Waterfront home with six rental cottages | 9661 Navarre Pky
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Waterfront home with six rental cottages 9661 Navarre Pky
7 Unit Apartment Building $2,999,999 ($428,571/Unit) Navarre, FL 32566
Investment Highlights
- Waterfront with sandy beach
- 2.1 acre high dry and level waterfront lot
- No flood insurance required
Executive Summary
***INVESTOR ALERT***Now on the market is one of the most unique waterfront properties in Navarre. Over 2 acres on the sound with 229 feet of sandy beach, high and dry flat level lot, vast majority of the property is in flood zone X. This investment property has a 1701 square foot main home on the water with SIX additional 2 bedroom/1 bath 738 sqft renovated fully furnished cottages that provide instant income. You will not find many properties like this on the Florida Panhandle. The wonderfully remodeled concrete block cottages at this gated property are currently rented through AirBnB. The property also features plenty of room for parking RVs, beautiful live oaks, breathtaking water views, and so much more. This property has gone through an extensive remodel and overhaul. Some of the improvements include: Brand new lift station serving the 6 cottages, full new plumbing work and fixtures, walk in showers added, new sewer line into the cottages, all new wiring including panels and meters, roofs and trusses replaced, HVAC systems, impact windows, luxury vinyl floors, quartz countertops, appliances, the list goes on and on. Last year rental income was $145k with four of the cottages renovated, now all six of the are completed and now being rented. Currently the owner does not do same day turnovers and does not rent during the winter months so more rental income could be generated. The main home could also be rented out, lived in, or provide housing for an onsite manager. Properties like this simply do not come around very often!
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts Under Contract
| Price | $2,999,999 | Building Class | C |
| Price Per Unit | $428,571 | Lot Size | 2.10 AC |
| Sale Type | Investment | Building Size | 6,129 SF |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1955/2023 |
| Property Subtype | Apartment | Parking Ratio | 0.49/1,000 SF |
| Apartment Style | Single Family Home |
| Price | $2,999,999 |
| Price Per Unit | $428,571 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Building Class | C |
| Lot Size | 2.10 AC |
| Building Size | 6,129 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1955/2023 |
| Parking Ratio | 0.49/1,000 SF |
Unit Amenities
- Air Conditioning
Site Amenities
- Waterfront
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | 738 |
| 3+2 | 1 | - | 1,701 |
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zoning
| Zoning Code | R1 (Currently zoned Residential multifamily) |
| R1 (Currently zoned Residential multifamily) |
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Waterfront home with six rental cottages | 9661 Navarre Pky
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