Riviera Ridge Townhomes

500 Kelly Mill Rd, Valparaiso, FL 32580

  • For Sale $12,950,000
  • Property Type Multi-Family
  • Property Size 42,384 SF
  • Units 84
  • Lot Size 214,750 Acre
  • Parking Spaces Avail. 171
  • Parking Ratio 2.00 / 1,000 SF
  • Property Tenancy Multi-Tenant
  • Year Built 1982
  • Year Renovated 2023
  • Date Updated Jan 23, 2024
Riviera Ridge Townhomes enjoys a central Valparaiso location close to Eglin Air Force Base, Northwest Florida State College and various employment, entertainment and dining opportunities. The Property is located just off of John Sims Parkway, the main artery through Valparaiso, leading from Niceville to Eglin AFB in southern Okaloosa County. Riviera Ridge Townhomes contains 84 rental units built in two phases. Initially, Phase I was constructed in 1984 and Phase II was completed in 1986. The complex is comprised of 22 rental buildings, 1 one story maintenance shop and 1 one story office building distributed over 8 acres. The buildings are wood frame construction, with a brick veneer, in an array of exterior styles. Riviera Ridge Townhomes provides a favorable unit mix of 15 one bedroom units and 69 two bedroom units. Units range in size from 725 to 875 square feet, with one bedroom units currently renting for $1,195/month and two bedroom units currently renting for $1,295/month. All apartments include fully appointed electric kitchens and private patios. There is also an on-site central laundry facility that generates additional income. The property's Tenants pay all utilities for their respective residence. Riviera Bay Townhomes, a 36 Door sister property is also available for purchase $5.95M with Riviera Ridge Townhomes as a package deal only and brings the total number of doors to 120. An assumable mortgage and some very attractive seller financing are also available respectively for both of the properties. Northwest Florida, also known as the Florida Panhandle, is a 16-county region that extends along the Gulf of Mexico from Pensacola, on the western border of Florida, to just east of Tallahassee. The region occupies a unique geography in Florida, abutting the southern borders of both Georgia and Alabama, as well as the northwestern boundary of the Florida peninsula. The 16-county region includes nearly one quarter of Florida' s 67 counties and approximately 20% of the state' s land mass. The local military bases and Northwest Florida State college supplement the local apartment market in Okaloosa and Walton counties. The area also has a strong tourist trade that draws up to 4 million annual visitors. The location near the Gulf of Mexico is very desirable for families to vacation and retirees to relocate here. The largest US Air Force base in the world, Eglin AFB, owns and protects a large land area used for test ranges. A financial packet for both of the properties is available upon request.

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Reach out to the broker for more info on lease terms and amenities



Shane Quinlan

Riviera Realty Group

(888) 240-0499


Getting Around

  • Walk Score ®

    17/100 Car-Dependent
  • Bike Score ®

    21/100 Somewhat Bikeable
Powered by Walk Score ®
  • City Valparaiso, FL
  • Neighborhood Valparaiso
  • Zip Code 32580
  • Market Pensacola

Points of Interest

  • Tom Thumb

    2.66 miles

  • Murphy USA

    2.81 miles

  • Texaco

    3.03 miles

  • CEFCO Convenience Store

    3.72 miles

  • Express

    4.34 miles

  • Kangaroo Express

    6.17 miles

  • Exxon

    6.37 miles

  • Tom Thumb

    8.19 miles

  • circle k

    8.64 miles

  • Shell

    8.81 miles

  • Taxi Queue

    3.18 miles

  • Cellphone Lot

    3.23 miles

  • Timber Lake Trailhead

    5.85 miles

  • Timber lake Trailhead

    6.44 miles

  • Comfort Suites

    0.77 miles

  • TownePlace Suites Niceville Eglin AFB Area

    0.85 miles

  • Quality Inn

    0.98 miles

  • Holiday Inn Express

    1.13 miles

  • Hampton Inn Niceville-Eglin AFB

    4.37 miles

  • Tru

    4.41 miles

  • Regency Inn

    6.30 miles

  • Fairfield Inn & Suites Fort Walton Beach-Eglin AFB

    6.77 miles

  • TownePlace Suites Fort Walton Beach-Eglin AFB

    7.75 miles

  • Emerald Grande

    8.99 miles

  • Waffle House

    0.46 miles

  • Taco Bell

    0.81 miles

  • Ruby Tuesday

    1.17 miles

  • Bosner's German Imbiss & Deli

    1.27 miles

  • Dairy Queen

    1.31 miles

  • Compass Rose

    1.66 miles

  • Doc's Oyster Bar

    1.67 miles

  • Taco Town

    1.76 miles

  • The Wharf 850

    1.77 miles

  • Subway

    2.11 miles

  • Edge School

    0.84 miles

  • Edge Elementary School

    0.85 miles

  • Okaloosa STEMM Academy

    0.93 miles

  • Niceville High School

    1.96 miles

  • C W Ruckel Middle School

    2.02 miles

  • Northwest Florida State College

    2.18 miles

  • Addie R Lewis Junior High School

    2.39 miles

  • Addie R Lewis K-8 School

    2.48 miles

  • James E. Plew Elementary School

    2.84 miles

  • Plew Elementary School

    2.89 miles

Frequently Asked Questions

What is the lease rate for Riviera Ridge Townhomes?

Rental asking rate at Riviera Ridge Townhomes is $6,475,000.00/YR.

What is the total square footage of Riviera Ridge Townhomes?

Riviera Ridge Townhomes totals 42,384 square feet.

When was this property built?

Riviera Ridge Townhomes was built in 1982.

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Contact Listing Broker


Shane Quinlan

Riviera Realty Group

(888) 240-0499