Perry Apartments Village +14% COC 1st Year

Warren & Company is pleased to offer Perry Apartments Village, a 40-unit community in the heart of downtown Perry, Florida. Built in 1977, the Property provides stable workforce housing with immediate access to US-19/98, Perry’s primary commercial corridor.

PROPERTY PROFILE

3-acres offering privacy and quiet surroundings

40 units across eight (8) two-story buildings

42,745 rentable SF

UNIT MIX

A mix of 1BR, 2BR, and 3BR units broadens tenant demand supporting strong occupancy.

4 × 1BR / 1BA

31 × 2BR / 1BA

5 × 3BR / 2BA

Features and amenities include an on-site office, laundry facility, secure mail center, picnic area, and ample parking. Units have direct entry with private patios or balconies.

All roofs were replaced in Q4 2024.

Located in an Opportunity Zone.

EXCEPTIONAL EQUITY YIELD, SIGNIFICANT RENT GAP
Perry Apartments Village presents a compelling three-pronged value-add opportunity driven by exceptional day-one cash flow and rent growth potential.

Day-One Cash Flow Strategy: At a $4.5M price, a 7.85% going-in cap rate, the property delivers strong cash flow immediately. Initial underwriting indicates favorable financing, including potential full-term interest-only, supporting cash-on-cash returns well above 14% with a comfortable DCR over 1.5. Call for details.

Rent Upside Strategy: The benchmark lease rates for market-rate communities in Perry is 23–48% higher than Perry Apartments Village. Market dynamics justify incremental rent increases while maintaining strong occupancy and staying below the benchmark. Perry Apartments Village’s Class C profile creates a clear opportunity for measured rent increases while remaining competitively priced.

Reinvestment / Light Value-Add Strategy: Surplus operating income allows selective unit refreshes or modest amenity improvements that further support rent growth, all while keeping the property positioned well below Class A competition.

REQUEST NDA TO RELEASE FINANCIALS