Investment Overview

Marcus and Millichap is pleased to present to qualified buyers the opportunity to purchase Water’s Edge & Tropic Fair Apartments in Cape Coral, FL. Built in the 1980’s, this meticulously cared for generational asset is seeing the market for the first time in over twenty years. For investors, the main paths of upside within the opportunity are through the in-place below market rents, along with the accelerated growth and development taking place in the immediate area. Altogether, it is believed that an investor has the ability to achieve rental premiums of $233/unit/month (15%) when compared to the average in-place rental rate. Furthermore, this property provides a favorable unit mix, with 92.6% of the units being spacious two-bedroom floorplans. Locationally, the Property is positioned within the heart of Cape Corals largest employers, being adjacent to the Cape Coral hospital, and just blocks from many Cape Coral government offices. Additionally, within a ten-minute drive there are two master-plan developments breaking ground, which collectively account for $1.2 Billion in capital investment into the area. Just one of those developments, the $400 Million Victory Park Development, is expected to create 1,100 full-time jobs, 42% of which will have a median wage of $80,000.