Riviera Place Apartments

Highlights:

• - 42,000 SF low-rise/garden building
• - 55 modern and spacious units
• - Recent 2023 renovation including new metal roofs
• - Assumable Freddie Mac loan at 3.54% w/ approx. 7 years remaining
• - Low maintenance hard coat stucco exteriors, freshly painted in 2023
• - Impressive 95% occupancy rate

Description:

Introducing 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!

Discover the charm and potential of the Defuniak Springs, FL area. Nestled in Northwest Florida, this locale offers a captivating blend of small-town ambiance and strategic positioning. Investors will appreciate the area's proximity to major thoroughfares, connecting them to key business hubs and markets. Notable nearby attractions include the historic downtown area, scenic Chautauqua Vineyard & Winery, and the pristine shores of Lake DeFuniak. With a growing economy and a blossoming local community, the area surrounding the property presents an appealing opportunity for Office/Office Building investors seeking a vibrant and dynamic market to bring their vision to life.

Documents: