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2254 W Highway 98
Port Saint Joe, FL 32456

$25,000,000 USD

Apartments For Sale • 65,552 SF

Property Details

Property Type Apartments
Total Building Size 65,552 SF
Lot Size 0.57 AC
Building Class A
Year Built 2024

0 Transit Score

8 Walk Score

                
                    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.