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- LoopNet Team
2580 Wild Pines Ln
Naples, FL 34112
Wild Pines of Naples · Multifamily Property For Sale
·
200 Units
INVESTMENT HIGHLIGHTS
- Rare Value-Add Opportunity in the Core of Naples, FL with Significant New Developments in the Immediate Area
- Phase II, 104 Affordable Units Built in 2001. Restrictions Through 2031
- Amenities Include 2 Sparkling Pools, 2 Laundry Rooms, Leasing Office & Business Center, Gym and Picnic Areas & 23 Garages On Site
- Phase I, 16 Units Built in 1968 (8 Units Rebuilt in 2018) and 80 Units Built in 1986
- 0.6 +\- Acres of Land Included with Sale
- The 2 Pools, Gym and Clubhouse Have Been Refinished and Upgraded Within the Last Year
PROPERTY FACTS
| No. Units | 200 | Lot Size | 5.37 AC |
| Property Type | Multifamily | Building Size | 137,361 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1968/2001 |
| Building Class | C | Parking Ratio | 1.83/1,000 SF |
| Zoning | PUD - Planned Unit Development | ||
| No. Units | 200 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.37 AC |
| Building Size | 137,361 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1968/2001 |
| Parking Ratio | 1.83/1,000 SF |
| Zoning | PUD - Planned Unit Development |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
SITE AMENITIES
- Business Center
- Clubhouse
- Fitness Center
- Laundry Facilities
- Picnic Area
- Pool
- Smoke Free
ABOUT 2580 WILD PINES LN , NAPLES, FL 34112
**** UNDER CONTRACT **** Wild Pines of Naples is a unique opportunity to acquire a core Naples property located 1.6 miles from Downtown Naples. The property includes two phases; Phase I consists of 96 market-rate units and Phase II consists of 104 rent/income-restricted units. Both phases feature nearly identical 1-bedroom floor plans, averaging 600 square feet. The units in Phase II include additional patio/storage areas and washer/dryer connections. Phase I was built in 1968 & 1986 using concrete block framing and features pitched metal roofs that were installed in 2015. Phase II was built in 2001 using concrete block construction with pitched roofs. This phase was developed under Section 42 of the IRC, and the Land Use Restriction Agreement (LURA) along with the Extended Use Agreement will keep the property under restrictions until 2031. The property is eligible for a qualified contract process if a buyer chooses to pursue that option. Also included with the sale are 23 garages available for rent and 0.6 acres of undeveloped land. This land could be used to develop more units or add an additional amenity space. There is a considerable amount of luxury rental product being developed nearby, and Wild Pines of Naples represents a tremendous value-add opportunity for an investor to achieve solid rent growth and appreciation at well below replacement cost. Wild Pines of Naples offers an investor the opportunity to acquire an upgraded, stable asset in one of Naples most prime locations.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 200 | - | 450 - 642 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $10,408,563 | |
| Land Assessment | $4,945,920 | Total Assessment | $15,719,351 |
PROPERTY TAXES
