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Multifamily

1903 Mark Ave

1903 Mark Ave, Punta Gorda, FL 33950

Listing Price: $1,750,000

Cap Rate
5.68%
Number of Units
16
GRM
10.49
Occupancy
100.0%
Price/Unit
$109,375
Price/Gross SF
$156.59
Gross SF
11,176

Investment Overview

Marcus & Millichap is proud to present 1903 Mark Avenue, a two-story apartment building located in Punta Gorda, Florida. 1903 Mark Avenue was built in 1935 and was recently renovated in 2018 under current ownership. The apartment building consists of 16, two-bedroom, one-bathroom units. The Subject property is situated on a 1.97-acre parcel (or 85,800 square feet), offering approximately 11,176 square feet of rentable space. Tropical Palms is zoned RMF-10 currently allowing for a maximum density of ten dwelling units per acre.

Tropical Palms recently received a complete gut renovation in 2018. The current owner put close to $1,000,000 in improvements to the property. All units were completely gutted to the studs and rebuilt. A monolithic concrete slab was poured under all of the first-floor units. New air-conditioning units, electrical, plumbing, and a fire alarm system was added to the property. All windows were replaced in unit 101 and every bathroom and kitchen window was replaced in the building along with the addition of a brand-new staircase and railings.

1903 Mark Avenue is the perfect value-add opportunity for an investor looking to capitalize on the below market rents.

Punta Gorda has effectively shrugged off the impact of a mild supply wave two years ago and the markets average vacancy rate is still at an all-time-low as of Q4 2020. Multifamily demand for market-rate units have stayed consistent throughout the coronavirus pandemic. The Punta Gorda submarket rarely has to contend with new supply and the strong population growth rate has proved more than adequate to maintain low vacancies. Punta Gordas primary appeal is its abundance of water such as the Charlotte Harbor. Annual rent growth has held up well to the increased supply thoughout the surrounding submarkets and has seen a three percent growth in the last 12 months.

Investment Highlights

  • Desirable Unit-Mix Consisting of all 2 Bedroom/1 Bathroom Units
  • Value-Add Opportunity with the Ability to Increase Below Market Rents
  • Located Only 4-Miles Away from the Affluent Port Charlotte Submarket

Exclusively Listed By

Listing Price: $1,750,000

Cap Rate
5.68%
Number of Units
16
GRM
10.49
Occupancy
100.0%
Price/Unit
$109,375
Price/Gross SF
$156.59
Gross SF
11,176

Investment Highlights

  • Desirable Unit-Mix Consisting of all 2 Bedroom/1 Bathroom Units
  • Value-Add Opportunity with the Ability to Increase Below Market Rents
  • Located Only 4-Miles Away from the Affluent Port Charlotte Submarket

Investment Overview

Marcus & Millichap is proud to present 1903 Mark Avenue, a two-story apartment building located in Punta Gorda, Florida. 1903 Mark Avenue was built in 1935 and was recently renovated in 2018 under current ownership. The apartment building consists of 16, two-bedroom, one-bathroom units. The Subject property is situated on a 1.97-acre parcel (or 85,800 square feet), offering approximately 11,176 square feet of rentable space. Tropical Palms is zoned RMF-10 currently allowing for a maximum density of ten dwelling units per acre.

Tropical Palms recently received a complete gut renovation in 2018. The current owner put close to $1,000,000 in improvements to the property. All units were completely gutted to the studs and rebuilt. A monolithic concrete slab was poured under all of the first-floor units. New air-conditioning units, electrical, plumbing, and a fire alarm system was added to the property. All windows were replaced in unit 101 and every bathroom and kitchen window was replaced in the building along with the addition of a brand-new staircase and railings.

1903 Mark Avenue is the perfect value-add opportunity for an investor looking to capitalize on the below market rents.

Punta Gorda has effectively shrugged off the impact of a mild supply wave two years ago and the markets average vacancy rate is still at an all-time-low as of Q4 2020. Multifamily demand for market-rate units have stayed consistent throughout the coronavirus pandemic. The Punta Gorda submarket rarely has to contend with new supply and the strong population growth rate has proved more than adequate to maintain low vacancies. Punta Gordas primary appeal is its abundance of water such as the Charlotte Harbor. Annual rent growth has held up well to the increased supply thoughout the surrounding submarkets and has seen a three percent growth in the last 12 months.

Exclusively Listed By

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