The Overlook | 2254 W Highway 98
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The Overlook 2254 W Highway 98
38 Unit Block of Flats £19,750,249 (£519,743/Unit) 8.72% Net Initial Yield Port Saint Joe, FL 32456
Investment Highlights
- The Overlook is a lavish 38-unit waterfront multifamily asset with a heated pool, a barbecue pavilion, a clubhouse, a rooftop area, and beach access.
- Attractive financing options for buyers at an 80.0% LTV purchase financing can be provided at a rate below 7.0% P&I (as of October 29, 2024).
- Anticipate strong returns of 20.0% IRR, 2.45x MOIC based on a five-year hold, with 10.5%+ cash-on-cash annual yield, based on stabilized cash flows.
- Able to accommodate up to 415 guests, with a compelling valuation, and the seller is offering an 8.72% cap rate based on 3rd-party rental projections.
- Located within an Opportunity Zone about 45 minutes from Panama City, providing strong financial returns and meaningful economic impact.
- Downtown Port St. Joe Location: Only 3 minutes from boat launch, 5 minutes to the grocery store and restaurants, and 2 minutes from beach access.
Executive Summary
Seize the investment opportunity to own The Overlook at 2254 W Highway 98, a luxury waterfront apartment community with a total of 38 units comprising 141 bedrooms and accommodating up to 415 guests in the Florida Panhandle. The Overlook community is designed to appeal to both vacationers and long-term residents, offering the perfect blend of modern living and coastal charm. Guests and residents can enjoy a variety of activities, from scalloping and fishing in the bay to relaxing on the private beach while taking in breathtaking sunsets.
The unit mix includes five five-bedroom, three-bath units, 18 four-bedroom, three-bath units, five two-bedroom, one-bath units, and two one-bedroom, one-bath units. Every unit showcases designer finishes, including luxury vinyl tile flooring, quartz countertops, custom tile showers, and GE stainless steel appliances. Balconies are a standout feature, with every bedroom and living room opening onto a private outdoor space offering spectacular views. The interiors are bright and open, enhanced by natural light and premium design elements such as Moen plumbing fixtures, dual vanities, rainfall showerheads, and custom interior doors. Covered parking and storage solutions further add to the convenience.
The property is rich with amenities, featuring a 1,500-square-foot heated pool accompanied by a barbecue pavilion. There is a 400-square-foot rooftop terrace, complete with an outdoor bar and pergola. Additionally, the private clubhouse offers a cozy lounge, meeting rooms for business or social events, and a fully equipped gym. The property also boasts 825 feet of private beach access and scenic bayfront frontage. HOA dues cover essential services, including cable, internet, insurance, pool and clubhouse maintenance, and BBQ pavilion upkeep.
The Overlook community is the closest beachfront community to downtown Port St. Joe, just 45 minutes from Panama City. Downtown Port St. Joe is a picturesque beach town located along the beautiful white sandy beaches of Gulf County, Florida. This location is filled with local shops, dining, and entertainment.
Located in an Opportunity Zone, this property offers attractive 80% LTV purchase financing through partner lenders. Priced at an 8.72% cap rate, the building offers excellent returns over a five-year hold period. For a long-term owner/operator looking to collect on an annual basis, there is a 10.5% or more cash-on-cash yield based on stabilized cash flows. Sellers are willing to provide furniture financing and a Net Operating Income guarantee for the First Year.
The unit mix includes five five-bedroom, three-bath units, 18 four-bedroom, three-bath units, five two-bedroom, one-bath units, and two one-bedroom, one-bath units. Every unit showcases designer finishes, including luxury vinyl tile flooring, quartz countertops, custom tile showers, and GE stainless steel appliances. Balconies are a standout feature, with every bedroom and living room opening onto a private outdoor space offering spectacular views. The interiors are bright and open, enhanced by natural light and premium design elements such as Moen plumbing fixtures, dual vanities, rainfall showerheads, and custom interior doors. Covered parking and storage solutions further add to the convenience.
The property is rich with amenities, featuring a 1,500-square-foot heated pool accompanied by a barbecue pavilion. There is a 400-square-foot rooftop terrace, complete with an outdoor bar and pergola. Additionally, the private clubhouse offers a cozy lounge, meeting rooms for business or social events, and a fully equipped gym. The property also boasts 825 feet of private beach access and scenic bayfront frontage. HOA dues cover essential services, including cable, internet, insurance, pool and clubhouse maintenance, and BBQ pavilion upkeep.
The Overlook community is the closest beachfront community to downtown Port St. Joe, just 45 minutes from Panama City. Downtown Port St. Joe is a picturesque beach town located along the beautiful white sandy beaches of Gulf County, Florida. This location is filled with local shops, dining, and entertainment.
Located in an Opportunity Zone, this property offers attractive 80% LTV purchase financing through partner lenders. Priced at an 8.72% cap rate, the building offers excellent returns over a five-year hold period. For a long-term owner/operator looking to collect on an annual basis, there is a 10.5% or more cash-on-cash yield based on stabilized cash flows. Sellers are willing to provide furniture financing and a Net Operating Income guarantee for the First Year.
Sale Flyer
Property Facts
| Price | £19,750,249 | Apartment Style | Low Rise |
| Price Per Unit | £519,743 | Building Class | A |
| Sale Type | Investment | Lot Size | 0.57 AC |
| Net Initial Yield | 8.72% | Building Size | 65,552 SF |
| Sale Conditions | Portfolio Sale | Number of Floors | 2 |
| No. Units | 38 | Year Built | 2024 |
| Property Type | Residential | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | £19,750,249 |
| Price Per Unit | £519,743 |
| Sale Type | Investment |
| Net Initial Yield | 8.72% |
| Sale Conditions | Portfolio Sale |
| No. Units | 38 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | A |
| Lot Size | 0.57 AC |
| Building Size | 65,552 SF |
| Number of Floors | 2 |
| Year Built | 2024 |
| Opportunity Zone |
Yes |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Clubhouse
- Fitness Centre
- Pool
- Waterfront
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Nearby Amenities
Retail |
||
|---|---|---|
| Cathey's Ace Hardware | Hardware | 14 min walk |
Hotels |
|
|---|---|
| Ascend Collection |
36 rooms
5 min drive
|
PROPERTY TAXES
| Parcel Number | 04430-000R | Improvements Assessment | £0 |
| Land Assessment | £194,145 | Total Assessment | £194,145 |
PROPERTY TAXES
Parcel Number
04430-000R
Land Assessment
£194,145
Improvements Assessment
£0
Total Assessment
£194,145
Sale Advisor
Sale Advisor
Wes Madden, Broker Associate
(850) 231-5042
Contact
As the Chief Operating Officer of northwest Florida's top-selling luxury brokerage – Scenic Sotheby’s International Realty – my number one priority is finding top talent. Throughout my career as the CEO of the top performing real estate team in Alaska, I have brought together and coached a countless number of the best and brightest recruits in the real estate industry and am always looking for associates that can operate under our company's principles while developing their own superpowers. At Scenic Sotheby's International Realty, we are growing, and we're looking to grow, one elite associate at a time. As a retired Army Black Hawk pilot and Global War On Terrorism veteran, I learned that discipline, attention to detail and tenacity are critical to survival. It was also here that I discovered how to seek out solutions to challenges with both confidence and determination as well as how to achieve your very best using your skills and training. I have spearheaded over 5,000 real estate transactions, over one billion dollars in sales, and been honored with countless recognitions including being the number #1 Agent in Alaska from 2009-2016, and one of the Top 25 Real Estate Teams in the Nation out of 1.2 million realtors by the Wall Street Journal and Real Trends Magazine. Not only did I build Madden Real Estate into a real estate powerhouse, but the company was also honored as the Alaska Chamber of Commerce Bill Biven Small Business of the Year. In April of 2017, I successfully negotiated the merger and eventual sale of my company to Dar and Ed Walden of Keller Williams Alaska Group which still operates under Madden Real Estate. Today, in my position at Scenic Sotheby's International Realty, I am excited to share my knowledge and experience of the real estate industry with you as I have the unique opportunity to serve as a non-producing broker. This allows me to mentor those eager to fast-forward their careers rather than compete against them. I will work with you to develop efficient time management skills, communication strategies, understanding the unique needs of your clients, and leveraging your business through people, systems, and technology. If you have a team or desire to grow one, there is no better resource to help mentor you to do so. If you possess a problem-solving mindset and a strong work ethic, while displaying integrity and a willingness to learn, I would love the opportunity to set up a discreet meeting to discuss your interest in our firm. When you are ready to take your business to the next level, I'm ready to hear from you.
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The Overlook | 2254 W Highway 98
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