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Riviera Place Apartments 125 N Davis Ln 55 Unit Apartment Building $6,395,000 ($116,273/Unit) 7.37% Cap Rate Defuniak Springs, FL 32433
INVESTMENT HIGHLIGHTS
- 7.26% Entry Cap Rate at asking price
- Get in on the ground floor of Defuniak Springs with this stabilized asset!
- Rent growth of $100-$200 per unit
EXECUTIVE SUMMARY
Riviera Place Apartments is a well-maintained, single-story multifamily community located in the heart of DeFuniak Springs, Florida. Constructed in 1984, this 55-unit asset offers a balanced unit mix of one, two, and three-bedroom apartments across 12 buildings. The property spans 3.40 acres and features on-site management, laundry facilities, and ample surface parking. With rents significantly below market and limited new supply in the submarket, Riviera Place offers strong upside potential through strategic renovations and rent growth.
Entry NOI of $471,386 and a 7.26% Cap Rate! Do not miss this fantastic opportunity to purchase a property with additional Value-Add available!
Entry NOI of $471,386 and a 7.26% Cap Rate! Do not miss this fantastic opportunity to purchase a property with additional Value-Add available!
PROPERTY FACTS
| Price | $6,395,000 | Building Class | C |
| Price Per Unit | $116,273 | Lot Size | 3.40 AC |
| Sale Type | Investment | Building Size | 42,000 SF |
| Cap Rate | 7.37% | Average Occupancy | 95% |
| No. Units | 55 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1984 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R-2 - Multifamily Residential | ||
| Price | $6,395,000 |
| Price Per Unit | $116,273 |
| Sale Type | Investment |
| Cap Rate | 7.37% |
| No. Units | 55 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.40 AC |
| Building Size | 42,000 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built | 1984 |
| Parking Ratio | 2/1,000 SF |
| Zoning | R-2 - Multifamily Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
SITE AMENITIES
- Laundry Facilities
- Property Manager on Site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 650 |
| 2+1 | 29 | - | 750 |
| 3+1 | 14 | - | 825 |
PROPERTY TAXES
| Parcel Number | 25-3N-19-19070-001-536A | Improvements Assessment | $635,561 |
| Land Assessment | $58,327 | Total Assessment | $693,888 |
PROPERTY TAXES
Parcel Number
25-3N-19-19070-001-536A
Land Assessment
$58,327
Improvements Assessment
$635,561
Total Assessment
$693,888
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Riviera Place Apartments | 125 N Davis Ln
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