$5,200,000
Marianna, FL 32446
MLS# 1054166
84 baths
1 / 25
Property Description
Welcome to The Grove Townhome Apartments, At $5,200,000, this 44-unit multifamily asset delivers Day 1 cash flow with a $383,133 Takeover NOI and a strong 7.37% cap rate. Situated on 4.43 acres with R-3 zoning (potential to expand up to 70 units), the property is 100% occupied in a high-demand rental market where units lease in roughly one week. Ownership has invested $800,000+ in renovations and improvements, positioning the next buyer for immediate upside through a clear, low-cost value-add plan: convert 6 two-bedroom layouts to three-bedroom units, bring 5 month-to-month leases to market, and push remaining units to proven market rents using on-property comps. Additional rent drivers include adding washer/dryers (hookups in place), implementing trash/pest bill-backs, and introducing pet rent. For longer-term growth, an adjacent 3-acre R-3 parcel may be acquired for under $100,000, allowing up to 48 additional units—a rare expansion opportunity i.
Details
Maps
Documents
Contract Information
Start Showing Date: 2025-08-11
Current Price: $5,200,000
Original List Price: 5496000
List Price: $5,200,000
Status: Active
Listing Contract Date: 2025-08-11
Property Sub Type: Multi Family
Location, Tax, and Legal
Tax Account: 2567847
Parcel Number: 34-5n-10-0437-0000-0080
General County Location: Out of Brevard
Tax Annual Amount: 30150.7
Tax Year: 2024
Directions: From Brevard County, take I-95 N to Jacksonville, merge onto I-10 W toward Tallahassee. Follow I-10 W ~224 miles, take Exit 142 for SR-71 N toward Marianna. Turn right on SR-71 N, then left on US-90 W/Jefferson St. Continue to 3034 Jefferson St., Marianna, FL. Total ~404 miles, about 6 hours.
General Property Information
Number Of Units Total: 44
Building Area Total: 51814
Lot Size Acres: 4.43
Building Name: The Grove Townhome Apartments
List Price/SqFt: 100.36
Bathrooms Total: 84
Year Built: 2000
Remarks and Miscellaneous
Public Remarks: Welcome to The Grove Townhome Apartments, At $5,200,000, this 44-unit multifamily asset delivers Day 1 cash flow with a $383,133 Takeover NOI and a strong 7.37% cap rate. Situated on 4.43 acres with R-3 zoning (potential to expand up to 70 units), the property is 100% occupied in a high-demand rental market where units lease in roughly one week. Ownership has invested $800,000+ in renovations and improvements, positioning the next buyer for immediate upside through a clear, low-cost value-add plan: convert 6 two-bedroom layouts to three-bedroom units, bring 5 month-to-month leases to market, and push remaining units to proven market rents using on-property comps. Additional rent drivers include adding washer/dryers (hookups in place), implementing trash/pest bill-backs, and introducing pet rent. For longer-term growth, an adjacent 3-acre R-3 parcel may be acquired for under $100,000, allowing up to 48 additional units—a rare expansion opportunity i.
Construction Materials
Brick: 1
Frame: 1
Vinyl Siding: 1
Cooling
Central Air: 1
Current Use
Multi-Family: 1
Listing Terms
Cash: 1
Conventional: 1
Lot Features
Many Trees: 1
Parking Features
Parking Lot: 1
Possession
Close Of Escrow: 1
Roof
Shingle: 1
Sewer
Public Sewer: 1
Unit 1 Details
Unit ID: 3034
Annual Rent: 52800
Unit SqFt: 806
# Units (This Type): 4
Baths Total: 1
Furnished: Unfurnished
Unit Remarks: 2/1 Unit 4 total all in building 3034
Unit 2 Details
Unit ID: 4433-4442
Annual Rent: 358500
Unit SqFt: 1056
# Units (This Type): 25
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: 2/1.5 unit (25 total units this type)
Unit 3 Details
Unit ID: 4433-4422
Annual Rent: 233100
Unit SqFt: 1056
# Units (This Type): 15
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: 3/1.5 unit (15 this type)
Unit 4 Details
Unit ID: 4433
Annual Rent: 14340
Unit SqFt: 1056
# Units (This Type): 1
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: Complex has total of 25 2/1.5 and 15 3/1.5
Unit 5 Details
Unit ID: 4434
Annual Rent: 14340
Unit SqFt: 1056
# Units (This Type): 1
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: Complex has total of 25 2/1.5 and 15 3/1.5
Unit 6 Details
Unit ID: 4435
Annual Rent: 14340
Unit SqFt: 1056
# Units (This Type): 1
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: Complex has total of 25 2/1.5 and 15 3/1.5
Unit 7 Details
Unit ID: 4436
Annual Rent: 15540
Unit SqFt: 1056
# Units (This Type): 1
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: Complex has total of 25 2/1.5 and 15 3/1.5
Unit 8 Details
Unit ID: 4437
Annual Rent: 15540
Unit SqFt: 1056
# Units (This Type): 1
Baths Total: 2
Furnished: Unfurnished
Unit Remarks: Complex has total of 25 2/1.5 and 15 3/1.5
Utilities
Water Connected: 1
Water Source
Public: 1
Sale Includes
Building & Land: 1
Location Tax and Legal
Street Number: 3034
Street Name: Jefferson
Street Suffix: Street
County: Jackson
State: FL
Postal Code: 32446
MLS Area Major: 999 - Out of Area
Subdivision Name: None
Status Change Information
Major Change Timestamp: 2025-10-24T18:15:03Z
Major Change Type: Price Reduced
Price Change Timestamp: 2025-10-24T18:15:03Z
Status Change Timestamp: 2025-08-11
Property Features
Construction Materials: Brick; Frame; Vinyl Siding
Cooling: Central Air
Current Use: Multi-Family
Listing Terms: Cash; Conventional
Lot Features: Many Trees
Parking Features: Parking Lot
Possession: Close Of Escrow
Roof: Shingle
Sale Includes: Building & Land
Sewer: Public Sewer
Utilities: Water Connected
Water Source: Public
Investment Highlights 
Listing Office: Denovo Realty
Last Updated: December - 27 - 2025
Information is deemed to be reliable, but is not guaranteed.