FORT MYERS PORTFOLIO
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire the Fort Myers Portfolio. This portfolio is located in a premier area with high barriers to entry, and a limited stock of rental supply, as the vast majority of surrounding residential communities are owner-occupied as winter homes for residents of the Midwest and Northeastern regions of the United States. Additionally, the portfolio is located within minutes of Ft. Myers Beach, Sanibel Island, Lee HealthPark Medical Center (2,600 Jobs), and major retail shopping centers/outlet malls. The Fort Myers Portfolio was built in the 1970’s and 1980’s and has recently undergone major renovations, such as new roofs, windows, central HVAC systems, and utility submeters. It currently operates as a rent by-the-bed, co-living portfolio, successfully offering a large, service-based workforce, while also providing an affordable housing option, with a short commute to countless jobs. For an investor, the portfolio provides the ability to maintain the in-place professional management company, allowing the co-living operations to continue seamlessly. By continuing the co-living operations, an investor can achieve a going-in cap rate of 7%, cash-on-cash returns above 10%, as well as pro forma returns (roughly an 8% cap rate with greater than 13% annual cash-on-cash returns).
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
27
UNITS
21,300
SQFT
1970’s/1980’s
CONSTRUCTION
$4,600,000
ASKING PRICE
7.00%
YEAR-ZERO CAP RATE
VITAL PROPERTY DATA
Property Addresses:
11421 Char Ann Dr., Fort Myers, FL 33908
11441 Char Ann Dr., Fort Myers, FL 33908
11451 Char Ann Dr., Fort Myers, FL 33908
16930 Juanita Ave, Fort Myers, FL 33908
16931 Juanita Ave., Fort Myers, FL 33908
19641 Juanita Ave., Fort Myers, FL 33908
NUMBER OF UNITS: 27 Units
RENTABLE SQUARE FOOT: 21,300 SF
NUMBER OF BUILDINGS: (8) Residential
LOT SIZE: 1.87 Acres +/-
FINANCING: Free and Clear
RENOVATED ASSET WITHIN A GROWING MARKET
Well-Maintained and Renovated Concrete Block Construction
Income Generating On-Site Laundry Facility
Ideally Located to Cater to the Surrounding Medical and Tourism Driven Economy
Positioned at an Intersection With a Combined Average Daily Traffic Count of 56,000 Vehicles
Nine-Minutes from HealthPark Medical Center, Home to Over 2,600 Jobs
Ability to Acquire a Going-In Cash-on-Cash Return Greater than 10%
Opportunity to Retain In-Place Property Management, Allowing an Investor to Seamlessly Continue the Property’s Current Operations
IRREPLACEABLE FT. MYERS BEACH LOCATION
1-minute Publix Super Market
5-minutes to Sanibel Outlets (40 Retail/Department Stores)
7-minutes to Bunche Beach Preserve
8-minutes to Times Square on Estero Island
9-minutes to Lee HealthPark Medical Center (2,600+ Jobs)
12-minutes to Florida Southwestern State College (1,400+ Employees)
13-minutes to Lakes Regional Park
17-minutes to CenturyLink Sports Complex
18-minutes to Gulf Coast Medical Center (1,800+ Employees)
FT. MYERS/CAPE CORAL: AN EXPANDING ECONOMY
#2 Strongest Commercial Real Estate Markets 2021 (NAR)
#3 Fastest Growing Places 2021-2022 (US News & World Reporting)
#8 Fastest Growing Cities in the US 2021 (Rocket Mortgage)
#16 Overall Real Estate Prospects 2021 (PWC/ULI “Emerging Trends)
27% Population Growth (2010-2020)
30% Employment Growth (2010-2020)
Ft. Myers/Cape Coral MSA Population of 790,767
DEAL TEAM CONTACTS
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
Jhamil Moore
Investment Associate
O. (407) 557-3830
Jhamil.Moore@marcusmillichap.com
Alec Neu
Investment Associate
O. (407) 557-3860
Alec.Neu@marcusmillichap.com
Contact an Agent Listed Above to Schedule Property Tours