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Downtown Fort Myers Apartments, LLC Acquires Multifamily Property In Fort Myers For $5.5M

Property Image
SOLD
$5,475,000
Sam Ferguson
Ned Roberts
Jason Hague
+ 1

Florida

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MultiFamily
Sold 04/21/2022
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Property Image
SOLD

Downtown Fort Myers Apartments, LLC Acquires Multifamily Property In Fort Myers For $5.5M

2575 Second Street, Fort Myers, Florida 33901, United States

See Similar Deals
MultiFamily
Sold 04/21/2022
Sam Ferguson
Ned Roberts
Jason Hague
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property located at 2575 Second Street, 2554 First Street, and 3165-3175 East Riverside Drive in Fort Myers has been sold for a total price of $5,475,000. The transaction took place on 04/21/2022 and involved the sale of 45 units. The buyer, Downtown Fort Myers Apartments, LLC, purchased the property from the sellers, Florentine Holding Company XI, LLC, and Florentine Holdings Company, LLC. The property spans over 2.58 acres and is situated in the Fort Myers market.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $5,475,000
  • Units: 45
  • Price Per Unit: $121,667
  • Acres: 2.58
  • Market: Fort Myers

The sale was facilitated by the RPH Multifamily Group - Marcus & Millichap, with brokers Adam Podbelski, Ned Roberts, Jason Hague, and Sam Ferguson representing the buyers and sellers in the transaction.

Players

Adam Podbelski
Marcus & Millichap
Adam Podbelski
19 deals$130.8M volume(239) 340-7812
BROKER
Jason Hague
Marcus & Millichap
Jason Hague
26 deals$228.4M volume
BROKER
Ned Roberts
Marcus & Millichap
Ned Roberts
26 deals$190.8M volume
BROKER
Sam Ferguson
Marcus & Millichap
Sam Ferguson
7 deals$47.4M volume
BROKER

Details

SOLD
IMAGE: Sam Ferguson, Adam Podbelski, Ned Roberts & Jason Hague DATE: 04/21/2022 ADDRESS: 2575 Second Street, 2554 First Street & 3165-3175 East Riverside Drive MARKET: Fort Myers ASSET TYPE: Multifamily ~ ACRES: 2.58 BUYER: Downtown Fort Myers Apartments, LLC SELLER: Florentine Holding Company XI, LLC & Florentine Holdings Company, LLC BROKERS: Adam Podbelski, Ned Roberts, Jason Hague & Sam Ferguson - RPH Multifamily Group (@RphMultifamily) - Marcus & Millichap (@Marcusmillichap_Fl) SALE PRICE: $5,475,000 UNITS: 45 ~ PPU: $121,667

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$292,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,451.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,954.29
Annual Debt Service$311,451.52