872 Deerwood Ln Chipley, FL 32428

This exceptional 16-unit apartment building in Chipley, Florida presents a compelling investment opportunity. The property, boasting 100% occupancy and a strong 5.5% cap rate, offers a total of 10,658 square feet across two stories. Built in 1982, the property comprises eight one-bedroom/one-bathroom units (550 sq ft each) and eight two-bedroom/one-bathroom units (850 sq ft each), situated on a spacious, tree-lined lot exceeding one acre. Recent significant upgrades exceeding $350,000 have been completed within the last year, encompassing a new septic tank, driveway and parking lot, laundry facility, and a full exterior paint job. The roof was replaced in 2019, and eight units have undergone full renovations, while the remaining eight units have been refreshed with new paint, flooring, and fixtures. This meticulously maintained property enjoys a prime location with convenient access to I-10, local amenities including grocery stores, retail businesses, and restaurants, and abundant employment opportunities. The asking price is $1,900,000, translating to $178.27 per square foot and $118,750 per unit. The property generates a Net Operating Income (NOI) of $104,448. This turnkey investment offers immediate cash flow and significant potential for future growth. Don't miss this chance to acquire a highly desirable multifamily asset in a thriving Northwest Florida market.