2254 W Highway 98 | Port Saint Joe, FL 32456
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2254 W Highway 98
Port Saint Joe, FL 32456
The Overlook · Multifamily Property For Sale
·
38 Units
Investment 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.
- 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).
- 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.
- 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.
- Located within an Opportunity Zone about 45 minutes from Panama City, providing strong financial returns and meaningful economic impact.
- 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.
Property Facts
| No. Units | 38 | Lot Size | 0.57 AC |
| Property Type | Multifamily | Building Size | 65,552 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 2024 |
| Building Class | A |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 0.57 AC |
| Building Size | 65,552 SF |
| No. Stories | 2 |
| Year Built | 2024 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Clubhouse
- Fitness Center
- Pool
- Waterfront
- Smoke Free
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