2045 Third AveSneads, FL 32460

Auctioning this 76-unit LIHTC apartment community in Sneads, Florida. Built in 2001, this two-story, 52,200 square foot building sits on 10.07 acres and boasts a 71% occupancy rate as of September 1, 2024. The property features a clubhouse, common area bathrooms, four laundry facilities, a library, gym, elevator, community kitchen, business center/computer lab, picnic area with grills, and an indoor heated swimming pool with a retractable roof. Unit mix includes 55 one-bedroom/one-bathroom, 13 two-bedroom/two-bathroom, and 8 two-bedroom/two-bathroom units with patios. The property offers significant upside potential through lease-up at increased rents (currently below maximum allowable rents), capital improvements, and hands-on management. Recent improvements include common area wainscot, flooring, and paint, as well as several unit renovations. The roof was replaced within the last five years. Located near US-90 and approximately 6 miles from I-10, this property provides easy access to regional amenities and transportation corridors. Sneads is situated in the Florida Panhandle, near the Georgia border, 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. The asking price is $750,000.