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Property Overview

Price/Rent PSF $ 2,071,300.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 15686.00
Date Available 02/04/2020
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Description

Location
The city of Port Charlotte is an unincorporated community in the Charlotte county area with a vibrant nightlife and multiple recognitions for being one of the best places for retirees. The area is mainly residential and agricultural as it is in proximity to Florida’s Gulf Coast; each year bringing in a substantial percentage of new retirees and winter residents. Forbes recently named Port Charlotte one of top “25 Best Places to Retire”. The area has an estimated population of 64,815 and is continuously advancing.

Port Charlotte has a melting pot workforce with both white- and blue-collar jobs, with 13.92% work in sales jobs, 13.55% work in office and administrative support, and 7.64% of people work in management occupations. 19.04% of residents in the city have earned a bachelor’s degree or higher. Just over the last year, Port Charlotte experienced an astounding growth in the job market by over 1.9% and has an estimated growth of 38.9% in the next 10 years. The average household income in 2018 for Port Charlotte was $64,461 and is projected to increase to $77,203 within the next five years.

Recently, there have been incredible development opportunities proposed to the Port Charlotte area. One of the recent development opportunities is the Lost Lagoon, estimated to draw visitors from all around the country. This water, power and telecommunications infrastructure will enhance the productivity with cost-effective advantages designated for the Foreign Trade Zone. In addition, Lely Development Corporation has recently acquired 50 acres designated for just retail and hotels, all creating an employment buzz and economic development that will propel Port Charlotte towards one of the greatest areas in southwest Florida.

Sale
This Build-for-Rent portfolio consists of 10 homes on scattered lots throughout Port Charlotte, FL. Port Charlotte is located about halfway between Sarasota and Fort Myers along the beautiful Gulf Coast and home to the spring training facility for the Tampa Bay Rays. The homes are currently beginning construction and ready to be picked up by the takeout buyer. Although the lots are scattered, they remain relatively central, providing easy and efficient property management to cut down on expenses. The two floor plans being constructed are a mix of 3 and 4 bedrooms, and projected to achieve an average rent of $1.07 per square foot. The builder is also providing the optional opportunity to make the homes net-zero for an additional cost.

The builder is actively involved and experienced with Build-for-Rent, having optimized a handful of floor plans specifically to achieve increased rents. They have the ability to work and scale with an investor to develop these purpose-built communities in many Florida markets. Alternative floorplans are available for future homes with EcoSun Homes.

Location (Click here to view the location on the map.)
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.

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