THE WORTHINGTON & SABAL INN APARTMENTS

 
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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Worthington and Sabal Inn Apartments. This portfolio is located in North Fort Myers, FL, just five minutes north of Downtown Fort Myers, and is made up of two assets located directly across the street from one another and totaling 26-units. Currently, the portfolio is fully occupied by tenants backed by the Salvation Army, offering stable and resilient cash flow for an investor. Moving forward, an investor has the opportunity to transition the electricity expense to the tenants with a 30-day notice per the lease terms, which should increase the annual net operating income by roughly $16,000.

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

26
UNITS

9,888
SQFT

1946 & 1950
YEAR BUILT

PRICE
$3,125,000

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VITAL PROPERTY DATA

  • THE WORTHINGTON ADDRESS: 1677 N. Tamiami Trail

  • SABAL INN ADDRESS: 1652 N. Tamiami Trail

  • CITY & STATE: North Fort Myers, FL

  • NUMBER OF UNITS: 26 Units

  • RENTABLE SQUARE FOOT: 9,888 SF

  • THE WORTHINGTON AVERAGE UNIT SIZE: 363 SF

  • SABAL INN AVERAGE UNIT SIZE: 396 SF

  • NUMBER OF BUILDINGS: (4) Residential

  • THE WORTHINGTON LOT SIZE: 1.28 Acres +/-

  • SABAL INN LOT SIZE: 1.99 Acres +/-

  • FINANCING: Free and Clear

STABLE CASH FLOW WITHIN A GROWING MARKET

  • Opportunity to Acquire Two Adjacent Cash Flowing Assets Creating Operational Efficiencies

  • Fully Occupied by Tenants Backed by the Salvation Army, Providing Investors with Stable Collections

  • Concrete Block Construction Across Both Properties

  • Located Within the Fastest Growing U.S. City in 2020 (WalletHub)

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

  • Ability to Switch Electricity Expense Responsibility to Tenants Shortly After Acquisition

  • 19.78% Upside in Net Operating Income by Incrementally Growing Rents and Recapturing In-Place Loss-To-Lease

CENTRALIZED LOCATION TO MAJOR EMPLOYMENT BASES

  • 2-Minutes to Winn-Dixie Supermarket

  • 2-Minutes to Walmart Supercenter

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

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

  • 7-Minutes to the Midtown Redevelopment Area

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

  • 11-Minutes to Edison Mall

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

  • 20-Minutes to Florida Southwestern State College (526 Full-Time Employees)

  • 24-Minutes to Downtown Cape Coral

FORT MYERS/CAPE CORAL: AN EXPANDING ECONOMY

  • #1 Fastest-Growing City in the County 2020 (The Mortgage Report)

  • #1 Fastest-Growing Economy in the U.S. 2020 (WalletHub)

  • #8 Fastest-Growing American City 2020 (USA Today)

  • #20 Hottest Real Estate Market 2020 (Quicken Loans)

  • 22% Population Growth (2010-2018)

  • 33% Employment Growth (2010-2018)

  • Ft. Myers/Cape Coral MSA Population of 754,610

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

Contact an Agent Listed Above to Schedule Property Tours