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Spanish Trace Apartments 2 Properties Offered at $2,650,000 in Niceville, FL
INVESTMENT HIGHLIGHTS
- 14-unit mixed-use property, consisting of 12 residential units and 2 commercial units, located in Niceville, FL.
- The asset overlooks the Boggy Bayou, which has direct access to the Choctawhatchee Bay, where many utilize it for water sports.
- Located approximately 10 minutes from the Eglin Air Force Base and Destin-Fort Walton Beach Airport.
- Adjacent 0.85-acre parcel can be utilized to either build additional units or add additional amenities.
- Located within the City of Niceville Community Redevelopment Agency (CRA) plan, which offers availability of grant funds to revitalize properties.
- For more information, please sign and the below confidentiality agreements and email to Andrew Green (andrew.green@seacrestadvisors.com)
EXECUTIVE SUMMARY
Spanish Trace Apartments is a 14-unit mixed-use property located in Niceville, Florida, comprising twelve residential units and two commercial units. The asset was built in 1973 with durable concrete construction and is situated on 0.95 acres. Additionally, the property is being offered with an adjacent 0.85-acre parcel, which could be utilized for on-site amenities or to potentially build additional units.
The property is located within the Niceville Community Redevelopment Area (CRA), which is focused on revitalizing the region through the strategic use of public funds. Spanish Trace also benefits from the prime visibility facing John Sims Parkway, a major thoroughfare in Niceville, which has great access to the Destin-Fort Walton Beach Airport, State Road 293, and several nearby retail destinations. Overlooking the scenic Boggy Bayou, the property provides residents with easy access to recreational activities on the Choctawhatchee Bay.
Spanish Trace offers a new owner a compelling opportunity to enhance the value through the utilization of the excess land, exterior renovations with the potential cooperation through the CRA, and through light interior unit upgrades.
For more information, please sign and the below confidentiality agreements and email to Andrew Green (andrew.green@seacrestadvisors.com)
The property is located within the Niceville Community Redevelopment Area (CRA), which is focused on revitalizing the region through the strategic use of public funds. Spanish Trace also benefits from the prime visibility facing John Sims Parkway, a major thoroughfare in Niceville, which has great access to the Destin-Fort Walton Beach Airport, State Road 293, and several nearby retail destinations. Overlooking the scenic Boggy Bayou, the property provides residents with easy access to recreational activities on the Choctawhatchee Bay.
Spanish Trace offers a new owner a compelling opportunity to enhance the value through the utilization of the excess land, exterior renovations with the potential cooperation through the CRA, and through light interior unit upgrades.
For more information, please sign and the below confidentiality agreements and email to Andrew Green (andrew.green@seacrestadvisors.com)
PROPERTY FACTS
| Price | $2,650,000 | Number of Properties | 2 |
| Price / SF | $130.79 / SF | Individually For Sale | 0 |
| Cap Rate | 7.01% | Total Building Size | 20,262 SF |
| Sale Type | Investment | Total Land Area | 1.80 AC |
| Status | Under Contract |
| Price | $2,650,000 |
| Price / SF | $130.79 / SF |
| Cap Rate | 7.01% |
| Sale Type | Investment |
| Status | Under Contract |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 20,262 SF |
| Total Land Area | 1.80 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
John Sims Parcel
157 John Sims Pky W, Niceville, FL 32578 |
Land | 0.85 AC | - | - |
|
Spanish Trace Apartments
203 John Sims Pky, Niceville, FL 32578 |
Multifamily | 20,262 SF | 1973 | - |
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