Willis Road Apartments 40 Willis Rd 8 Unit Apartment Building $1,100,000 ($137,500/Unit) 6.58% Cap Rate North Fort Myers, FL 33917

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of Willis Road Apartments in North Fort Myers, FL. Built in 1963, this 8-unit, four-building, asset consists of 4 identical duplex style buildings, with (8) 541 SF One Bed One Bath Apartments. Notable for investors, this asset has seen a significant amount of recent capital improvements with all completely gut-renovated units (2022), new roofs (2023), and a new driveway (2024). The Willis Road Apartments boasts several amenities such as individual entrances, ample parking, and screened front porches just to name a few. Additionally, current ownership is paying for trash and water, while tenants are responsible for paying electricity and individually metered electric A/C.

The Willis Road Apartments are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 of the OM), it has been determined that current average apartment rents are $150-$250 below similar competing properties, This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Due to the attractive location and significant historic cashflow, this opportunity offers the marketplace a significant value add, cash flowing asset. Please contact HMA for more information before this opportunity is gone.