CACTUS FLOWER APARTMENTS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Cactus Flower Apartments in Fort Myers, FL. Cactus Flower Apartments provides investors with a rare opportunity, as this complex is located minutes from Downtown Fort Myers Commercial Business District and has not seen the market since the early 2000’s. Given that, it provides investors with multiple facets of interior, exterior, and operational upsides. Cactus Flower Apartments Consists of 10 two-bedroom one-bathroom units with approximately 706 rentable square feet. Within those facets up upside, you will see the opportunity to increase average effective rents by 92% and increase your top-line revenue by 70% within the first seven-months of ownership.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

10
UNITS

7,056
SQFT

1972
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses: 1761 Fowler Street, Fort Myers, FL

  • NUMBER OF UNITS: 10 Units

  • RENTABLE SQUARE FOOT: 7,056 SF

  • AVERAGE UNIT SIZE: 706 SF

  • NUMBER OF BUILDINGS: (10) Residential

  • LOT SIZE: 1.14 Acres +/-

  • FINANCING: Free and Clear

10-UNIT ASSET WITH IMMEDIATELY ATTAINABLE UPSIDE

  • Highly Desirable Concrete Block Asset Consisting of all 2x1 Units Built in 1972

  • Potential to Increase Average Effective Rents 92% Upon Completion of a Property-Wide Renovation Plan Due to the Seller Having Owned the Asset for 17-Years

  • Opportunity to Increase Top-Line Revenue (GPR) by 70% Within the First Seven-Months of a Buyer’s Ownership Period (See Page 20)

  • Property is Centrally Located to Many of the Major Employers in the Lee County Area (Lee County Government Headquarters, Lee Memorial Hospital, Lee County School District; Containing an Employment Base of 23,000+ Employees)

CENTRALIZED LOCATION TO AREA ATTRACTIONS & EMPLOYERS

  • 2-Minutes to Downtown Fort Myers

  • 2-Minutes to Dean Park Historic District

  • 2-Minutes to Millennial Brewing Company

  • 2-Minutes to the IMAG History & Science Center

  • 2-Minutes to the Midtown Redevelopment Area

  • 4-Minutes to Lee County Local Government Headquarters (Employs 9,000+ Throughout Lee County)

  • 5-Minutes to Terry Park Sports Complex

  • 8-Minutes to Lee Memorial Hospital (1,100+ Employees)

  • 9-Minutes to LeeSar/Cooperative Services of Florida (500+ Employees)

  • 11-Minutes to Lee County School District Headquarters (Employs 13,500+ Throughout Lee County)

  • 13-Minutes to Lee County VA Clinic (200+ Employees)

  • 14-Minutes to Chico’s Fas Headquarters (1,100+ Employees)

FORT MYERS/CAPE CORAL MSA: AN EXPANDING ECONOMY

  • #1 Nationally for Quarterly Effective Rent Growth Out of 150 Markets (RealPage)

  • #2 Most Up-And-Coming Cities in America

  • #3 Fastest Growing Places 2021-2022 (US News & World Reporting)

  • #6 Emerging Housing Markets Index 2022 (WSJ/Realtor.com)

  • #8 Fastest Growing Cities in the US 2021 (Rocket Mortgage)

  • #10 Downtown Fort Myers – America’s Hottest Neighborhoods of 2022 (Redfin)

  • 27% Population Growth (2010-2020)

  • 30% Employment Growth (2010-2020)

  • Ft. Myers/Cape Coral MSA Population of 790,767

DEAL TEAM CONTACTS

Alec Neu
Investment Associate
O. (407) 557-3860
Alec.Neu@marcusmillichap.com

Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com

Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours