Downtown Cape Coral Redevelopment Opportunity

Special Purpose for Sale
Catylist Listing ID: 30769419
Building Size (RSF): 6,394 SF
Gross Building Area: See Agent
Gross Land Area: 0.75 Acres
Sale Price: $3,000,000
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 11/5/2021

Overview / Comments

Downtown Cape Coral Redevelopment Opportunity located on the most sought-after area in Cape Coral. The site consists of two existing office buildings and vacant lot totaling .75 acres of developable land located on 47th And SE 9th. The City has approved a 3.9 acre mixed-use development directly across the street called “The Cove on 47th” formally known as “Village Square” and plans to break ground on the 66M dollar development in early 2022. The Cove project consists of approximately 290 apartment units, 19,000 square feet of restaurant space including a rooftop bar. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. There are plenty of approved uses including ground floor retail and multifamily development up to 10 stories and 125 units per acre. The South Cape CRA’s mission is to facilitate a vibrant urban village where people of all ages will live, work, shop, dine, and be entertained.

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Additional Details

Nearest MSA: Cape Coral-Fort Myers
County: Lee
Tax ID/APN: 074524C4003540250
Property Located Between: On the corner of SE 47th Terrace and SE 9th Place one block North of Cape Coral Pkwy.
Property Visibility: Excellent
Largest Nearby Street: Cape Coral Parkway
Airports: 17.8 miles to RSW
Site Description: Currently Zoned South Cape Downtown District (SC). The Cove at 47th mixed-use project across the street will start development in 2022. Lee Health to add a 47,000 square foot medical office space to the South Cape. Excellent Location in downtown Cape Coral CRA with available financial incentives such as Tax Increment Financing (TIF). 20 million- plus sewer upgrade project starting spring of 2022 to support vertical development throughout the CRA. City of Cape Coral offering incentives to attract new businesses to Cape Coral.
Area Description: Cape Coral Recently Picked as Top 10 Commercial real estate markets and named among top growth spots in US and comes in at #5 for population increase from 2010-2020 The property is surrounded by retail, restaurants, office, breweries, and within the entertainment district.
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Good
Lot Frontage: 121
Lot Depth: 258
Water Service: Municipal
Sewer Type: Municipal
Legal Description: CAPE CORAL UNIT 8 BLK 354 PB 13 PG 4 LOT 20 THRU 24 & CAPE CORAL UNIT 8 BLK.354 PB 13 PG 4 LOTS 25 + 26 & CAPE CORAL UNIT 8 BLK.354 PB 13 PG 4 LOT 27

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,056 64,886 175,651
Median Age: 52.2 50.82 48.52
Households: 4,582 29,643 79,182

Contact

Photograph of Listing Agent

Jacklyn Rogers

Re/Max Trend
SWFLCA Member
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