PARADISE GARDENS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Paradise Gardens Apartments. The Property is well located within Cape Coral, FL, is three blocks from Cape Coral Hospital, 14-minutes from the Lee County VA Health Center, and 16-minutes from Lee Memorial Hospital. Furthermore, Paradise Gardens is four blocks from Del Prado Blvd., a major north/south artery that is lined with office buildings and retail centers. The Property was built in 1985 and consists of eight two-bedroom, eight three-bedroom townhome units, with an amenity package featuring a swimming pool and fenced courtyard. Paradise Gardens offers investors the opportunity to acquire an asset with average in-place rents, 30% to 35% below the average rents achieved by all directly comparable properties and located within the 3rd Fastest Growing MSA for 2021-2022, according to US News & World Reporting.

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

16
UNITS

18,968
SQFT

1985
YEAR BUILT

PRICED AT
MARKET BID

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VITAL PROPERTY DATA

  • Property Addresses: 1206 SE 8th Terrace, Cape Coral, FL 33990

  • NUMBER OF UNITS: 16 Units

  • RENTABLE SQUARE FOOT: 18,968 SF

  • AVERAGE UNIT SIZE: 1,186 SF

  • NUMBER OF BUILDINGS: (4) Residential

  • LOT SIZE: 1.04 Acres +/-

  • FINANCING: Free and Clear

RENOVATED ASSET WITHIN A GROWING MARKET

  • Rare Unit Mix Offering Some of the Only Two-Story Townhome Floorplans in the Cape Coral Market

  • Units Already Sub Metered for Water

  • In-Unit Laundry Connections and Appliances

  • Located Within the second ranked “Most Up-and-Coming Cities in America” (Neighbor)

  • Situated Between Three Major Hospitals (3,000+ Employees)

  • In-Place Average Effective Rents are 38% and 33% (2BD and 3BD Respectively) Below the Average of All Rent Comparables

  • Ability to Increase Net Operating Income by 44.63% Within the First Twelve to Fifteen Months Following Acquisition

CENTRALIZED LOCATION TO AREA ATTRACTIONS & EMPLOYERS

  • 1-Minute to Cape Coral Hospital (1,200 + Employees)

  • 6-Minutes to Sun Splash Family Waterpark

  • 8-Minutes to the Pine Island Retail Corridor

  • 9-Minutes to Cape Coral Commons Development (50k SF of Retail)

  • 14-Minutes to Downtown Cape Coral

  • 14-Minutes to Lee County VA Health Center (400+ Employees)

  • 15-Minutes to Downtown Ft. Myers (225+ Businesses)

  • 16-Minutes to Lee Memorial Hospital (1,400+ Employees)

  • 17-Minutes to Page Field Airport (3,328 Employees)

  • 18-Minutes to Florida Southwestern State College (526 Full-Time 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
Jhamil.Moore@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours