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2405 Hanson Street Ft Myers
|Number of Units||24 units 2 Bedroom 1 Bath|
|Buildings||(6) Buildings (2) Stories|
|Gross Rent Space||21,600 Square Feet|
About the Owner
JET Enterprises LLC, a Florida Company, invests in multi-family real estate within metro areas that enjoy positive economic and rental fundamentals.
To enhance the living standards of our tenants by investing in the improvement of our properties, and in turn to make a positive contribution to the communities within which we operate and serve.
We utilize a top-down research approach to study metro area economic trends.
We factor job growth, household formation, single family housing affordability, new construction vs absorption, rent growth, and vacancy rates to form an opinion on the given metro area.
We target assets that are under performing relative to comparables.
We favor properties that have a 100 basis point cap rate spread versus comparables, and rents 10% to 15% below market.
We increase NOI by improving expense inefficiencies, and invest in capex to drive value.
Our aim is to deliver a performing asset to the marketplace within 24 months.
Our property management company, JET Property Management Florida LLC, operates our properties.
Established in 1886, Fort Myers is the county seat and historical hub of Lee County. Sitting on the Caloosahatchee River. The city is home to the historic winter residences of Thomas Edison and Henry Ford. Extensive renovation of Fort Myers’ historic, waterfront downtown is underway, with new restaurants, nightclubs, apartments and artistic venues offering energy, growth and vitality. Residents and visitors alike enjoy cultural events overlooking the river at Centennial Park and the Yacht Basin.
FT MYERS ECONOMY
Top 5 Area Employers
Lee County School District 11,000
Lee Memorial Health System 10,900
Publix Super Markets 5,007
Lee County Administration 2,584
Ft Myers Economy
- Cape Coral-Fort Myers Metro Area has an unemployment rate of 4.0%. The US average is 4.2%.
- Cape Coral-Fort Myers Metro Area has seen the job market increase by 4.0% over the last year. Future job growth over the next ten years is predicted to be 43.3%, which is higher than the US average of 38.0%.
- Tax Rates for Cape Coral-Fort Myers Metro Area
The Sales Tax Rate for Cape Coral-Fort Myers Metro Area is 6.0%. The US average is 6.0%.
The Income Tax Rate for Cape Coral-Fort Myers Metro Area is 0.0%. The US average is 4.6%.
- Income and Salaries for Cape Coral-Fort Myers Metro Area
The average income of a Cape Coral-Fort Myers Metro Area resident is $27,578 a year. The US average is $28,555 a year.
The Median household income of a Cape Coral-Fort Myers Metro Area resident is $47,908 a year. The US average is $53,482 a year.
|Economy||Ft Myers -Cape Coral||United States|
|Future Job Growth||43.3%||38.0%|
|State Income Tax||0||0.046|
|Family Median Income||$57,083||$65,443|
|Occupation Breakdown by Population|
|Agriculture, forestry, fishing, hunting||1%|
|Transportation and warehousing||3.4%|
|Finance and insurance||3.3%|
|Real estate, rental, leasing||3.8%|
|Professional, scientific, technical services||5.2%|
|Administrative, support, waste mgt svcs||7.5%|
|Health care and social assistance||14.4%|
|Arts, entertainment, recreation||3.3%|
|Accommodation, food services||9.5%|
Competitive Rental Analysis
|1 The Palms||2405 Hanson St||2 Bedroom 1 Bath|
|2 Retreat at Lake Vista||3701 Winkler Avenue Ext||2 Bedroom 2 Bath|
|3 Maple Apts||2310 Maple Ave||2 Bedroom 1 Bath|
|4 Residence Drive Apts||4122 Residence Drive||2 Bedroom 1 Bath|
|5 Providence St. Apts||2610 Providence St||2 Bedroom 1 Bath|
|6 Park Place Apartments||4637 Deleon St||2 Bedroom 1 Bath|
|7 Palm Vista Apartments||3748 Central Ave||2 Bedroom 1 Bath|
|8 Riverwalk Apartments||2515 1st St||2 Bedroom 1 Bath|
|900 Sq. Ft.||$900||Subject Property|
|997 Sq. Ft.||$1,285||2.9 miles from subject property|
|815 Sq. Ft||$900||.2 miles from subject property|
|873 Sq. Ft.||$995||1.6 miles from subject property|
|750 Sq. Ft.||$1,125||2.3 miles from subject property|
|930 Sq. Ft||$1,124||2.8 miles from subject property|
|850 Sq. Ft||$900||1.1 miles from subject property|
|950 Sq. Ft||$1,100||1.9 miles from subject property|
Click Icon for Details
Palms Apartment details
The Palms Apartments property is being offered for $2,400,000. The property consists of 6 buildings located on 1.25 acres and was built in 1967. Each building contains 4 apartments 900 sq ft each for a total of 24 units and are 2 bedrooms 1 bath each. The exterior walls consist of stucco covering over a concrete block masonry frame. The foundation is a monolithic concrete slab with vapor barrier on compact fill and concrete stemwall footings. The roofs have an asphalt shingle covering over a wood-frame engineered gable-style roof structure. All utilities are sub-metered and there is a laundry facility on site. The property is entirely fenced with ample guest parking and 2 parking spots per unit.
Parking: 2 spaces per unit w/ Guest Parking
Flooring: Ceramic floor, Carpet
HVAC: Central Air , Heat
The Palms Financials
(Provided by Owner)
|ANNUAL OPERATING DATA||CURRENT||PRO FORMA||Gross Schedule Rent||$242,100||$259,200|
|Less Vacancy @ (5%)||$12,105||$12,960|
|Total Effective Rental Income||$229,995||$246,240|
|Other Income Laundry||$530||$1200|
|Other Income Utilities||$21,600||$31,200|
|Effective Gross Income||$252,125||$278,640|
|Net Operating Income||$169,666||$191,343|
|CAP Rate (Sales Price $2,4000,000)||7.0%||8.0%|
|ANNUAL EXPENSES||CURRENT||PRO FORMA|
|Meter Read Service||0||0|
This is a confidential Offering Flyer intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Flyer contains selected information pertaining to the Property and does not claim, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of Dalton Wade Real Estate Group. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Dalton Wade Real Estate Group, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Flyer or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Flyer or use of its contents. You are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property. By receipt of the Offering Flyer, you agree that its contents are of a confidential nature and that you will not disclose this any of its contents to any other entity without the prior written authorization of the Owner or the Dalton Wade Real Estate, LLC. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT MICKEY MCMAHON FOR MORE DETAILS
Licensed Realtor for Dalton Wade Real Estate
Station House 260 1st Avenue South, 5th floor
St. Petersburg, FL 33701