Investment Overview

Marcus & Millichap is pleased to present the offering of The Rose Garden of Fort Myers located at 2117 Earl Road, Fort Myers, Florida. The building is approximately 58,061± square feet situated on 4.29± acres and offers an independent living community. The property was constructed in 2015 and opened in 2016. The facility consists of 109 units offering studios, deluxe studios and one-bedroom apartments. There are units available for dual occupancy, two tenants. For those opting for this arrangement, there is an additional resident fee of $1,000, combined with the standard $1,500 Entry Fee, adding additional revenue beyond the base rental income for an investor. The monthly rental rates for the apartments range from $2,095 to $2,595 depending on the specific apartment size and features. The varying price range allows residents to choose the best option for their needs and budget. This investment allows an investor the opportunity to achieve high yields in a prime retirement state that has seen explosive growth over the last decade and the upside potential to increase rents to the market rate during their holding period as the projected stabilized rents in this offering are below what competing Independent Living facilities are charging in the Florida market. The property features a square U-shaped layout, with resident rooms lining both sides of double-loaded corridors. Each resident room includes a bathroom equipped with a sink, toilet, and walk-in shower, as well as a closet. Upon entering The Rose Garden, residents will step into a beautifully adorned common area featuring a welcoming lobby, reception space, a theater, an activity room, a spiritual room, offices, a conference room, a communal dining area, and a fully equipped commercial kitchen. The northwest wing houses the laundry and mechanical rooms alongside an extra activity room. There is a full-service beauty salon and barbershop. A stylist rents space within the community and charges a fee for their services. Residents can enjoy the computer room, TV room, party space, and the garden and patio area.