Cannon Court Multi-Family Stabilized Class B Asset

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30761803
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 20 Units
Building Size (RSF): 14,250 SF
Gross Building Area: See Agent
Gross Land Area: 1.45 Acres
Sale Price: $2,175,000
Unit Price: $108,750 Per Unit
Property Use Type: Investment
Building Name: Cannon Court Apartments
Sale Terms: Other
Cap Rate: 6.63%
Last Updated: 1/13/2022

Overview / Comments

Beck Partners Investment Sales is pleased to invite investors to review the Investment Offering for Cannon Court Apartments, a 2002 vintage, boutique 20-unit Class B+ asset located in Crestview, FL. The property is strategically located in close proximity to Hwy 85 in the rapidly growing City of Crestview. Cannon Court distinguishes itself from the rest of the Crestview market by providing residents with a safe and affordable living experience in a quiet neighborhood setting strategically located minutes from Hwy 85, I-10, highly rated schools, and abundant retail shopping opportunities. The thoughtful design and product quality of Cannon Court allows for easy management and maintenance. Residents enjoy a common area that includes a gazebo and picnic area; residents also appreciate a controlled access/gated community entrance. Cannon Court represents an exceptional, long-term investment opportunity to acquire a high quality asset with extraordinary potential and future opportunity that will enhance any portfolio.

Long track record of high occupancy
Outstanding 25%+ rent increase in last 2 years.
New roofs installing 2021.
Significant room for value creation through increased rents
Okaloosa County has growth 77% since 1980
At 4% unemployment the county ranks the 3rd best in the State

Attachments & Media

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 07-3N-23-2280-0002-0290
Year Built: 2002
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,300 21,251 42,315
Median Age: 32.47 35.21 35.83
Households: 924 7,840 15,638


Photograph of Listing Agent

Justin A. Beck, CCIM, CPM

Beck Partners CRE, LLC Gulf Coast CMLS Member
Photograph of Listing Agent

Stacy Taylor, CCIM

Beck Partners CRE Gulf Coast CMLS Member
Photograph of Listing Agent

Kylle Shoemaker

Beck Partners CRE, LLC Gulf Coast CMLS Member
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