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5274 Duncan Rd - FULLY APPROVED CLF/ALF 200 UNITS 4.11 Acres of Residential Land Offered at $2,950,000 in Punta Gorda, FL 33982
INVESTMENT HIGHLIGHTS
- Fully Approved for 200 Units in 140,805 Square Feet
- No Restriction on Allocation of Senior Apartments, Independent Living, Assisted Living, or Memory Care
- Flexible Ownership Will Consider All Offers
- Opportunity to Capture Thriving Senior Market of Southwest Florida
- Conversion Possibilities to Traditional Multifamily Rental Property, Hotel, or Rehabilitation Center
- Ownership will consider JV opportunities with qualified operators.
EXECUTIVE SUMMARY
The project is perfectly positioned in proximity to all of Southwest Florida's major metropolitan markets, providing a rare opportunity to develop a 200-unit adult living or congregated living facility in a strong Florida market with a noticeably short supply of senior living facilities.
Current approvals have no restrictions on allocating Congregated Living Facility services, and a developer may position the asset as independent living, assisted living, memory care, senior apartments, or any combination thereof.
Punta Gorda's strong residential demand among seniors and a rapidly diminishing supply pipeline has yielded skyrocketing monthly adult facility rent prices by nearly 145% over the past three quarters. The improving market fundamentals, intense demographic growth, and an aging population in Southwestern Florida place increasing demand on senior housing, with very few fully approved residential development projects currently available. Existing new senior housing projects are nearly sold out as senior housing demand in the region skyrockets.
The submarket's large geography includes high population growth areas with premiums placed on residential developments near the Charlotte Harbor area. The development site is less than 25 miles from downtown Ft. Myers and equidistant from Naples and Sarasota. In particular, Charlotte County offers a somewhat more attractive option to residents willing to commute from Tampa and Naples-based suburban markets.
The site is fully approved and entitled, delivered with all engineering, architectural, and environmental work needed to start construction within 90 days.
Ownership will consider JV opportunities or build-to-suit the entire site for qualified operators.
PROPERTY FACTS
| Price | $2,950,000 | Property Subtype | Residential |
| Sale Type | Investment or Owner User | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 4.11 AC |
| Property Type | Land | ||
| Zoning | GC - General Commercial | ||
| Price | $2,950,000 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | |
| Total Lot Size | 4.11 AC |
| Zoning | GC - General Commercial |
1 LOT AVAILABLE
Lot 4023344300
| Price | $2,950,000 | Lot Size | 4.11 AC |
| Price Per AC | $717,761.56 |
| Price | $2,950,000 |
| Price Per AC | $717,761.56 |
| Lot Size | 4.11 AC |
The subject site consists of 4.11 acres and is located at the southwest corner of the intersection between Duncan Road and Sandy Shore Drive, in unincorporated Charlotte County. The subject site is currently improved with a RV and boat storage.
DESCRIPTION
Compass Commercial proudly presents a fully approved 200-unit adult living facility development site in the high-growth Punta Gorda region of Southwest Florida. The subject site sits directly along the Duncan Road corridor, whose fabric blends nonresidential and residential uses. Numerous commercial and residential developments along the corridor make a high-density residential project easily supported by the infill development of this underutilized site. The parcel sits just 1.5 miles north of the Punta Gorda Airport (Allegiant Airline's Florida Hub) and is in immediate proximity to major retailers and the thriving harbor area of the Punta Gorda submarket. The project is fully approved for 200 units in 140,000 square feet. After a 2+ year entitlement process, ownership achieved final sign-offs in late 2021, with permitting pending for commencement of onsite construction. The project is perfectly positioned in proximity to all of Southwest Florida's major metropolitan markets, providing a rare opportunity to develop a 200-unit adult living or congregated living facility in a strong Florida market with a noticeably short supply of senior living facilities. Current approvals have no restrictions on allocating Congregated Living Facility services, and a developer may position the asset as independent living, assisted living, memory care, senior apartments, or any combination thereof. Punta Gorda's strong residential demand among seniors and a rapidly diminishing supply pipeline has yielded skyrocketing monthly adult facility rent prices by nearly 145% over the past three quarters. The improving market fundamentals, intense demographic growth, and an aging population in Southwestern Florida place increasing demand on senior housing, with very few fully approved residential development projects currently available. Existing new senior housing projects are nearly sold out as senior housing demand in the region skyrockets. The submarket's large geography includes high population growth areas with premiums placed on residential developments near the Charlotte Harbor area. The development site is less than 25 miles from downtown Ft. Myers and equidistant from Naples and Sarasota. In particular, Charlotte County offers a somewhat more attractive option to residents willing to commute from Tampa and Naples-based suburban markets. The site is fully approved and entitled, delivered with all engineering, architectural, and environmental work needed to start construction within 90 days. Ownership will consider JV opportunities with qualified operators.
PROPERTY TAXES
| Parcel Number | 402334430002 | Improvements Assessment | $61,146 |
| Land Assessment | $416,471 | Total Assessment | $477,617 |
PROPERTY TAXES
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5274 Duncan Rd - FULLY APPROVED CLF/ALF 200 UNITS
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