2254 Highway 98 Port St. Joe, FL 32456

Property Details for 2254 Highway 98

Year built

2024

Property type

Residential income homes

Description

This exceptional 38-unit, multifamily investment opportunity, located at 2254 W Hwy 98, Port St. Joe, FL 32456, presents a compelling proposition for discerning investors. The property, completed in 2024, boasts 65,552 square feet of net rentable space across two stories and offers a diverse unit mix catering to various guest needs: five 5-bedroom/3-bathroom units, eighteen 4-bedroom/3-bathroom units, five 2-bedroom/1-bathroom units, and two 1-bedroom/1-bathroom units, accommodating up to 415 guests. Situated in an Opportunity Zone, this beachfront property enjoys an advantageous location just 45 minutes from Panama City, offering easy access to local amenities and attractions. The property features a 1,500-square-foot heated pool with a BBQ pavilion, a 400-square-foot rooftop terrace with an outdoor bar and pergola, and a private clubhouse with a lounge, meeting rooms, and a fully equipped gym. Residents and guests also benefit from 825 feet of private beach access and scenic bayfront frontage. Each unit showcases designer finishes, including Moen fixtures, luxury vinyl tile flooring, quartz countertops, custom tile showers, and GE stainless steel appliances. Every bedroom and living room opens onto a private balcony offering spectacular views. Covered parking and storage are provided. HOA dues cover cable, internet, insurance, and maintenance of the pool, clubhouse, and BBQ pavilion. The seller is offering attractive financing options, including an 80% LTV purchase financing, and is willing to provide furniture financing and a first-year Net Operating Income guarantee. The property's projected cap rate is 8.72%, with anticipated strong returns over a five-year hold period, including a 10.5%+ cash-on-cash annual yield based on stabilized cash flows. Each unit includes two to four assigned parking spaces.

Location Insight

City

Port St. Joe

County

Gulf

State

Florida

Longitude

-85.3184

Latitude

29.8403