Multifamily

Marina Walk

Listing Price: $950,000

Cap Rate
5.65%
Number of Units
8
GRM
11.25
Occupancy
100.00%
Price/Unit
$118,750
Price/Gross SF
$114.07
Gross SF
8,328

Investment Overview

Marcus & Millichap is proud to present 22234 Edgewater Drive, a two-story condominium building, located in Port Charlotte, Florida. The building consists of eight, two-bedroom, two-bathroom units all under the same ownership. The property was constructed in 1975 and sits on a 0.78 acre lot with approximately 8,328 square feet of rentable space. Some units have been renovated within the building. There is also an opportunity for a new owner to build additional units on the property. The subject property is currently zoned MU (Mixed-Use) with a maximum density of 15/du per acre. 22234 Edgewater Drive is the perfect value-add opportunity for an investor looking to maximize income through increasing rents or selling off units individually.

Port Charlotte is an affluent community located along the Gulf Coast at the north end of the Charlotte Harbor Estuary, northwest of the city of Punta Gorda, and about halfway between Sarasota and Fort Myers. The population is 59,654 with the county having a population of 178,465. Port Charlottes relatively low cost of living and doing business compared to other Gulf Coast markets have made it a popular destination for both tourists and retirees. U.S. News & World Report and Forbes named Port Charlotte among the 25 best places in the United States to retire in 2015. Tourism is the areas primary economic sector.

Port Charlotte has had strong economic momentum including one of the nation's best population growth rates. Population growth in Charlotte County was roughly three times the national average over the past year. Job growth has also been a bright spot, accelerating over the past year to just under 3% or roughly twice the national average. This also placed Port Charlotte among Florida's highest job growth markets, though in third place among the SW Florida markets. This is a reflection of the strength of the region as a whole, boasting three of the state's top six job growth markets

Investment Highlights

  • Opportunity to Add Additional Units to the Property
  • Desirable Unit-Mix Consisting of all 2 Bedroom/2 Bathroom Units
  • Value-Add Opportunity with the Ability to Increase Below Market Rents
  • Located in Affluent Port Charlotte Submarket in Close Proximity to Peace River
  • Can Sell Off Units Individually to Maximize the Price per Door
  • Walking Distance to Charlotte Harbor Yacht Club

Exclusively Listed By

Listing Price: $950,000

Cap Rate
5.65%
Number of Units
8
GRM
11.25
Occupancy
100.00%
Price/Unit
$118,750
Price/Gross SF
$114.07
Gross SF
8,328

Investment Highlights

  • Opportunity to Add Additional Units to the Property
  • Desirable Unit-Mix Consisting of all 2 Bedroom/2 Bathroom Units
  • Value-Add Opportunity with the Ability to Increase Below Market Rents
  • Located in Affluent Port Charlotte Submarket in Close Proximity to Peace River
  • Can Sell Off Units Individually to Maximize the Price per Door
  • Walking Distance to Charlotte Harbor Yacht Club

Investment Overview

Marcus & Millichap is proud to present 22234 Edgewater Drive, a two-story condominium building, located in Port Charlotte, Florida. The building consists of eight, two-bedroom, two-bathroom units all under the same ownership. The property was constructed in 1975 and sits on a 0.78 acre lot with approximately 8,328 square feet of rentable space. Some units have been renovated within the building. There is also an opportunity for a new owner to build additional units on the property. The subject property is currently zoned MU (Mixed-Use) with a maximum density of 15/du per acre. 22234 Edgewater Drive is the perfect value-add opportunity for an investor looking to maximize income through increasing rents or selling off units individually.

Port Charlotte is an affluent community located along the Gulf Coast at the north end of the Charlotte Harbor Estuary, northwest of the city of Punta Gorda, and about halfway between Sarasota and Fort Myers. The population is 59,654 with the county having a population of 178,465. Port Charlottes relatively low cost of living and doing business compared to other Gulf Coast markets have made it a popular destination for both tourists and retirees. U.S. News & World Report and Forbes named Port Charlotte among the 25 best places in the United States to retire in 2015. Tourism is the areas primary economic sector.

Port Charlotte has had strong economic momentum including one of the nation's best population growth rates. Population growth in Charlotte County was roughly three times the national average over the past year. Job growth has also been a bright spot, accelerating over the past year to just under 3% or roughly twice the national average. This also placed Port Charlotte among Florida's highest job growth markets, though in third place among the SW Florida markets. This is a reflection of the strength of the region as a whole, boasting three of the state's top six job growth markets

Exclusively Listed By

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