$1,425,000
Chipley, FL 32428
MLS# 782383
10658 sqft
1 / 39
Property Description
ANOTHER $100,000 PRICE REDUCTION! Deerwood Apartments is a fully occupied 16-unit multifamily asset offering immediate cash flow, significant recent capital improvements, and exceptional upside potential. The property features (8) 1BR/1BA units and (8) 2BR/1BA units, with approximately $350,000 invested in upgrades including a new septic system, new parking lot, full exterior repaint, updated on-site laundry facility (additional income stream), eight fully renovated units, eight refreshed units, and a 2019 roof. Strong in-place income, below-market rents, and minimal near-term capital expenditures create a clear path to increasing NOI. Conveniently located near I-10 and the rapidly growing Hwy 77 corridor with consistent rental demand. Aggressively priced and one of the strongest multifamily values currently available in Northwest Florida.
Details
Maps
Contract Info
List Price/SqFt: 133.7
List Date: 2025-12-05
List Price: $1,425,000
Current Price: $1,425,000
Sub-Type: Multi-Family
Location
Sub Area: 1001 - Washington NE
Community/Resort: None
Waterfront: No
Directions: From the beach, take Hwy 79 to FL 277/Roche Ave and turn right. Turn right on Brickyard Rd and then left on Deerwood Lane.
Area: 10 - Washington County
Street #: 872
Street Name: Deer Wood
Street Suffix: Lane
State: FL
Zip Code: 32428
County: Washington
Subdivision: [No Recorded Subdiv]
Parcel ID: 00000000-00-2072-0008
Legal Description: 8 4 13 1.27 ORB 981 P 367 BEG. 660'E.,337.3' S.OF NWC OF SW1/4 OF SW1/4 OF NW1/4,RUN W 335.7' TO POB, S 294' TO SR 280, W 40', N 180', W 170', N 234.88', E 210', S 120.88 TO POB. AS DESC IN ORB 981 P 367.
General Property Info
List Class: Apartment
Acreage: 1.27
Construction Status: Construction Complete
# of Units: 16
# of Stories in Building: 2
SqFt Tot Bldg: 10658
Year Built: 1982
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: ANOTHER $100,000 PRICE REDUCTION! Deerwood Apartments is a fully occupied 16-unit multifamily asset offering immediate cash flow, significant recent capital improvements, and exceptional upside potential. The property features (8) 1BR/1BA units and (8) 2BR/1BA units, with approximately $350,000 invested in upgrades including a new septic system, new parking lot, full exterior repaint, updated on-site laundry facility (additional income stream), eight fully renovated units, eight refreshed units, and a 2019 roof. Strong in-place income, below-market rents, and minimal near-term capital expenditures create a clear path to increasing NOI. Conveniently located near I-10 and the rapidly growing Hwy 77 corridor with consistent rental demand. Aggressively priced and one of the strongest multifamily values currently available in Northwest Florida.
Office/Member Info
Seller Concessioins: No
Association Amenities
Laundry: 1
Sale Type
As Is: 1
Floors in Unit/Home
Two: 1
Multi-Family
# of Units: 16
Status Change Info
Status: Active
Property Features
Sale Type: As Is
Listing Office: Luxe Coastal Realty Group LLC
Last Updated: July - 15 - 2026
Information deemed reliable but not guaranteed.