Hatton House Apartments – 76-Unit LIHTC in FL

RI Marketplace Online Auction Oct. 28-30, 2024

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Property Description

Marcus & Millichap is proud to offer for sale Hatton House, a 76-unit LIHTC apartment community located at 2045 3rd Avenue in Sneads, Florida (the “Property”). The ±71.05% occupied Property presents investors an excellent opportunity to acquire an income producing multifamily asset with future upside opportunities through both continued vacancy absorption and increases to max allowable rents. Hatton House, constructed in 2001, is a two-story building totaling ±52,200 rentable square feet, with an average unit size of ±684 square feet. Building amenities include a clubhouse, common area bathrooms, four laundry facilities, library, coffee room, gym, elevator, community kitchen, business center/computer lab, picnic area with grills, and an indoor heated swimming pool with retractable roof. The Property is situated on a ±10.07 acre parcel and offers sufficient parking spaces for residents and guests. All building exteriors are combination brick veneer and vinyl siding. Hatton House offers tenants a variety of different floor plans to choose from and contains fifty-five (55) 1 bed/1-bathroom units, thirteen (13) 2 bed/2-bathroom units, and eight (8) 2 bed/2-bathroom/patio units. Currently ±71.05% occupied, the Property offers significant upside via capital improvements, aggressive lease-up at increased rates, and hands-on management. Sneads is located in the Florida Panhandle, near the Georgia border, in Jackson County. The city benefits from its proximity to key regional amenities and transportation corridors and lies 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, which are popular tourist destinations for fishing, camping, and other outdoor recreation. The Property is adjacent to US-90 and ±6-miles from I-10 offering immediate access to the broader region.

Lamar P. Fisher

Fisher Auction Company Inc. License: AU93 Fisher Auction Co: AB106