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Rainbow Lake Apartments 1007 W 57th Ave W 29 Unit Apartment Building For Sale Bradenton, FL 34207
Investment Highlights
- 2008-vintage concrete block build means lower maintenance, smaller reserves, and favorable Florida insurance, keeping owner costs predictable.
- New roofs and exterior paint are done across all four buildings, leaving strong physical condition with minimal near-term capex.
- Assumable in-place debt at a below-market 5.19% blended rate cuts equity at closing and boosts leveraged returns from day one.
- Boosting water/sewer reimbursements, adding a $5 pest fee, and $30 pet rent lift Other Income from $16,867 to $27,796 with no capital outlay.
- All 29 uniform 967 SF, 2-bed/1.5-bath townhomes have in-unit washer/dryer, drawing broad demand and premium rents with simple operations.
- At 96.6% occupancy, 28 of 29 units are leased on the Aug 2026 rent roll, with no concessions and immediate income at takeover.
Executive Summary
CBRE is pleased to present Rainbow Lake Apartments, a 2008-built, 29-unit townhome-style community at 1007-1077 57th Avenue West in Bradenton, offering investors a modern, low-density asset with durable concrete block construction and assumable below-market financing.
Completed in 2008, Rainbow Lake is one of the newer communities in its submarket. The property comprises four two-story, concrete block buildings on 8.01 acres overlooking a private lake, with composition shingle roofs and central HVAC throughout. At just 29 units, the community offers unusually low density, with ample parking and open space. Every home is a spacious two-bedroom, 1.5-bath townhouse of 967 square feet, and each includes in-unit laundry, a private patio and, in select homes, water views. The newer vintage means lower maintenance, modern building systems and favorable treatment in Florida's insurance environment, giving a new owner a stabilized, fully occupied asset with limited near-term capital needs.
Rainbow Lake sits just off 14th Street West, which carries more than 45,000 vehicles per day, minutes from the retail corridor anchored by Publix, Target, Winn-Dixie and Lowe's. The State College of Florida Bradenton campus is less than two miles away, with IMG Academy, the Sarasota-Bradenton airport and two major hospitals a short drive beyond. A deep base of healthcare, education and service employment supports rental demand across the North Port-Bradenton-Sarasota metro of more than 900,000 residents.
Manatee County ranks among Florida's fastest-growing, up roughly 48% since 2010 and projected to approach 517,000 residents by 2030. With its 2008 vintage, durable concrete block construction, low-density design, assumable below-market financing and position in one of the region's most resilient workforce-housing submarkets, Rainbow Lake Apartments represents a compelling opportunity for investors seeking a modern asset with stable cash flow and limited near-term capital needs.
Completed in 2008, Rainbow Lake is one of the newer communities in its submarket. The property comprises four two-story, concrete block buildings on 8.01 acres overlooking a private lake, with composition shingle roofs and central HVAC throughout. At just 29 units, the community offers unusually low density, with ample parking and open space. Every home is a spacious two-bedroom, 1.5-bath townhouse of 967 square feet, and each includes in-unit laundry, a private patio and, in select homes, water views. The newer vintage means lower maintenance, modern building systems and favorable treatment in Florida's insurance environment, giving a new owner a stabilized, fully occupied asset with limited near-term capital needs.
Rainbow Lake sits just off 14th Street West, which carries more than 45,000 vehicles per day, minutes from the retail corridor anchored by Publix, Target, Winn-Dixie and Lowe's. The State College of Florida Bradenton campus is less than two miles away, with IMG Academy, the Sarasota-Bradenton airport and two major hospitals a short drive beyond. A deep base of healthcare, education and service employment supports rental demand across the North Port-Bradenton-Sarasota metro of more than 900,000 residents.
Manatee County ranks among Florida's fastest-growing, up roughly 48% since 2010 and projected to approach 517,000 residents by 2030. With its 2008 vintage, durable concrete block construction, low-density design, assumable below-market financing and position in one of the region's most resilient workforce-housing submarkets, Rainbow Lake Apartments represents a compelling opportunity for investors seeking a modern asset with stable cash flow and limited near-term capital needs.
Property Facts
| Sale Type | Investment | Lot Size | 8.01 AC |
| No. Units | 29 | Building Size | 28,043 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Townhome | Year Built | 2008 |
| Building Class | C | Parking Ratio | 2.21/1,000 SF |
| Zoning | RMF9 - Multifamily | ||
| Sale Type | Investment |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 8.01 AC |
| Building Size | 28,043 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 2008 |
| Parking Ratio | 2.21/1,000 SF |
| Zoning | RMF9 - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Washer/Dryer
- Ceiling Fans
- Kitchen
- Dining Room
- Large Bedrooms
Site Amenities
- Waterfront
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 29 | - | 967 |
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 58820-0180-9 | Improvements Assessment | $60,012 |
| Land Assessment | $0 | Total Assessment | $60,012 |
Property Taxes
Parcel Number
58820-0180-9
Land Assessment
$0
Improvements Assessment
$60,012
Total Assessment
$60,012
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Rainbow Lake Apartments | 1007 W 57th Ave W