Auction - Hatton House Apts | 76-Unit LIHTC | 2045 3rd Ave
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Auction - Hatton House Apts | 76-Unit LIHTC 2045 3rd Ave
76 Unit Apartment Building $750,000 ($9,868/Unit) Sneads, FL 32460
Investment Highlights
- STARTING BID $750,000 | 76-Unit LIHTC Community in Florida | 71% Occupied | AUCTION OCTOBER 28-30, 2024
- ±71% Occupied | Value-Add Opportunity to Increase Rents to Max Allowable as Leases Turn
- 2024 Capital Improvements include Common Area Wainscot, Flooring, Paint, and Several Unit Renovations | Roof Replaced in Last 5 Years
- 76-Unit Age Restricted LIHTC Apartment Building with Direct Proximity to US-90 in North Florida??????
- Current Rents are More than $200 Below Max Allowable Rents
- Building Amenities include Clubhouse, Common Area Bathrooms, Four Laundry Facilities, Library, Gym, Elevator, Community Kitchen, and Indoor Pool
Executive Summary
Marcus & Millichap is proud to offer for sale Hatton House, a 76-unit LIHTC apartment community located at 2045 3rd Avenue in Sneads, Florida (the “Property”). The ±71.05% occupied Property presents investors an excellent opportunity to acquire an income producing multifamily asset with future upside opportunities through both continued vacancy absorption and increases to max allowable rents.
Hatton House, constructed in 2001, is a two-story building totaling ±52,200 rentable square feet, with an average unit size of ±684 square feet. Building amenities include a clubhouse, common area bathrooms, four laundry facilities, library, coffee room, gym, elevator, community kitchen, business center/computer lab, picnic area with grills, and an indoor heated swimming pool with retractable roof. The Property is situated on a ±10.07 acre parcel and offers sufficient parking spaces for residents and guests. All building exteriors are combination brick veneer and vinyl siding. Hatton House offers tenants a variety of different floor plans to choose from and contains fifty-five (55) 1 bed/1-bathroom units, thirteen (13) 2 bed/2-bathroom units, and eight (8) 2 bed/2-bathroom/patio units. Currently ±71.05% occupied, the Property offers significant upside via capital improvements, aggressive lease-up at increased rates, and hands-on management.
Sneads is located in the Florida Panhandle, near the Georgia border, in Jackson County. The city benefits from its proximity to key regional amenities and transportation corridors and lies approximately 50 miles west of Tallahassee and 50 miles east of Dothan, Alabama. Nearby attractions include Three Rivers State Park, Jim Woodruff Dam, and Lake Seminole, which are popular tourist destinations for fishing, camping, and other outdoor recreation. The Property is adjacent to US-90 and ±6-miles from I-10 offering immediate access to the broader region.
Lamar P. Fisher, Auctioneer
Fisher Auction Company Inc.
License: AU93
Fisher Auction Co: AB106
Hatton House, constructed in 2001, is a two-story building totaling ±52,200 rentable square feet, with an average unit size of ±684 square feet. Building amenities include a clubhouse, common area bathrooms, four laundry facilities, library, coffee room, gym, elevator, community kitchen, business center/computer lab, picnic area with grills, and an indoor heated swimming pool with retractable roof. The Property is situated on a ±10.07 acre parcel and offers sufficient parking spaces for residents and guests. All building exteriors are combination brick veneer and vinyl siding. Hatton House offers tenants a variety of different floor plans to choose from and contains fifty-five (55) 1 bed/1-bathroom units, thirteen (13) 2 bed/2-bathroom units, and eight (8) 2 bed/2-bathroom/patio units. Currently ±71.05% occupied, the Property offers significant upside via capital improvements, aggressive lease-up at increased rates, and hands-on management.
Sneads is located in the Florida Panhandle, near the Georgia border, in Jackson County. The city benefits from its proximity to key regional amenities and transportation corridors and lies approximately 50 miles west of Tallahassee and 50 miles east of Dothan, Alabama. Nearby attractions include Three Rivers State Park, Jim Woodruff Dam, and Lake Seminole, which are popular tourist destinations for fishing, camping, and other outdoor recreation. The Property is adjacent to US-90 and ±6-miles from I-10 offering immediate access to the broader region.
Lamar P. Fisher, Auctioneer
Fisher Auction Company Inc.
License: AU93
Fisher Auction Co: AB106
Property Facts Under Contract
| Price | $750,000 | Building Class | B |
| Price Per Unit | $9,868 | Lot Size | 10.07 AC |
| Sale Type | Investment | Building Size | 52,200 SF |
| No. Units | 76 | Average Occupancy | 74% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2001 |
| Apartment Style | Low Rise |
| Price | $750,000 |
| Price Per Unit | $9,868 |
| Sale Type | Investment |
| No. Units | 76 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 10.07 AC |
| Building Size | 52,200 SF |
| Average Occupancy | 74% |
| No. Stories | 2 |
| Year Built | 2001 |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Kitchen
- Refrigerator
- Range
- Walk-In Closets
- Wheelchair Accessible (Rooms)
Site Amenities
- Business Center
- Clubhouse
- Fitness Center
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Breakfast/Coffee Concierge
- Gameroom
- Grill
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 62 | - | 632 |
| 2+2 | 14 | - | 896 - 978 |
PROPERTY TAXES
| Parcel Number | 27-4N-07-0000-0040-0030 | Improvements Assessment | $1,869,916 |
| Land Assessment | $105,735 | Total Assessment | $1,975,651 |
PROPERTY TAXES
Parcel Number
27-4N-07-0000-0040-0030
Land Assessment
$105,735
Improvements Assessment
$1,869,916
Total Assessment
$1,975,651
zoning
| Zoning Code | COMM (Commercial) |
| COMM (Commercial) |
Contacts
-
Adam Sklaver -
Matthew Prozzillo -
Benjamin Skinner -
Philip Kates -
Kyle Hynes -
Ryan Nee -
Marcus & Millichap
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Auction - Hatton House Apts | 76-Unit LIHTC | 2045 3rd Ave
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