240 Clarence Avenue, Other, FL Other (MLS# 900407)

240 Clarence Avenue, Other, FL Other

$8,700,000

Property Type: Commercial for Sale Lot Size (sq. ft.): 326,700 Status: Sold

Current Price: $9,500,000 List Date: 6/06/2022 Last Modified: 10/13/2024

Description

Welcome to Mona Lisa Apartments! This property, nestled between New LLano and Leesville, offers the multifamily investor an opportunity to acquire a well-maintained asset located in a limited supply submarket with a higher than average rental base. Additionally, this asset has a rent delta of $134-$164 on average per unit vs. the market leading assets and should be able to easily close the gap with a limited value add campaign and management push to maximize returns.

More Information MLS# 900407

None

Current Price: $8,700,000

Status Change Info

Status: Sold Under Contract Date: 2022-11-05 Sold Date: 2022-11-05 Sold Price: $8,700,000

Contract Info

GCCMLS Number: 30803833 List Date: 2022-05-23 List Price: $9,500,000 Listing Board: Emerald Coast

Location Tax and Legal

Area: 30 - Other Counties Street #: 240 Street Name: Clarence Street Suffix: Avenue State: FL Zip Code: Other County: Other Parcel ID: N/A

General Property Info

Listed on GCCMLS: Yes Description: Mona Lisa Apartments Acreage: 7.5 Lot SqFt: 115004

Income Producing

Year Built: 1987 Building SqFt: 115004 Price P/SqFt: 79 Cap Rate: 5.6 Property Type: Multi-Family

Multi-Family

Year Built: 1987 Building SqFt: 115004 # of Units: 144 Price P/SqFt: 79 Vacancy Rate: 1 Cap Rate: 5.6 # Buildings: 16 # Stories/Buildings: 2

Lot Features

Coastal Barrier Zone: No

Other

# of Units: 144

Property Features

Class: Income Producing; Multi-Family; Other Construction Status: Existing

Listing Office: Coastal Luxury

Last Updated: October - 13 - 2024

All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2020 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.