16-unit Apt Bldg, Pta Gorda

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16-unit Apartment building in Punta Gorda, FL 33950.

16-unit Apartment building just north of Ft. Myers for $350K.

Jan ’09 Appraisal shows $723,068 for Cost Approach and $1,270,750 for Income approach. All 2b/1b. Can be split into 48 rent-able rooms at $120 per week. We can help you with management too. Pictures to follow shortly.

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The complex has 16 apartments.  The owner has split some of the apartments into separate room rentals but said they would convert all to full apartments should the new owner desire.

We hold the Approved Shortsale contract from the bank. The lender had provided us with the following information:

1. The property is currently 25% occupied.   4 out of 16 apartments are occupied.
2. Rental rates were approximately $800 per month, however exact figures can be obtained from the manager.
3. The manager occupies one of the apartments as a benefit, and is paid $345/week.
4. The manager does everything.  Cuts grass, paints, fixes air conditioners, windows, collects rents, pays bills etc.
5. The property was 100% occupied (there is a lack of affordable rental apartments in the area) until the lender sent notice to occupants that the property was under the foreclosure process.  Renters then began to move elsewhere.  This is felt to be temporary and would be easily recoverable.
6. The expenses of the building is as follows:
   1. Taxes are $17,000/yr
   2. Insurance is 6000/yr
   3. House Lighting is $80/month
   4. Water usage ranges from  $200-$290/month
   5. Lawn is $0 as it is performed by the manager
   6. Sewage is $0 as it is septic systems

The 16 apartments can be split up into 45 rental rooms should the new owner wish to lease it piecemeal.

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