Investment Overview

Marcus & Millichap has been exclusively retained to offer for sale the fee simple interest in the 1990 S. Fletcher Avenue, a +/- 0.49-acre oceanfront site located in Fernandina Beach, Florida, on the northernmost point of Florida's Atlantic Coast. Fernandina Beach is located on Amelia Island within the greater Jacksonville area and is one of the premier leisure destinations in Florida, with a market RevPAR approaching $200. Currently on the site in an existing 6-unit apartment complex that would be instrumental in offsetting carrying costs for a developer targeting a longer hold period. The property currently has vacancy due to a long-term owner who has not prioritized leasing the building. See separate financial analysis document contained in the deal room. Directly adjacent to the north of the subject property is an oceanfront, +/- 0.79-acre, two-parcel property at 1962 and 1974 S. Fletcher Avenue, which is also offered for sale as an assemblage. These two adjacent parcels were approved in the recent past for the construction of a 56-room Tapestry Collection by Hilton. The addition of the subject property parcel likely would increase the number of buildable rooms to roughly 87, based on the ratio of previously approved rooms on the smaller site to the total acreage of the assemblage. The two parcels to the north can be acquired separately from the 1990 S. Fletcher Avenue parcel providing a new owner the opportunity to build a sizeable oceanfront project within one of the higher RevPAR leisure markets in Florida.