July 6, 2019
The Multifamily Firm is proud to announce the sale of the Gasparilla Palms Apartments in Rotonda West Florida. The sale was one of the lowest CAP Rate sales achieved for an apartment building in Charlotte County and closed at 95% of asking price with an out of state 1031 buyer. The marketing of the property generated multiple offers and 235 registered buyer during our marketing campaign! Gasparilla Palms consists of 8 total units, built in 2006 with solid concrete block construction, on one parcel of land. The property is comprised of Eight 2 bedroom / 2 bathroom units, which all provide approximately 1,328 square feet of living space per unit. Each unit has a spacious screened-in lanai that overlooks a tranquil wide fresh water canal and is fitted with granite counter-top kitchens, stainless steel appliances & washer/dryers. Gasparilla Palms is equipped with fourteen individual one-car garages and a newly constructed fenced-in pool with a lounge/BBQ area.
Rotonda West is a peaceful, planned community situated near the beautiful Gulf of Mexico in southwest Florida; located mid-way between Sarasota and Fort Myers in Charlotte County. The community contains 8,000+ home sites with over 5,000+ homes completed and is experiencing rapid growth. Rotonda West is approximately 7 miles South of Manasota Key, and 11 miles North of Boca Grande. The location features 7 beautiful Golf & Country Clubs within a 2 mile radius. All said, Rotunda West is an up and coming area of South-West Florida that offers attractive development land costs relative to other submarkets on the West Coast of Florida. As a result, an owner / developer has flexibility on the timing of development activity and may implement additional units as relative to rental market demands.
For additional information about this sale, please contact us to coordinate a time to discuss further.