Perry Apartments Village
8.6 CAP on In-Place Income
Marketing description
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.
Investment highlights
EXCEPTIONAL EQUITY YIELD, SIGNIFICANT RENT GAP
Perry Apartments Village presents a compelling value-add opportunity driven by exceptional day-one cash flow and rent growth potential.
Day-One Cash Flow: Lender Underwriting supports a wide variety of financing options including 2-yr and 5-yr interest-only, resulting in cash-on-cash returns.
Rent Upside: Located just 0.2 miles from Perry Apartments Village, The Grove at Perry—the only other market-rate community in the area—is a new construction property charging 23–48% higher lease rates. One-bedroom units are offered at $899 versus $1,160 at The Grove, two-bedrooms at $1,135 versus $1,328, and three-bedrooms at $1,350 versus $1,680. Perry Apartments Village’s Class C profile creates a clear opportunity for measured rent increases while remaining competitively priced.
Reinvestment / Light Value-Add: 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
SELLER WILL NOT HOLD A NOTE
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