Mickey McMahon

Call Today : (941) 704-1484

The Palms
2405 Hanson Street Ft. Myers FL 33901
24 Unit Apartment Complex

offering Summary

Property Address 2405 Hanson Street Ft Myers
Florida 33901
Price $2,400,000
Number of Units 24 units 2 Bedroom 1 Bath
Buildings (6) Buildings (2) Stories
Gross Rent Space 21,600 Square Feet
Land 1.25 Acres
The Palms

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.

Our mission

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.

Area profile

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.

  • Gulf Beaches
  • Nightly Entertainment
  • Restaurants
  • Hospitals
  • Boating
  • Employment
  • Culture
  • Hotels

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
Walmart 2,507

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
Unemployment 4.0% 4.2%
Future Job Growth 43.3% 38.0%
Sales Tax 6% 6%
State Income Tax 0 0.046
Household Income $47,908 $53,482
Family Median Income $57,083 $65,443
Occupation Breakdown by Population
Agriculture, forestry, fishing, hunting 1%
Construction 9.4%
Manufacturing 3.5%
Wholesale trade 2.1%
Retail trade 15.7%
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%
Educational services 6.6%
Health care and social assistance 14.4%
Arts, entertainment, recreation 3.3%
Accommodation, food services 9.5%
Other services 5.3%
Public administration 3.5%

rental analysis

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

Interactive Map

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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. 

$2,4000,000

FOR SALE

Bedrooms:  2

Baths:  1 

Parking:  2 spaces per unit w/ Guest Parking

Flooring:  Ceramic floor, Carpet 

HVAC:  Central Air , Heat

  • Laundry Facility
  • Security Fencing
  • Security Lighting
  • Central cooling
  • Metro Nearby
  • Sub-meter Electric/Water
  • Tile Flooring

The Palms Financials

Financial Information

(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
Less: Expenses ($82,459) ($87,297)
Net Operating Income $169,666 $191,343
CAP Rate (Sales Price $2,4000,000) 7.0% 8.0%
ANNUAL EXPENSES CURRENT PRO FORMA
Utilities Water/Trash $27,646 $31,200
Utilities Electric $840 $840
Insurance $11,556 $11.556
Taxes $22,836 $22,836
Landscaping $3,240 $3,240
Maintenance $4,404 $4,665
Meter Read Service 0 0
Management $11,937 $12,960
Total Expenses $82,459 $87,297

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

For Contact

Mickey McMahon

Licensed Realtor for  Dalton Wade Real Estate

Station House 260 1st Avenue South, 5th floor 
St. Petersburg, FL 33701 

(941) 704-1484

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