|Price/Rent PSF||$ 5,020,000.00|
|SQ. FT. Available||35,126|
Southwest of Tallahassee is the city of Carrabelle, located in Franklin County along Florida’s Panhandle in the United States. The town has a 2017 population estimate of 2,503 residents. Carrabelle is located so incredibly close to the mouth of the Carrabelle River on the Gulf of Mexico; the town is full of nautical charm. As three pristine rivers converge at Carrabelle and connect at the Gulf, this provides residents access to unstressed salt and freshwater fishing grounds. A full-service airport provides for recreational flying as well as easy access to the area. In addition, residents will find that the city is relatively quiet. This is because it is not overpopulated. Carrabelle is a melting pot of jobs, the largest areas being food service (12.93%), sales jobs (10.54%), and healthcare (9.18%).
Florida is widely known as the Sunshine State, but it is also well-known for its business-friendly environment offering low corporate income tax rates and no personal income tax. Low taxes combined with a lower cost of living than other metro areas contribute to these rankings. The state's proximity to the ocean influences multiple aspects of Florida culture and daily life. Tourism is one of the largest sectors of the state economy, pulling in nearly 1.4 million visitors in 2016. Tourism, manufacturing, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state’s economic development. Florida’s GDP in 2016 was $216 billion- making it the fourth largest economy in the United States.
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This 21 Home SFR Investment Portfolio opportunity located in St. James Bay Florida offers an investor immediate cash flow. This gated Community is located at St James Bay Golf and Residential community 6 miles East of Carrabelle.in the outer Tallahassee market area. This 21 Home SFR Investment Portfolio can be packaged for an investor with any of our other portfolios in Florida as well as throughout the country. The homes in this portfolio were all built in 2006 and offers an average of 1673 sqft per home. There are 11 - 2 bed / 2 bath homes and 10 – 3 bed / 3 bath homes. These well laid out floor plans range from 1574-1794 livable square feet, averaging 1673 SF in total. Rental rates throughout the portfolio are 2% below market rates, which are continuing to climb in this submarket and will continue bringing increased cash flow to investors bottom line over the years. Renters occupy 44% of St James Bay's housing market.
Single-family detached homes are the single most common housing type in St James Bay. As part of this quiet, scenic gated community, Condo residents also have access to the St. James Bay Recreational Facility including the fishing pier, playground, picnic pavilions, clubhouse, restaurant, community pool, tennis courts, and bay access. The median list price per square foot in Franklin County is $238 which is 40% higher than the $143 asking price per square foot of this portfolio. This neighborhood's median real estate price is $412,358, which is more expensive than 83.6% of the neighborhoods in Florida and 78.1% of the neighborhoods in the U.S, It is also 42% higher than the asking price per home of this portfolio of $239,048, making this a great investment opportunity. St James Bay home values have gone up 8.1% over the past year and are predicted to rise 13.9% within the next year.
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