3034 Jefferson Street, Marianna, FL 32446

$4,500,000

Virtual Tour

https://www.propertypanorama.com/instaview/spc/1054166

Property Type: Commercial Sale Baths: 84 Square Footage: 51,814 Lot Size (sq. ft.): 192,971 Status: Closed

Current Price: $4,500,000 List Date: 8/11/2025 Last Modified: 3/31/2026

Overview

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.

Listing Details MLS# 1054166

General Property Information

Number Of Units Total: 44
Bathrooms Total: 84
Building Area Total: 51814
Year Built: 2000
Building Name: The Grove Townhome Apartments
Lot Size Acres: 4.43
List Price/SqFt: 96.48
Sold Price/SqFt: 86.85

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

Contract Information

Original List Price: 5496000
Listing Contract Date: 2025-08-11
Start Showing Date: 2025-08-11
Property Sub Type: Multi Family

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

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.

Status Change Information

Major Change Timestamp: 2026-03-31T15:59:21Z
Major Change Type: Status Change
Price Change Timestamp: 2026-01-03T16:31:11Z
Status Change Timestamp: 2026-03-31
Purchase Contract Date: 2026-01-16
Close Date: 2026-03-31
Close Price: 4500000

More Information

Unit 1 Details

Unit ID: 3034
Annual Rent: 52800
Unit SqFt: 806
# Units (This Type): 4
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
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
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): Yes
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): Yes
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): Yes
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): Yes
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): Yes
Furnished: Unfurnished
Unit Remarks: Complex has total of 25 2/1.5 and 15 3/1.5

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.

Construction Materials

Brick: Yes
Frame: Yes
Vinyl Siding: Yes

Cooling

Central Air: Yes

Current Use

Multi-Family: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Lot Features

Many Trees: Yes

Parking Features

Parking Lot: Yes

Possession

Close Of Escrow: Yes

Roof

Shingle: Yes

Sewer

Public Sewer: Yes

Utilities

Water Connected: Yes

Water Source

Public: Yes

Sale Includes

Building & Land: Yes

Documents

Investment Highlights ›

Cost Segregation Benefits ›

Financing Options ›

Listing Office: Denovo Realty

Last Updated: March - 31 - 2026

Information is deemed to be reliable, but is not guaranteed.