London Bay Homes Acquires 10-Acre Land Parcel In Fort Myers Beach For $38.2M
6200 Estero Blvd Fort Myers Beach, FL 33931, USA
$38,200,000
Building Size
—
Asset Type
Land
Closing
Jul 27, 2023
AI
London Bay Homes has acquired a 10-acre land parcel in Fort Myers Beach, Florida for a total purchase price of $38.2 million. The property, located at 6200 Estero Boulevard, presents an opportunity for redevelopment. Previously occupied by the Outrigger Beach Resort and Charley's Boathouse Grill, London Bay Homes plans to preserve the area's beach charm while potentially introducing a restaurant and a hotel/condominium project.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $38,200,000
- Address: 6200 Estero Boulevard, Fort Myers Beach
- Market: Fort Myers Beach
- Buyer: London Bay Homes - Mark Wilson
Mark Wilson, representing London Bay Homes, played a key role in the acquisition of the 10-acre land parcel. The company's vision for the site includes redeveloping it into a new destination that combines a restaurant and hotel/condominium project, while ensuring the preservation of the surrounding beach environment. The acquisition by London Bay Homes highlights their commitment to enhancing and adding value to the Fort Myers Beach community.
Players
Miami Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93