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The Grove Townhome Apartments 3034 Jefferson St 44 Unit Apartment Building $5,200,000 ($118,182/Unit) 7.13% Cap Rate Marianna, FL 32446
INVESTMENT HIGHLIGHTS
- B Class 44-unit townhomes,
- Poised for significant NOI growth and expansion potential in Marianna, FL.
- 100% occupied, high demand
EXECUTIVE SUMMARY
The Grove is 100% occupied and offers a rare combination of stabilized income, proven immediate value add, and long-term development potential.
Property Highlights:
$5,200,000 | Takeover NOI $383,133 | 7.37% Cap Rate
44 Units | 51,814 SF on 4.43 acres | R-3 zoning (up to 70 units possible)
100% Occupancy in a high-demand rental market (units lease within ~1 week)
$800,000+ invested in renovations and improvements
Day 1 cash flow with significant value add, through:
Inexpensive conversion of 6x 2-bed floorplans to 3-bed floorplans,
Bring 5x M2M leases to market rent,
Bring all units to market rents (proven with many on-property comps)
Add washer/ dryers and increase rents - units have hookups
Bill back the garbage and pest expense
Introduce pet rents
An adjacent 3-acre R-3 parcel is available for under $100,000, allowing up to 48 additional units.
Preview Video: https://www.youtube.com/shorts/WPD2VNj4E34?feature=share
Why Marianna, Florida Is Poised for Explosive Growth
1. Strategic Tri-State Location
Marianna borders Alabama and Georgia, creating a regional population draw of 1 million+ people within 60 miles. This makes Marianna a natural hub for logistics, retail, workforce housing, and manufacturing.
2. Exceptional Population & Income Growth
* Population: +32.37% since 2020 (4.4% annually)
* Median Income: +37.52% since 2023 (12.5% annual growth)
* Job Growth: +28.6% projected by 2034
Marianna isn’t just growing—it’s accelerating.
3. Housing Market Imbalance = Investor Advantage
A projected 380-unit housing shortage by 2030 in ZIP 32446 supports:
* Strong absorption
* Minimal vacancy
* Consistent rent growth
4. Market Validation: Chick-fil-A Enters Marianna
Opened April 2023, adding 125 jobs and signaling major corporate confidence in the market.
5. Economic Development Momentum
Pulse Industries:?278,000 SF high-tech manufacturing facility at Marianna Airport Industrial Park.
PackEx USA:?New aluminum packaging & bottling plant bringing sustainable manufacturing jobs.
These anchors reinforce long-term employment and population expansion.
6. Investor Takeaways
* Strong demographic trends
* Strong employer base
* Clear housing demand gaps
* Tri-state regional access
* Significant public + private investment
The Big Picture
Marianna is transforming into a regional economic hub with national attention and major investment. The Grove offers the rare combination of stabilization, growth, and development potential—making it a prime early-entry opportunity.
Property Highlights:
$5,200,000 | Takeover NOI $383,133 | 7.37% Cap Rate
44 Units | 51,814 SF on 4.43 acres | R-3 zoning (up to 70 units possible)
100% Occupancy in a high-demand rental market (units lease within ~1 week)
$800,000+ invested in renovations and improvements
Day 1 cash flow with significant value add, through:
Inexpensive conversion of 6x 2-bed floorplans to 3-bed floorplans,
Bring 5x M2M leases to market rent,
Bring all units to market rents (proven with many on-property comps)
Add washer/ dryers and increase rents - units have hookups
Bill back the garbage and pest expense
Introduce pet rents
An adjacent 3-acre R-3 parcel is available for under $100,000, allowing up to 48 additional units.
Preview Video: https://www.youtube.com/shorts/WPD2VNj4E34?feature=share
Why Marianna, Florida Is Poised for Explosive Growth
1. Strategic Tri-State Location
Marianna borders Alabama and Georgia, creating a regional population draw of 1 million+ people within 60 miles. This makes Marianna a natural hub for logistics, retail, workforce housing, and manufacturing.
2. Exceptional Population & Income Growth
* Population: +32.37% since 2020 (4.4% annually)
* Median Income: +37.52% since 2023 (12.5% annual growth)
* Job Growth: +28.6% projected by 2034
Marianna isn’t just growing—it’s accelerating.
3. Housing Market Imbalance = Investor Advantage
A projected 380-unit housing shortage by 2030 in ZIP 32446 supports:
* Strong absorption
* Minimal vacancy
* Consistent rent growth
4. Market Validation: Chick-fil-A Enters Marianna
Opened April 2023, adding 125 jobs and signaling major corporate confidence in the market.
5. Economic Development Momentum
Pulse Industries:?278,000 SF high-tech manufacturing facility at Marianna Airport Industrial Park.
PackEx USA:?New aluminum packaging & bottling plant bringing sustainable manufacturing jobs.
These anchors reinforce long-term employment and population expansion.
6. Investor Takeaways
* Strong demographic trends
* Strong employer base
* Clear housing demand gaps
* Tri-state regional access
* Significant public + private investment
The Big Picture
Marianna is transforming into a regional economic hub with national attention and major investment. The Grove offers the rare combination of stabilization, growth, and development potential—making it a prime early-entry opportunity.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $5,200,000 | Apartment Style | Garden |
| Price Per Unit | $118,182 | Building Class | B |
| Sale Type | Investment | Lot Size | 4.43 AC |
| Cap Rate | 7.13% | Building Size | 51,814 SF |
| Gross Rent Multiplier | 9.48 | Average Occupancy | 100% |
| No. Units | 44 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2000 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3 - R-3 zoning in Jackson County, FL allows mixed residential uses—single-family to multifamily—up to 16 units/acre, with certain conditional uses. | ||
| Price | $5,200,000 |
| Price Per Unit | $118,182 |
| Sale Type | Investment |
| Cap Rate | 7.13% |
| Gross Rent Multiplier | 9.48 |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 4.43 AC |
| Building Size | 51,814 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2000 |
| Opportunity Zone |
Yes |
| Zoning | R3 - R-3 zoning in Jackson County, FL allows mixed residential uses—single-family to multifamily—up to 16 units/acre, with certain conditional uses. |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Yard
- Freezer
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | $1,095 | 806 |
| 2+1.5 | 25 | $1,195 | 1,056 |
| 3+1.5 | 15 | $1,295 | 1,056 |
PROPERTY TAXES
| Parcel Number | 34-5N-10-0437-0000-0080 | Improvements Assessment | $1,690,248 (2024) |
| Land Assessment | $223,425 (2024) | Total Assessment | $1,913,673 (2024) |
PROPERTY TAXES
Parcel Number
34-5N-10-0437-0000-0080
Land Assessment
$223,425 (2024)
Improvements Assessment
$1,690,248 (2024)
Total Assessment
$1,913,673 (2024)
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The Grove Townhome Apartments | 3034 Jefferson St
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