100% occupied month after month in a supply-constrained rental market, where units lease in approximately one week, and benefits from over $800,000 of recent capital improvements. The current owner has already demonstrated the rent growth strategy, providing clear validation for the next phase of upside.
Importantly, the NOI has been re-underwritten using updated property taxes and a new insurance quote, providing buyers with a realistic, defensible income profile from day one.
With a generous buyer’s agent commission, strong takeover returns, and a seller prioritizing qualified buyers who can execute a Q1 closing, this opportunity is priced to move.
KEY INVESTMENT HIGHLIGHTS
* Price: $4,990,000
* In-Place NOI: $383,133
* In-Place Cap Rate: 7.66%
* Year One Cap Rate: 8.56%?NOI modeled with updated insurance and property tax assumptions
* 44 Units | 51,814 SF | 4.43 Acres
* Zoning: R-3 (supports expansion to up to 70 units)
* Occupancy:consistently 98-100% occupied month after month in a high-demand rental market
IMMEDIATE LIGHT VALUE-ADD WITH LOW EXECUTION RISK
Significant NOI growth can be achieved through a light, proven value-add strategy, including:
* Convert 6 two-bedroom units to three-bedroom layouts at minimal cost
* Bring 5 month-to-month leases to current market rents.

Additional Upside:?An adjacent 3-acre R-3 parcel is available for under $100,000, allowing development of up to 48 additional units, creating a rare expansion play for buyers seeking scale.
CAPITAL INVESTMENT & STABILITY
* $800,000+ invested in renovations and property improvements
* Strong physical condition with stabilized operations
* Day-one cash flow with clear, achievable NOI growth
LOCATION & MARKET STORY — MARIANNA, FL
Marianna is rapidly emerging as a regional economic and employment hub, driven by:
?? Tri-State Accessibility
Located near the Florida–Alabama–Georgia border, Marianna draws from a 1M+ population base within 60 miles, supporting workforce housing demand.
?? Accelerating Growth Metrics
* Population: +32.37% since 2020
* Median Income: +37.52% since 2023
* Projected Job Growth: +28.6% by 2034
??? Housing Supply Imbalance
A projected 380-unit housing shortage by 2030 in ZIP 32446 supports:
* Strong absorption
* Minimal vacancy
* Continued rent growth
?? Corporate Validation
* Chick-fil-A opened April 2023, adding 125 jobs
* Pulse Industries: 278,000 SF advanced manufacturing facility
* PackEx USA: New aluminum packaging & bottling plant
THE BIG PICTURE
Marianna is transitioning into a long-term regional growth market, supported by job creation, infrastructure investment, and a growing population base.
The Grove offers a rare combination of stabilized income, immediate upside, and future development potential—now at a price that creates compelling risk-adjusted returns.
MEDIA & CONTACT
?? Preview Video:?https://www.youtube.com/shorts/WPD2VNj4E34?feature=share
?? Quick Links
* Schedule a Tour / Call: https://calendly.com/j2porterteam
* Digital Business Card: https://blinq.me/v2I1XieqW29W