|
INVESTMENT HIGHLIGHTS
THE ASSET: The Somerset Oceanside Apartments are a one hundred thirty (130) unit apartment community. The Property comprises a main apartment complex, which contains ninety-six (96), 2-Bedroom/2-Bathroom units and twenty-eight (28), 1-Bedroom/1-Bathroom units, and a beachfront apartment building containing four (4), 2-Bedroom/1-Bathroom units and two (2) 1-Bedroom/1-Bathroom units. In total, the Property has 123,290 rentable square feet on 5.4 acres of land. The complex features an on-site management office, a fitness center, a swimming pool, on-site maintenance personnel, grilling stations, fire pits, and a private boardwalk to the beach. Units include balconies or patios for every unit, washer & dryer hookups in the 2-Bedroom units, walk-in closets and vaulted ceilings in top floor units, and luxury vinyl plank or tile in living rooms and kitchens.
DESIRABLE LOCATION: The Property is situated on Okaloosa Island, just outside of downtown Fort Walton Beach. The Somerset Oceanside Apartments are part of a conglomerate of residential communities along the Okaloosa Shore that offer incredible beachside access, while still being in close proximity to downtown Fort Walton Beach and a plethora of retail and dining opportunities. The Property is roughly two miles from the Miracle Strip Parkway SE (US Route 98), the area’s primary commercial and commuter corridor, and offers convenient access to the Emerald Coast Rider bus service for Okaloosa County.
DEMOGRAPHICS: Approximately 37,900 people live within 3-miles of the Property with an average household income of $96,900. More than 68,300 people live within 5-miles of the Property with an average household income of $103,062.
| 
