$4,999,000
Marianna, FL 32446
MLS# 1054166
Status: Active Under Contract
84 baths
1 / 25
Property Description
The Grove has been decisively re-priced to $4.99M, creating one of the most compelling stabilized multifamily opportunities currently available in Northwest Florida. The seller is prioritizing qualified buyers capable of executing a Q1 closing . The Grove is a 100% occupied, 44-unit apartment community that delivers strong in-place cash flow, immediate upside through a light value-add program, and long-term development optionality. Units lease in approximately one week, underscoring the depth of rental demand in this market. At the new price, the property offers: * $4.99M Purchase Price * In-Place NOI: $383,133 * 7.66% Takeover Cap Rate * 8.56% Year-One Cap Rate (NOI modeled with updated property taxes and a new insurance quote) This is not a heavy lift or speculative repositioning. The current owner has already demonstrated rent growth on-site, providing clear proof of concept for the next phase of upside.
Details
Maps
Documents
Contract Information
Start Showing Date: 2025-08-11
Current Price: $4,999,000
Original List Price: 5496000
List Price: $4,999,000
Status: Active Under Contract
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: 96.48
Bathrooms Total: 84
Year Built: 2000
Remarks and Miscellaneous
Public Remarks: The Grove has been decisively re-priced to $4.99M, creating one of the most compelling stabilized multifamily opportunities currently available in Northwest Florida. The seller is prioritizing qualified buyers capable of executing a Q1 closing .
The Grove is a 100% occupied, 44-unit apartment community that delivers strong in-place cash flow, immediate upside through a light value-add program, and long-term development optionality. Units lease in approximately one week, underscoring the depth of rental demand in this market.
At the new price, the property offers:
* $4.99M Purchase Price
* In-Place NOI: $383,133
* 7.66% Takeover Cap Rate
* 8.56% Year-One Cap Rate
(NOI modeled with updated property taxes and a new insurance quote)
This is not a heavy lift or speculative repositioning. The current owner has already demonstrated rent growth on-site, providing clear proof of concept for the next phase of upside.
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
Contingency Reason
Inspection: 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: 2026-01-16T23:41:35Z
Major Change Type: Status Change
Price Change Timestamp: 2026-01-03T16:31:11Z
Status Change Timestamp: 2026-01-16
Contingency: Active Under Contract
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
Contingency Reason: Inspection
Investment Highlights 
Listing Office: Denovo Realty
Last Updated: January - 16 - 2026
Information is deemed to be reliable, but is not guaranteed.