GOLDEN GATE APARTMENTS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Golden Gate Apartments. Golden Gate is an eight-unit multifamily asset located in the Golden Gate neighborhood of Naples, FL, and has a unit mix comprised of all two-bedroom/two-bathroom floorplans. Locationally, the property offers residents easy access to nearby amenities such as Publix Supermarket, Winn-Dixie, Walgreens, six public and private schools, the Public Library, and the $100 Million Paradise Coast Sports Complex. Furthermore, this opportunity presents an investor with the ability to renovate the unit interiors, and then increase rents to meet the market. Currently, Golden Gate’s rents are 48% below the average of all direct comparables in the Golden Gate neighborhood, which provides the ability for an investor to achieve double-digit cash-on-cash returns upon completion of the interior renovations. Lastly, it is projected that the Golden Gate submarket will realize 19% Year-Over-Year rent growth between Q1 2022 and Q1 2023 according to CoStar Analytics, providing additional upside for an investor into the foreseeable future.

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

8
UNITS

7,168
SQFT

1984 | 1991
YEAR(S) BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses: 4616 Golden Gate Parkway, Naples, FL

    4648 Golden Gate Parkway, Naples, FL

  • NUMBER OF UNITS: 8 Units

  • UNIT MIX: 2BD/2BA (100%)

  • RENTABLE SQUARE FOOT: 7,168 SF

  • AVERAGE UNIT SIZE: 896 SF

  • AVERAGE IN-PLACE RENT: $1,313/month (48% below the avg. market comp)

  • PRO FORMA RENT PROJECTION: $1,875/month (remains lowest in comp set)

  • NUMBER OF BUILDINGS: (2) Residential

  • LOT SIZE: 0.82 Acres +/-

  • FINANCING: Free and Clear

SIGNIFICANT VALUE-ADD POTENTIAL

  • Eight-Unit Multifamily Property Located on Golden Gate Parkway and Directly Across from the Public Library, Sheriff’s Office, and Fire Station

  • Well-Maintained Property with New Roofs, Exterior Doors, and Striped & Sealed Parking Lots

  • High Demand Rental Submarket Realizing 33% YoY Rent Growth and a 99.2% Occupancy Rate in Q1 2022

  • Positioned to Benefit from the Projected 19% YoY Rent Growth Between Q1 2022 and Q1 2023 According to CoStar Analytics

  • Value-Add Opportunity to Achieve Double-Digit Cash-on-Cash Returns Upon Renovating the Unit Interiors

  • $550+ in Rental Upside Through Renovations and Improved Advertising

LOCATED IN NAPLES, FL

  • 1-Minute to Winn-Dixie, Planet Fitness, Walgreens, and More

  • 1-Minute to the Golden Gate Public Library

  • 1-Minute to the Golden Gate Farmers Market

  • 2-Minutes to Golden Gate, Golden Terrace, and Lavern Gaynor Elementary Schools

  • 2-Minutes to Golden Gate Middle School

  • 3-Minutes to St. John Neumann Catholic High School

  • 3-Minutes to Golden Gate High School

  • 4-Minutes to Golden Gate Community Park

  • 5-Minutes the New $100 Million Paradise Coast Sports Complex

  • 5-Minutes to Publix Super Market at Berkshire Commons

  • 6-Minutes to Publix Super Market at Brooks Village

  • 8-Minutes to Walmart Supercenter

  • 11-Minutes to Naples Airport & Naples Zoo

  • 17-Minutes to Downtown Naples and the 5thAvenue Shopping and Dining District, Home to Some of the Finest Fashion, Jewelry, and Art in the South

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

Contact an Agent Listed Above to Schedule Property Tours