June 16, 2021
The Multifamily Firm is proud to announce the sale of the Palm Harbor Villas in the Englewood, Florida Sub-Market of Cape Haze. The transaction was an all-cash deal with a short 7-day due diligence period and ultimately closed at the contract price of $400,000 within 16 days of contract execution. Through a rigorous National marketing campaign, the offering generated multiple offers, 206 registered buyers from 30 States, and ultimately sourced a new to market cash buyer.
The Palm Harbor Villas sale consisted of 4 units in 2 wood-frame buildings built in 1984 on 1 parcel of approximately 0.34 acres of land. The offering was a classic value-add opportunity with staggering upside potential of $475/month/unit for the two-bedroom units and $313/month/unit for the one-bedroom units. The property features a favorable unit mix of 50% two-bedroom units with washer/dryer hookups in all units and screened-in lanai’s in all two-bedroom units. Additionally, all the units are separately metered for water & electric, and each building is equipped with highly resilient metal roofs.
The Palm Harbor Villas are located on the West Coast of Florida in Charlotte County, in between Sarasota/Venice to the North and Fort Myers to the South. The location is approximately 10-15 minutes from the Historic Dearborn Street, Manasota Key, Englewood Beach and Boca Grande. A “boaters paradise” the property is within walking distance of 2 resort-like marinas and the Palm Island Ferry & Water Taxi, providing direct access to the Rum Bay Restaurant on Don Pedro Island aka “Palm Island”.
The marketing & sale of the property was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm. For additional information regarding the sale and/or upcoming offerings, contact us directly to join our distribution list for new exclusive listings!
ENGLEWOOD, FL APARTMENT BUILDING SALE HIGHLIGHTS:
- Sale Price: $400,000
- All Cash Deal w/ a Short 7-Day Due Diligence Period
- Sourced a New to Market Cash Buyer that Closed at the Contract Price Inside of 16 Days of Contract Execution
- Rigorous National Marketing Campaign that Generated Multiple Offers & 206 Registered Buyers from 30 States
- Consisted of 4 Units in 2 Wood-Frame Buildings Built in 1984 on 1 Parcel of Approx. 0.34 Acres
- Staggering Upside Potential of $475/Month/Unit for the Two-Bedroom Units & $313/Month/Unit for One-Bedroom Units
- Located Approx. 10-15 mins from the Historic Dearborn Street, Manasota Key, Englewood Beach and Boca Grande in Charlotte County