Property Description

Riviera Place Apartments | DeFuniak Springs, Florida Introducing a stabilized multifamily investment opportunity in Northwest Florida. Riviera Place Apartments is a well-maintained, approximately 42,000 SF, 55-unit garden-style apartment community offered at $5,195,000. The property combines strong current occupancy, recent capital improvements, and attractive existing debt. Most notably, the property has an assumable Freddie Mac first mortgage at a fixed 3. 54% interest rate, subject to lender approval and assumption requirements. The loan originated March 24, 2022 with an original principal balance of $3,120,000, a 10-year term and 30-year amortization. Investment Highlights Asking Price: $5,195,000 55 Units NOI: $390,465. 64 Cap Rate: 7. 51% 95%+ Occupancy Approximately 42,000 SF Garden-style / single-story multifamily 3. 54% fixed-rate assumable Freddie Mac financing Flood Zone X Significant recent capital improvements Metal roofs Low-maintenance hard-coat stucco exteriors On-site laundry and video monitoring/security system Additional rent-growth potential within the existing rent roll The latest rent roll reflects 96. 4% occupancy, while the current T12 reports $605,757. 74 in total income and $390,465. 64 in NOI. Offering Memorandum, current T12, rent roll and loan documentation available upon request.

Property Features

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