The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally...

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The Heights at Fort Myers Martin Goldstein 561 - 310 - 0935 Russell Goldstein 561 - 503 - 3648 60 Single - and Multi - Family Unit Portfolio Located in Lehigh Acres, Fort Myers, and Cape Coral FL

Transcript of The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally...

Page 1: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

The Heights at Fort Myers Martin Goldstein 561-310-0935

Russell Goldstein561-503-3648

60 Single- and Multi-Family Unit Portfolio

Located in Lehigh Acres, Fort Myers, and Cape Coral FL

Page 2: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Located throughout one of South Florida’s most exciting investment markets, The Heights at Fort Myers represents a unique Class B+ opportunity in the current multi- and single-family Florida investment sectors. Consisting of extremely spacious duplexes and large single-family homes, The Heights portfolio is diverse, balanced and easily managed due to a high-quality tenant base and efficient management. The result is excellent returns for investors and a fantastic and affordable housing option for renters.

Fort Myers offers a truly excellent tenant demographic for this class of asset. Rich in employment opportunities and solidly working/middle-class, the greater Fort Myers area has historically been a well-rounded locale for stable, long term tenants. Families with and without children throughout the area avail themselves of these affordable leasing options that offer all the benefits of home ownership with the flexibility and convenience of renting.

Class A multifamily investments throughout the area have thrived and enjoy full or near-full occupancy year-round due to historically high demand. Extremely healthy commerce is easily found throughout the Ft Myers, Lehigh Acres, and Cape Coral areas in the form of major retailer presences, Class A and B office spaces, large numbers of independent local businesses, and excellent tourist traffic. Fort Myers Beach offers a more low-key vacation opportunity to the generally very crowded and congested Eastern Florida coast.

Professionally managed, well-maintained, and ideally positioned to deliver the highest return on investment for years to come, this particular portfolio comprises 60 units (21 Duplexes and 18 SF Homes) all of which feature a host of interior updates and a generally excellent state of repair, with little to no deferred maintenance throughout.

This portfolio was acquired meticulously piece by piece over a multi-year period, stabilized, and cash-flowed reliably for the last several years while out-pacing the broader markets. This is an excellent, diverse investment package for any savvy investor looking to enter the West Coast of Florida’s Real Estate Market.

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersOverview

Page 3: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersHighlights and Location Map

Asset Overview:

o Price: $6,750,000

o ~$94.00 per sf

o Current Cap Rate: 7.22%

o Cash on Cash Return: 18.90%

o 60 Units – 71,808 SF total

o 21 Duplexes

o 18 Single Family Homes

o All large 2BR and 3BR units

o 100% Occupied!

o Tenants pay all utilities (water, sewer, electric)

o Tenants pay rent by mail and electronic direct

deposit

o $53,000 in HVAC upgrades throughout the

portfolio in preceding 2 years. Details available.

o Excellently positioned with a solid local tenant

base.

o Closely located to one-another offers ease of

management.

o Fantastically diverse, turnkey opportunity! Currently

stable and cash-flowing, with long term tenants

o Quiet, desirable residential locations with close

proximity to major commercial areas.

o Multiple local municipal airports.

o Significant, long-standing investment into the area

by major national brands including

o Wal-Mart

o RaceTrac, Wawa, 7-Eleven Stores

o Outback, Applebee’s, Chili’s,

o Many other national restaurant chains

o Home Depot and Lowe’s

o Professionally owned and managed. Books and

records are well maintained.

o Some homes include dock access, other amenities.

o All units feature CBS construction

o Many units upgraded with:

o New kitchen cabinets, appliances

o New bathrooms

o New flooring

o New water heaters

o New HVAC throughout

o Close proximity to thriving class A multifamily

developments, high end neighborhoods, and

beautiful coastal Fort Myers Beach.

The Greater Fort Myers and Lehigh Acres area presents fabulous

Live/Work/Play scenario for people from all walks of life. Situated on

Florida’s Gulf Coast, minutes from beautiful Cape Coral, this portfolio enjoys quiet, tranquil residential settings located mere minutes

from the center of the local economy.

The Heights shares its market with many other Class A and Class B

rental communities, all of which enjoy consistent 100% occupancy due to historically strong demand.

The area is rich in professional and service industry job opportunities

of all kinds, driving demand for affordable, quality, well-managed rental housing, and providing an

excellent basis for real estate investment.

Existing rentals such as these compete strongly with new, Class A properties like the ones shown on this map, often offering a superior

value proposition through more spacious units, with similar or

identical interior finishes

Sampling of Class A

Properties nearby

Page Field and SWFL Int’l

Airport

The Heights

at Fort

Myers

Naples

Fort Myers, Cape

Coral primary

commerce

concentrations

Pre-packaged

financing available at

competitive rates

Page 4: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

M A R K E T O V E R V I E W

Page 5: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersLocation Overview

The Heights is primarily located in Lehigh Acres, a suburb of Fort Myers, FL. Minutes from the center of Fort Myers, this locale offers a smaller-town feel with very easy access to all the benefits of a metropolitan area. Fort Myers and Lehigh acres have both exhibited explosive population growth in recent years as people increasingly seek alternatives to more traditionally popular, more congested, and costlier Florida destinations.

Lehigh Acres Vital Statistics:

• Population Est. 2018: ~150,000• 2010 Census reflected 87,000 residents, indicating 10 year

growth nearing 90%• County: Lee County• Median Household Income: ~$53,000.00• Median age: 33• Home to hundreds of major national retailers including:

• WalMart Stores• Target Stores• Yum! Brands restaurants• Walgreens and CVS stores (multiple locations)• RaceTrac, 7-Eleven, and Wawa Stores• Publix Stores• Class A apartments by multiple national multifamily

developers• Average rent for all types of units between 1200.00 and 1400.00• Good income equality compared to national average

The Lee Plan, Lee County’s comprehensive plan for growth through 2035, lays out substantial future growth initiatives for Lehigh Acres, augmenting an already healthy, growing residential community.

The plan addresses population growth management, land use, infrastructure improvements, and lays out a vision for each individual municipality of the county.

Future land development in Lehigh will be undertaken with an eye toward the impacts of long term land use, with a goal of continuing to maintain “Sustainable community of choice comprising unique and inviting neighborhoods.”

Page 6: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersHousing Market Insight

Lehigh Acres and the Greater Fort Myers area offer people seeking rental housing numerous options, ranging from brand new Class A housing full of amenities, to basic Class C units that affordably serve housing needs.

In the preceding decade, specifically in 2017, 2018, and 2019, thousands of new Class A multifamily units have been funded and built to match growing demand in this area. Driven by steady job growth, these properties enjoy full occupancy and offer tenants a variety of amenities, albeit at a greater expense. The popularity of this type of unit speaks to the overall strength of the Fort Myers market.

In a variety of economic environments, Class B units, like those found in The Heights portfolio, enjoy the lion’s share of rental demand as they offer a perfect balance of affordability, spacious floor plans, family-friendly neighborhoods, and access to all of the local commerce that the are has to offer. Located in easily accessible suburban settings, these units appeal to a broad range of renters, and this is shown in a diverse and solid tenant base.

All analytics for Southwest Florida point to sustainable growth over the long term, as investment continues in the area from national and international brands. Corporations with major presences or headquarters in the area include Goodwill Industries, White House Black Market Clothing Stores, Florida Cancer Specialists and Research Institute, Robb & Stucky Furnishings, and others.

There is a strong appeal stemming from Fort Myers’ distinctly coastal lifestyle set in a less congested setting (when compared to places such as Miami), but still in a very bustling and economically healthy locale.

High quality, affordable rental housing has long been a strong basis for an investment strategy, and this portfolio is an excellent representation of Class B properties executed properly, with a sizeable remaining upside.

Southwest Florida Market

• Strong Fundamentals

• Steady Job Growth over Near and Long Term

• High Demand For Class B rentals – this portfolio

Page 7: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersEconomic Metrics

ECONOMY Lee, Florida United States

Unemployment Rate 3.3% 3.7%

Recent Job Growth 1.9% 1.6%

Future Job Growth 41.6% 33.5%

Sales Taxes 6.5% 6.2%

Income Tax 0.0% 4.6%

Income per Cap. $30,233 $31,177

Household Income $52,052 $57,652

Family Median Income $61,847 $70,850

POPULATION BY OCCUPATION

Agriculture, forestry, fishing, hunting

1.0% 1.3%

Mining, quarrying, oil and gas extraction

0.1% 0.6%

Construction 9.4% 6.2%

Manufacturing 3.5% 10.4%

Wholesale trade 2.1% 2.7%

Retail trade 15.7% 11.6%

Transportation and warehousing 3.4% 4.1%

Utilities 0.6% 0.9%

Information 1.8% 2.1%

Finance and insurance 3.3% 4.7%

Real estate, rental, leasing 3.8% 1.9%

Professional, scientific, technical services

5.2% 6.7%

Management of companies 0.1% 0.1%

Administrative, support, waste mgt svcs

7.5% 4.3%

Educational services 6.6% 9.3%

Health care and social assistance 14.4% 13.8%

Arts, entertainment, recreation 3.3% 2.2%

Accommodation, food services 9.5% 7.4%

Other services 5.3% 4.9%

Public administration 3.5% 4.8%

Main Economic Metrics (July 2019)Source: bestplaces.net

By and large, Lee County’s Florida’s economic metrics track consistently with national figures, enjoying lower unemployment than the national average and a healthy diversity of occupations.

Total County Population: 754,000Unemployment rate: 3.4% (.3% lower than national average)

Fort Myers is home to many large employers, a sampling is shown (Jobs per co)

Page 8: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

F I N A N C I A L S U M M A R Y

Page 9: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Net Revenues 664,353.00 - 768,240.00

Expenses Insurance 25,000.00 25,000.00

Property Taxes 100,000.00 100,000.00 Management Fee 34,245.00 - 39,600.00

Pest Control 1,120.00 1,120.00 Postage & Delivery 1,152.03 1,152.03

Repairs and Maintenance 17,700.00 16,500.00 Utility Expenses 5,087.04 5,087.04

Waste Removal 400.00 400.00 Total Expense 184,704.07 188,859.07

Net Operating Income 479,648.93 - 579,380.93 -

Price 6,750,000.00 6,750,000.00

Capitalization Rate 7.11% 8.58%

Cash on Cash Return

Down Payment - 20% 1,350,000.00 1,350,000.00

Total leverage 5,400,000.00 5,400,000.00

Annual Prevailing Int Rate Exp (4.3%) 232,200.00 232,200.00

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersSimplified Financial and Address Listing

Offered at $6,750,000.007.22% Capitalization Rate 18.90% Cash on Cash Return

Address Type312 Lake Ave, Lehigh Acres, FL 33971 Single Family

3702 18th Street W, Lehigh Acres, FL 33971 Single Family

4549 20th Street SW, Lehigh Acres, FL 33973

4551 20th Street SW, Lehigh Acres, FL 33973

4540 21st Street SW, Lehigh Acres, FL 33971

4542 21st Street SW, Lehigh Acres, FL 33971

4524 22nd Street SW, Lehigh Acres, FL 33973

4526 22nd Street SW, Lehigh Acres, FL 33973

3122 24th Street SW, Lehigh Acres, FL 33976 Single Family

4960 24th Street SW, Lehigh Acres, FL 33973

4962 24th Street SW, Lehigh Acres, FL 33973

4632 26st Street SW, Lehigh Acres, FL 33973

4634 26st Street SW, Lehigh Acres, FL 33973

5124 29th Street SW, Lehigh Acres, FL 33973

5126 29th Street SW, Lehigh Acres, FL 33973

4609 30th Street SW, Lehigh Acres, FL 33973

4611 30th Street SW, Lehigh Acres, FL 33973

12 Alabama Rd, Lehigh Acres, FL 33976 Single Family

900 Alcala Avenue, Lehigh Acres, FL 33936 Single Family

13 Andora Street, Lehigh Acres, FL 33936 Single Family

31 Andros Street, Lehigh Acres, FL 33936 Single Family

115 Andros Street, Lehigh Acres, FL 33936 Single Family

5325 Bayview Court, 5325 Cape Coral, FL 33904 Single Family

5233 Benton Street, Lehigh Acres, FL 33971

5235 Benton Street, Lehigh Acres, FL 33971

5142 Bristo Street, Lehigh Acres, FL 33971

5144 Bristo Street, Lehigh Acres, FL 33971

5412 Brookfield Street, Lehigh Acres, FL 33971

5414 Brookfield Street, Lehigh Acres, FL 33971

116 Durland Avenue, Lehigh Acres, FL 33936 Single Family

1310 Farmdale St. Lehigh Acres FL 33936 Single Family

119 Florida Road, Lehigh Acres, FL 33936 Single Family

1120 Gifford Ave, Lehigh Acres, FL 33936 Single Family

4551 Golfview Blvd, Lehigh Acres, FL 33973

4553 Golfview Blvd, Lehigh Acres, FL 33973

4834 Golfview Blvd, Lehigh Acres, FL 33973

4836 Golfview Blvd, Lehigh Acres, FL 33973

109 Ichabod Ave S, Lehigh Acres, FL 33973

111 Ichabod Ave S, Lehigh Acres, FL 33973

117 Ivan Ave S, Lehigh Acres, FL 33973

119 Ivan Ave S, Lehigh Acres, FL 33973

2408 Joe Ave S, Lehigh Acres, FL 33973

2410 Joe Ave S, Lehigh Acres, FL 33973

2417 Joe Ave S, 2417 Lehigh Acres, FL 33973

2419 Joe Ave S, Lehigh Acres, FL 33973

1423 Juddale Street, Lehigh Acres, FL 33963 Single Family

854 Motel St E, Lehigh Acres, FL 33974

856 Motel St E, Lehigh Acres, FL 33974

1124 Navajo Ave, Lehigh Acres, FL 33936 Single Family

2405 Nobel Ave S, Lehigh Acres, FL 33973

2407 Nobel Ave S, Lehigh Acres, FL 33973

2009 Park Road, Lehigh Acres, FL 33971

2011 Park Road, Lehigh Acres, FL 33971

2500 Park Road, Lehigh Acres, FL 33971

2502 Park Road, Lehigh Acres, FL 33971

332 Rogen St, Lehigh Acres, FL 33972

334 Rogen St, Lehigh Acres, FL 33972

108 Richmond Ave N, Lehigh Acres, FL 33936 Single Family

1108 Rushmore Ave S, Lehigh Acres, FL 33936 Single Family

306 Stewart Lane, Lehigh Acres, FL 33936 Single Family

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Address Type312 Lake Ave, Lehigh Acres, FL 33971 Single Family

3702 18th Street W, Lehigh Acres, FL 33971 Single Family

4549 20th Street SW, Lehigh Acres, FL 33973

4551 20th Street SW, Lehigh Acres, FL 33973

4540 21st Street SW, Lehigh Acres, FL 33971

4542 21st Street SW, Lehigh Acres, FL 33971

4524 22nd Street SW, Lehigh Acres, FL 33973

4526 22nd Street SW, Lehigh Acres, FL 33973

3122 24th Street SW, Lehigh Acres, FL 33976 Single Family

4960 24th Street SW, Lehigh Acres, FL 33973

4962 24th Street SW, Lehigh Acres, FL 33973

4632 26st Street SW, Lehigh Acres, FL 33973

4634 26st Street SW, Lehigh Acres, FL 33973

5124 29th Street SW, Lehigh Acres, FL 33973

5126 29th Street SW, Lehigh Acres, FL 33973

4609 30th Street SW, Lehigh Acres, FL 33973

4611 30th Street SW, Lehigh Acres, FL 33973

12 Alabama Rd, Lehigh Acres, FL 33976 Single Family

900 Alcala Avenue, Lehigh Acres, FL 33936 Single Family

13 Andora Street, Lehigh Acres, FL 33936 Single Family

31 Andros Street, Lehigh Acres, FL 33936 Single Family

115 Andros Street, Lehigh Acres, FL 33936 Single Family

5325 Bayview Court, 5325 Cape Coral, FL 33904 Single Family

5233 Benton Street, Lehigh Acres, FL 33971

5235 Benton Street, Lehigh Acres, FL 33971

5142 Bristo Street, Lehigh Acres, FL 33971

5144 Bristo Street, Lehigh Acres, FL 33971

5412 Brookfield Street, Lehigh Acres, FL 33971

5414 Brookfield Street, Lehigh Acres, FL 33971

116 Durland Avenue, Lehigh Acres, FL 33936 Single Family

1310 Farmdale St. Lehigh Acres FL 33936 Single Family

119 Florida Road, Lehigh Acres, FL 33936 Single Family

1120 Gifford Ave, Lehigh Acres, FL 33936 Single Family

4551 Golfview Blvd, Lehigh Acres, FL 33973

4553 Golfview Blvd, Lehigh Acres, FL 33973

4834 Golfview Blvd, Lehigh Acres, FL 33973

4836 Golfview Blvd, Lehigh Acres, FL 33973

109 Ichabod Ave S, Lehigh Acres, FL 33973

111 Ichabod Ave S, Lehigh Acres, FL 33973

117 Ivan Ave S, Lehigh Acres, FL 33973

119 Ivan Ave S, Lehigh Acres, FL 33973

2408 Joe Ave S, Lehigh Acres, FL 33973

2410 Joe Ave S, Lehigh Acres, FL 33973

2417 Joe Ave S, 2417 Lehigh Acres, FL 33973

2419 Joe Ave S, Lehigh Acres, FL 33973

1423 Juddale Street, Lehigh Acres, FL 33963 Single Family

854 Motel St E, Lehigh Acres, FL 33974

856 Motel St E, Lehigh Acres, FL 33974

1124 Navajo Ave, Lehigh Acres, FL 33936 Single Family

2405 Nobel Ave S, Lehigh Acres, FL 33973

2407 Nobel Ave S, Lehigh Acres, FL 33973

2009 Park Road, Lehigh Acres, FL 33971

2011 Park Road, Lehigh Acres, FL 33971

2500 Park Road, Lehigh Acres, FL 33971

2502 Park Road, Lehigh Acres, FL 33971

332 Rogen St, Lehigh Acres, FL 33972

334 Rogen St, Lehigh Acres, FL 33972

108 Richmond Ave N, Lehigh Acres, FL 33936 Single Family

1108 Rushmore Ave S, Lehigh Acres, FL 33936 Single Family

306 Stewart Lane, Lehigh Acres, FL 33936 Single Family

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Address Type312 Lake Ave, Lehigh Acres, FL 33971 Single Family

3702 18th Street W, Lehigh Acres, FL 33971 Single Family

4549 20th Street SW, Lehigh Acres, FL 33973

4551 20th Street SW, Lehigh Acres, FL 33973

4540 21st Street SW, Lehigh Acres, FL 33971

4542 21st Street SW, Lehigh Acres, FL 33971

4524 22nd Street SW, Lehigh Acres, FL 33973

4526 22nd Street SW, Lehigh Acres, FL 33973

3122 24th Street SW, Lehigh Acres, FL 33976 Single Family

4960 24th Street SW, Lehigh Acres, FL 33973

4962 24th Street SW, Lehigh Acres, FL 33973

4632 26st Street SW, Lehigh Acres, FL 33973

4634 26st Street SW, Lehigh Acres, FL 33973

5124 29th Street SW, Lehigh Acres, FL 33973

5126 29th Street SW, Lehigh Acres, FL 33973

4609 30th Street SW, Lehigh Acres, FL 33973

4611 30th Street SW, Lehigh Acres, FL 33973

12 Alabama Rd, Lehigh Acres, FL 33976 Single Family

900 Alcala Avenue, Lehigh Acres, FL 33936 Single Family

13 Andora Street, Lehigh Acres, FL 33936 Single Family

31 Andros Street, Lehigh Acres, FL 33936 Single Family

115 Andros Street, Lehigh Acres, FL 33936 Single Family

5325 Bayview Court, 5325 Cape Coral, FL 33904 Single Family

5233 Benton Street, Lehigh Acres, FL 33971

5235 Benton Street, Lehigh Acres, FL 33971

5142 Bristo Street, Lehigh Acres, FL 33971

5144 Bristo Street, Lehigh Acres, FL 33971

5412 Brookfield Street, Lehigh Acres, FL 33971

5414 Brookfield Street, Lehigh Acres, FL 33971

116 Durland Avenue, Lehigh Acres, FL 33936 Single Family

1310 Farmdale St. Lehigh Acres FL 33936 Single Family

119 Florida Road, Lehigh Acres, FL 33936 Single Family

1120 Gifford Ave, Lehigh Acres, FL 33936 Single Family

4551 Golfview Blvd, Lehigh Acres, FL 33973

4553 Golfview Blvd, Lehigh Acres, FL 33973

4834 Golfview Blvd, Lehigh Acres, FL 33973

4836 Golfview Blvd, Lehigh Acres, FL 33973

109 Ichabod Ave S, Lehigh Acres, FL 33973

111 Ichabod Ave S, Lehigh Acres, FL 33973

117 Ivan Ave S, Lehigh Acres, FL 33973

119 Ivan Ave S, Lehigh Acres, FL 33973

2408 Joe Ave S, Lehigh Acres, FL 33973

2410 Joe Ave S, Lehigh Acres, FL 33973

2417 Joe Ave S, 2417 Lehigh Acres, FL 33973

2419 Joe Ave S, Lehigh Acres, FL 33973

1423 Juddale Street, Lehigh Acres, FL 33963 Single Family

854 Motel St E, Lehigh Acres, FL 33974

856 Motel St E, Lehigh Acres, FL 33974

1124 Navajo Ave, Lehigh Acres, FL 33936 Single Family

2405 Nobel Ave S, Lehigh Acres, FL 33973

2407 Nobel Ave S, Lehigh Acres, FL 33973

2009 Park Road, Lehigh Acres, FL 33971

2011 Park Road, Lehigh Acres, FL 33971

2500 Park Road, Lehigh Acres, FL 33971

2502 Park Road, Lehigh Acres, FL 33971

332 Rogen St, Lehigh Acres, FL 33972

334 Rogen St, Lehigh Acres, FL 33972

108 Richmond Ave N, Lehigh Acres, FL 33936 Single Family

1108 Rushmore Ave S, Lehigh Acres, FL 33936 Single Family

306 Stewart Lane, Lehigh Acres, FL 33936 Single Family

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60 Units

21 Duplexes

18 Single Family Homes

Tenants pay all utilities

Revenues Current Market Rents

Monthly Rental Income 57,075.00 66,000.00

Annual Rental Income (See Schedule) 684,900.00 792,000.00

Vacancy Factor (3%) (20,547.00) (23,760.00)

Net Revenues 664,353.00 768,240.00

Expenses

Insurance 25,000.00 25,000.00

Property Taxes 100,000.00 100,000.00

Management Fee 34,245.00 39,600.00

Repairs and Maintenance 17,700.00 16,500.00

Total Expense 176,945.00 181,100.00

Net Operating Income 487,408.00 587,140.00

Price 6,750,000.00 6,750,000.00

Capitalization Rate 7.22% 8.70%

Cash on Cash Return

Down Payment - 20% 1,350,000.00 1,350,000.00

Total leverage 5,400,000.00 5,400,000.00

Annual Prevailing Int Rate Exp (4.3%) 232,200.00 232,200.00

NOI After Int Exp 255,208.00 354,940.00

Cash on Cash Return 18.90% 26.29%

Page 10: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

The Heights at Fort MyersSchedule of Rents

Total Rent Roll: $57,075.00Total Square Feet: 71,808

312 Lake Ave Lehigh Acres, FL 33971 2BR/1Bath 997 900.00$

3702 18th Street W, Lehigh Acres, FL 33971 3BR/2BATH/2CAR GARAGE 1,408 1,150.00$

4549 20th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/LANAI 1,130 950.00$

4551 20th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/LANAI 1,130 970.00$

4540 21st Street SW, Lehigh Acres, FL 33971 2BR/2BATH/2CAR GARAGE/DEN 1,119 $ 925.00

4542 21st Street SW, Lehigh Acres, FL 33971 2BR/2BATH/2CAR GARAGE/DEN 1,119 850.00$

4524 22nd Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,128 825.00$

4526 22nd Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,128 950.00$

3122 24th Street SW, Lehigh Acres, FL 33976 3BR/2BATH/2CAR GARAGE 1,751 950.00$

4960 24th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,240 860.00$

4962 24th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,240 950.00$

4632 26st Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,127 975.00$

4634 26st Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,127 875.00$

5124 29th Street SW, Lehigh Acres, FL 33973 3BR/2BATH 1,126 850.00$

5126 29th Street SW, Lehigh Acres, FL 33973 3BR/2BATH 1,126 875.00$

4609 30th Street SW, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,125 965.00$

4611 30th Street SW, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,125 1,035.00$

12 Alabama Rd, Lehigh Acres, FL 33976 4BR/2BATH-3BR/1BATH/LANAI 1,388 900.00$

900 Alcala Avenue, Lehigh Acres, FL 33936 3BR/1BATH 907 960.00$

13 Andora Street, Lehigh Acres, FL 33936 2BR/1Bath 920 950.00$

31 Andros Street, Lehigh Acres, FL 33936 3BR/1BATH/CARPORT/SHED/LANAI 1,105 925.00$

115 Andros Street, Lehigh Acres, FL 33936 3BR/2BATH/CARPORT 1,342 875.00$

5325 Bayview Court, 5325 Cape Coral, FL 33904

2BR/2BATH/2CAR

GARAGE/LANAI/DOCK 1,474 1,350.00$

5233 Benton Street, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,174 960.00$

5235 Benton Street, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,174 950.00$

5142 Bristo Street, Lehigh Acres, FL 33971 3BR/2BATH/LANAI 1,109 940.00$

5144 Bristo Street, Lehigh Acres, FL 33971 3BR/2BATH/LANAI 1,109 920.00$

5412 Brookfield Street, Lehigh Acres, FL 33971 2BR/2BATH/DEN 1,202 925.00$

5414 Brookfield Street, Lehigh Acres, FL 33971 2BR/2BATH/DEN 1,202 950.00$

116 Durland Avenue, Lehigh Acres, FL 33936

2BR/2BATH/1CAR

GARAGE/SHED/HUGE LANAI 1,200 1,095.00$

1310 Farmdale St. Lehigh Acres FL 33936 2BR/2BATH/1CAR GARAGE 1,009 995.00$

119 Florida Road, Lehigh Acres, FL 33936 3BR/1BATH/CARPORT 1,424 925.00$

1120 Gifford Ave, Lehigh Acres, FL 33936 2BR/1BATH/LANAI/BIG BACKYARD 1,197 900.00$

4551 Golfview Blvd, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,199 $ 935.00

4553 Golfview Blvd, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,199 950.00$

4834 Golfview Blvd, Lehigh Acres, FL 33973 3BR/2BATH 1,168 925.00$

4836 Golfview Blvd, Lehigh Acres, FL 33973 2BR/2BATH 1,168 910.00$

109 Ichabod Ave S, Lehigh Acres, FL 33973 3BR/2BATH/FRONT PORCH 1,181 900.00$

111 Ichabod Ave S, Lehigh Acres, FL 33973 3BR/2BATH/LANAI/DEN 1,181 895.00$

117 Ivan Ave S, Lehigh Acres, FL 33973 3BR/2BATH 1,181 950.00$

119 Ivan Ave S, Lehigh Acres, FL 33973 3BR/2BATH 1,181 950.00$

2408 Joe Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE/LANAI 1,165 1,005.00$

2410 Joe Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE/LANAI 1,165 995.00$

2417 Joe Ave S, 2417 Lehigh Acres, FL 33973 3BR/2BATH/LANAI 1,116 950.00$

2419 Joe Ave S, Lehigh Acres, FL 33973 3BR/2BATH/LANAI 1,116 950.00$

1423 Juddale Street, Lehigh Acres, FL 33963 4BR/2BATH/LANAI 1,688 940.00$

854 Motel St E, Lehigh Acres, FL 33974 2BR/2BATH/1CAR GARAGE/DEN 1,177 900.00$

856 Motel St E, Lehigh Acres, FL 33974 2BR/2BATH/1CAR GARAGE/DEN 1,177 900.00$

1124 Navajo Ave, Lehigh Acres, FL 33936 3BR/1BATH/CARPORT 920 950.00$

2405 Nobel Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,158 950.00$

2407 Nobel Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,158 $ 850.00

2009 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/2CAR GARAGE/LANAI 1,120 1,010.00$

2011 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/2CAR GARAGE/LANAI 1,120 950.00$

2500 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,158 1,010.00$

2502 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,158 1,020.00$

332 Rogen St, Lehigh Acres, FL 33972 3BR/2BATH/2CAR GARAGE 1,221 965.00$

334 Rogen St, Lehigh Acres, FL 33972 3BR/2BATH/2CAR GARAGE 1,221 965.00$

108 Richmond Ave N, Lehigh Acres, FL 33936 3BR/2BATH 1,826 1,150.00$

1108 Rushmore Ave S, Lehigh Acres, FL 33936 2BR/2BATH/LANAI/CARPORT 1,204 950.00$

306 Stewart Lane, Lehigh Acres, FL 33936 3BR-1MST SUITE/2BATH 1,400 875.00$

Total 71,808 57,075.00$

The Heights at Fort Myers, Schedule of rents

312 Lake Ave Lehigh Acres, FL 33971 2BR/1Bath 997 900.00$

3702 18th Street W, Lehigh Acres, FL 33971 3BR/2BATH/2CAR GARAGE 1,408 1,150.00$

4549 20th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/LANAI 1,130 950.00$

4551 20th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/LANAI 1,130 970.00$

4540 21st Street SW, Lehigh Acres, FL 33971 2BR/2BATH/2CAR GARAGE/DEN 1,119 $ 925.00

4542 21st Street SW, Lehigh Acres, FL 33971 2BR/2BATH/2CAR GARAGE/DEN 1,119 850.00$

4524 22nd Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,128 825.00$

4526 22nd Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,128 950.00$

3122 24th Street SW, Lehigh Acres, FL 33976 3BR/2BATH/2CAR GARAGE 1,751 950.00$

4960 24th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,240 860.00$

4962 24th Street SW, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,240 950.00$

4632 26st Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,127 975.00$

4634 26st Street SW, Lehigh Acres, FL 33973 2BR/2BATH/2CAR GARAGE/DEN 1,127 875.00$

5124 29th Street SW, Lehigh Acres, FL 33973 3BR/2BATH 1,126 850.00$

5126 29th Street SW, Lehigh Acres, FL 33973 3BR/2BATH 1,126 875.00$

4609 30th Street SW, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,125 965.00$

4611 30th Street SW, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,125 1,035.00$

12 Alabama Rd, Lehigh Acres, FL 33976 4BR/2BATH-3BR/1BATH/LANAI 1,388 900.00$

900 Alcala Avenue, Lehigh Acres, FL 33936 3BR/1BATH 907 960.00$

13 Andora Street, Lehigh Acres, FL 33936 2BR/1Bath 920 950.00$

31 Andros Street, Lehigh Acres, FL 33936 3BR/1BATH/CARPORT/SHED/LANAI 1,105 925.00$

115 Andros Street, Lehigh Acres, FL 33936 3BR/2BATH/CARPORT 1,342 875.00$

5325 Bayview Court, 5325 Cape Coral, FL 33904

2BR/2BATH/2CAR

GARAGE/LANAI/DOCK 1,474 1,350.00$

5233 Benton Street, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,174 960.00$

5235 Benton Street, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,174 950.00$

5142 Bristo Street, Lehigh Acres, FL 33971 3BR/2BATH/LANAI 1,109 940.00$

5144 Bristo Street, Lehigh Acres, FL 33971 3BR/2BATH/LANAI 1,109 920.00$

5412 Brookfield Street, Lehigh Acres, FL 33971 2BR/2BATH/DEN 1,202 925.00$

5414 Brookfield Street, Lehigh Acres, FL 33971 2BR/2BATH/DEN 1,202 950.00$

116 Durland Avenue, Lehigh Acres, FL 33936

2BR/2BATH/1CAR

GARAGE/SHED/HUGE LANAI 1,200 1,095.00$

1310 Farmdale St. Lehigh Acres FL 33936 2BR/2BATH/1CAR GARAGE 1,009 995.00$

119 Florida Road, Lehigh Acres, FL 33936 3BR/1BATH/CARPORT 1,424 925.00$

1120 Gifford Ave, Lehigh Acres, FL 33936 2BR/1BATH/LANAI/BIG BACKYARD 1,197 900.00$

4551 Golfview Blvd, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,199 $ 935.00

4553 Golfview Blvd, Lehigh Acres, FL 33973 2BR/2BATH/1CAR GARAGE/DEN 1,199 950.00$

4834 Golfview Blvd, Lehigh Acres, FL 33973 3BR/2BATH 1,168 925.00$

4836 Golfview Blvd, Lehigh Acres, FL 33973 2BR/2BATH 1,168 910.00$

109 Ichabod Ave S, Lehigh Acres, FL 33973 3BR/2BATH/FRONT PORCH 1,181 900.00$

111 Ichabod Ave S, Lehigh Acres, FL 33973 3BR/2BATH/LANAI/DEN 1,181 895.00$

117 Ivan Ave S, Lehigh Acres, FL 33973 3BR/2BATH 1,181 950.00$

119 Ivan Ave S, Lehigh Acres, FL 33973 3BR/2BATH 1,181 950.00$

2408 Joe Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE/LANAI 1,165 1,005.00$

2410 Joe Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE/LANAI 1,165 995.00$

2417 Joe Ave S, 2417 Lehigh Acres, FL 33973 3BR/2BATH/LANAI 1,116 950.00$

2419 Joe Ave S, Lehigh Acres, FL 33973 3BR/2BATH/LANAI 1,116 950.00$

1423 Juddale Street, Lehigh Acres, FL 33963 4BR/2BATH/LANAI 1,688 940.00$

854 Motel St E, Lehigh Acres, FL 33974 2BR/2BATH/1CAR GARAGE/DEN 1,177 900.00$

856 Motel St E, Lehigh Acres, FL 33974 2BR/2BATH/1CAR GARAGE/DEN 1,177 900.00$

1124 Navajo Ave, Lehigh Acres, FL 33936 3BR/1BATH/CARPORT 920 950.00$

2405 Nobel Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,158 950.00$

2407 Nobel Ave S, Lehigh Acres, FL 33973 3BR/2BATH/1CAR GARAGE 1,158 $ 850.00

2009 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/2CAR GARAGE/LANAI 1,120 1,010.00$

2011 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/2CAR GARAGE/LANAI 1,120 950.00$

2500 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,158 1,010.00$

2502 Park Road, Lehigh Acres, FL 33971 3BR/2BATH/1CAR GARAGE 1,158 1,020.00$

332 Rogen St, Lehigh Acres, FL 33972 3BR/2BATH/2CAR GARAGE 1,221 965.00$

334 Rogen St, Lehigh Acres, FL 33972 3BR/2BATH/2CAR GARAGE 1,221 965.00$

108 Richmond Ave N, Lehigh Acres, FL 33936 3BR/2BATH 1,826 1,150.00$

1108 Rushmore Ave S, Lehigh Acres, FL 33936 2BR/2BATH/LANAI/CARPORT 1,204 950.00$

306 Stewart Lane, Lehigh Acres, FL 33936 3BR-1MST SUITE/2BATH 1,400 875.00$

Total 71,808 57,075.00$

The Heights at Fort Myers, Schedule of rents

Page 11: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

P H O T O G R A P H S

Page 12: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

332-334 Rogen St (2 Units, 2 Garages)

108 Richmond Ave N (Single Family Home)

Page 13: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

1120 Gifford Ave (Single Family Home)

1108 Rushmore Ave (Single Family Home)

Page 14: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

5233 Benton St (Duplex)

5325 Bayview Court, Cape Coral (Single Family Home)

Page 15: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

1124 Navajo Avenue (Single Family Home)

Page 16: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

1423 Juddale St (Single Family Home)

5412 Bristo Street (Duplex)

Page 17: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

Typical Renovated, move-in ready interior

Page 18: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

Typical Occupied Interior

Page 19: The Heights at Fort Myers Martin Goldstein 561-310-0935 · vacation opportunity to the generally very crowded and congested Eastern Florida coast. Professionally managed, well-maintained,

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

Contact Listing Agents

For more information or to schedule a property tour please do not hesitate to contact

us at the numbers and/or email addresses below:

Martin Goldstein, Lic. Real Estate Broker

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648