Catylist Listing ID: 30823448
Property Subtypes: Low-Rise/Garden
Number of Units: 10 Units
Building Size (RSF): 6,770 SF
Gross Building Area: 25,050 SF
Sale Price: $1,356,000
Unit Price: $135,600 Per Unit
Property Use Type: Investment
Building Name: Banyan Tree Condo
Sale Terms: Cash to Seller
Cap Rate: 7.8%
Average Occupancy Rate: 100
Last Updated: 12/5/2022

Overview / Comments

Incredible investment opportunity in the heart of Fort Myers, FL. Ten units are included in this package; all are two bedrooms with one full bath. All units are currently occupied with annual leases in place. Partial remodel in eight out of ten units. Rents are near market value, generating a very healthy NOI. The current GRM is 10, with a cap rate of 7.8%.

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Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $11,797 (Annual)
Gross Operating Income $135,600 (Annual)
Net Operating Income $105,803 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Cape Coral-Fort Myers
County: Lee
Submarket Type: Suburban
Taxing Authority: City/County
Tax ID/APN: 084425P40200000CE
Zoning: RS-7
Percent Occupied: 100%
Highway Access: Just off Palm Beach Blvd. (SR-80). Close proximity to I-75.
Airports: SouthWest Florida International Airport (RSW)
Total Number of Buildings: 3
Property Condition: Fair
Number of Stories: 2
Year Built: 1985
Construction/Siding: Stucco, Wood Frame
Parking Type: Surface
Total Parking Spaces: 45
Laundry: In Each Unit
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Other
Zoning Description: RS-7
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,942 49,081 105,071
Median Age: 29.88 40.61 42.81
Households: 3,442 18,662 43,768

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