2254 W Highway 98 - Apartments FOR SALE
Port Saint Joe, FL 32456 |
2254 W Highway 98
Port Saint Joe, FL 32456
HIGHLIGHTS
- The Overlook is a lavish 38-unit waterfront multifamily asset with a heated pool, a barbecue pavilion, a clubhouse, a rooftop area, and beach access.
- Able to accommodate up to 415 guests, with a compelling valuation, and the seller is offering an 8.72% cap rate based on 3rd-party rental projections.
- Attractive financing options for buyers at an 80.0% LTV purchase financing can be provided at a rate below 7.0% P&I (as of October 29, 2024).
- Located within an Opportunity Zone about 45 minutes from Panama City, providing strong financial returns and meaningful economic impact.
- Anticipate strong returns of 20.0% IRR, 2.45x MOIC based on a five-year hold, with 10.5%+ cash-on-cash annual yield, based on stabilized cash flows.
- Downtown Port St. Joe Location: Only 3 minutes from boat launch, 5 minutes to the grocery store and restaurants, and 2 minutes from beach access.
FOR SALE DETAILS
PRICE
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# OF UNITS
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CAP RATE
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% LEASED
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BUILDING DETAILS
PROPERTY NAME
The Overlook
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Low-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
65552
STORIES
2
YEAR BUILT
2024
PARKING SPACES
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LAND DETAILS
LAND ACRES
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LAND SF
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ZONING
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APN/PARCEL ID
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