Turkey Creek and Hammocks Townhomes 2 Multifamily Properties Offered at $7,532,910 CAD in Multiple Locations

*The Turkey Creek and Hammocks Townhomes Portfolio is also being offered with an 8-unit single family home/townhome portfolio. A new investor could acquire the 8-Unit Portfolio in conjunction with the 32-unit portfolio further increasing value and cashflow to this already cash flowing asset.*

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Turkey Creek and Hammocks Townhomes in Fort Walton Beach and Niceville, FL. This 2 Property, 8- Unit Portfolio consists of Hammocks Townhomes (22 Units) and Turkey Creek Townhomes (10 Units).
Built in 1988-2000, all 32 units are 1100 SF two bed one and a half bath, two story townhomes. Notable for investors, these assets has seen a significant amount of recent capital improvements with new roofs, parking lots (Hammocks Townhomes), decks (Turkey Creek Townhomes), HVACs (12/32 Units), and Hot Water Heaters(8/32 Units), and more. Turkey Creek and Hammocks Townhomes boast several amenities such as individual entrances, ample parking, and washer/dryer hookups just to name a few. Additionally, all units are individually metered for electricity and water/sewer, with tenants being responsible for all utilities.
Turkey Creek and Hammocks Townhomes are being offered to the market as a stabilized cash flowing asset; however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents, with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located in the OM), it has been determined that current average two-bedroom unit rents are $150-$200 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Due to the attractive location and significant historic cash flow, this opportunity offers the marketplace a significant value add, cash flowing asset. Please contact HMA for more information before this opportunity is gone.