Investment Overview

Marcus & Millichap is pleased to present Saltgrass Flats, a six-unit multifamily property located at 616 SW 47th Terrace, Cape Coral, Florida 33914. Built in 1984, the property totals 5,762 square feet and is situated on a 0.34-acre lot. The building is of concrete block construction with central air conditioning and a roof replaced less than ten years ago, offering long-term structural durability and minimal deferred maintenance. The unit mix consists of all two-bedroom/two-bathroom apartments averaging 960 square feet, each featuring central air conditioning and spacious floor plans that cater to long-term tenant retention. Current rents are more than 20 percent below market, providing a strong value-add opportunity through strategic rent increases and light cosmetic upgrades. Ideally positioned in the highly desirable southwest Cape Coral submarket, Saltgrass Flats benefits from proximity to Cape Coral Parkway, Santa Barbara Boulevard, and Chiquita Boulevard, offering convenient access to major employment centers, retail corridors, and waterfront dining destinations. Residents enjoy short drives to downtown Cape Coral, Tarpon Point Marina, Rotary Park Environmental Center, and a wide array of neighborhood amenities. The property is located within one of Cape Coral’s most sought-after residential areas, characterized by strong rental demand, limited multifamily supply, and ongoing commercial and residential development activity. Saltgrass Flats represents an excellent opportunity to acquire a well-maintained, centrally located multifamily asset in a high-growth coastal market. With durable concrete block construction, below-market rents, and strong surrounding fundamentals, the property offers both stable in-place income and significant upside potential for investors seeking long-term growth in one of Southwest Florida’s most dynamic rental markets.