240 Clarence Avenue, Other, FL
$8,700,000
Property Type:
Commercial for Sale
Lot Size (sq. ft.):
326,700
Status:
Sold
Current Price:
$8,700,000
List Date:
6/06/2022
Last Modified:
10/13/2024
Overview
Description
Listing Details MLS# 900407
Status Change Info
- Under Contract Date
- 2022-11-05
- Sold Date
- 2022-11-05
Contract Info
- GCCMLS Number
- 30803833
- Listing Board
- Emerald Coast
Location Tax and Legal
- Area
- 30 - Other Counties
- Street #
- 240
- Street Name
- Clarence
- Street Suffix
- Avenue
- State
- FL
- 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
More Information
Multi-Family
- Year Built
- 1987
- Building SqFt
- 115004
- # of Units
- 144
- Price P/SqFt
- 79
- Vacancy Rate
- Yes
- Cap Rate
- 5.6
- # Buildings
- 16
- # Stories/Buildings
- 2
Lot Features
- Coastal Barrier Zone
- No
Other
- # of Units
- 144
Location, Tax and Legal
- Sub Area
- 3006 - Other Counties
- Property Name
- Mona Lisa Apartments
- Legal Description
- N/A
Listing Info, Tax & Legal
- As Is
- No
Remarks & Misc
- Remarks
- 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.
Class
- Income Producing
- Yes
- Multi-Family
- Yes
- Other
- Yes
Construction Status
- Existing
- Yes
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© 2026 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.