500 Kelly Mill Road, Valparaiso, FL 32580 (MLS# 740966)

Multi-Family

Year Built

1986

Building SqFt

71250

# of Units

84

Vacancy Rate

5

Price P/Unit

166071

Cap Rate

6.29

Listing Info, Tax and Legal

HOA Fee

No

Remarks & Misc

Remarks

Riviera Ridge Townhomes enjoys a central Valparaiso location close to Eglin Air Force Base, Northwest Florida State College and various employment, entertainment and dining opportunities. The Property is located just off of John Sims Parkway, the main artery through Valparaiso, leading from Niceville to Eglin AFB in southern Okaloosa County. Riviera Ridge Townhomes contains 84 rental units built in two phases. Initially, Phase I was constructed in 1984 and Phase II was completed in 1986. The complex is comprised of 22 rental buildings, 1 one story maintenance shop and 1 one story office building distributed over 8 acres. The buildings are wood frame construction, with a brick veneer, in an array of exterior styles. Riviera Ridge Townhomes provides a favorable unit mix of 15 one bedroom units and 69 two bedroom units. Units range in size from 725 to 875 square feet, with one bedroom units currently renting for $1,195/month and two bedroom units currently renting for $1,295/month. All apartments include fully appointed electric kitchens and private patios. There is also an on-site central laundry facility that generates additional income. The property's Tenants pay all utilities for their respective residence. Riviera Bay Townhomes, a 36 Door sister property is also available for purchase $5.95M with Riviera Ridge Townhomes as a package deal only and brings the total number of doors to 120. An assumable mortgage and some very attractive seller financing are also available respectively for both of the properties. Northwest Florida, also known as the Florida Panhandle, is a 16-county region that extends along the Gulf of Mexico from Pensacola, on the western border of Florida, to just east of Tallahassee. The region occupies a unique geography in Florida, abutting the southern borders of both Georgia and Alabama, as well as the northwestern boundary of the Florida peninsula. The 16-county region includes nearly one quarter of Florida' s 67 counties and approximately 20% of the state' s land mass. The local military bases and Northwest Florida State college supplement the local apartment market in Okaloosa and Walton counties. The area also has a strong tourist trade that draws up to 4 million annual visitors. The location near the Gulf of Mexico is very desirable for families to vacation and retirees to relocate here. The largest US Air Force base in the world, Eglin AFB, owns and protects a large land area used for test ranges. A financial packet for both of the properties is available upon request.

Construction/Siding

Brick Veneer

Yes

Siding – Vinyl

Yes

Financing

Assume w/int

Yes

Sale Type

As Is

Yes

Business/Property

Laundry Facilities

Yes

Office Area

Yes

Floors in Unit/Home

One

Yes

Offering Type

Sale Only

Yes

Site Description

Landscaped

Yes

Property Features