Naples 18 Portfolio 4 Multifamily Properties Offered at $7,250,000 in Naples, FL

*Portfolio Available Together or Separate*
The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Naples 18 Portfolio in Naples, FL. This 4 Property, 18- unit portfolio consists of (3) identical layout, 3-story quadplex – style buildings, and (1) 2-story, 6 – unit property, which are all located within 1 mile of each other. Newly Constructed in 2023-2024, this portfolio consists of (6) 2100 SF Four Bed Three and a Half Bath Townhomes, (6) 513 SF Studio Apartments, (2) 1463 SF Three Bed Two Bath Townhome, (2) 426 SF Studio Apartments, and (2) 350 SF Studio Apartments.
The Connecticut Avenue Quadplexes and Croton Road Quadplex are (3) identical layout buildings, consisting of (2) 2100 SF Four Bed Three and a Half Bath Townhomes and (2) 513 SF Studio Apartments within each building, and are currently being operated as standard market rate apartment complexes. Seagrape Avenue Apartments consists of (6) total units, with the (2) 1463 SF Three Bed Two Bath Townhome units being operated as standard market rate apartment units, while the (2) 426 SF Studio Apartments, and (2) 350 SF Studio Apartments being operated as short-term rental (Airbnb) units. The Naples 18 Portfolio boasts several amenities such as Miami-Dade County Approved Hurricane Impact Windows and Doors, private garages, and in-unit washer/dryers just to name a few. Additionally, long term rental tenants are currently responsible for all utilities, with an in-place RUBS for Electric, Water, and Sewer.
The Naples 18 Portfolio is 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 22 of the OM), it has been determined that current average three-bedroom and four-bedroom unit rents are $250-$350 below similar competing properties, while similar competing studio units are achieving $50-$150 higher rents. 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 cash flow, this opportunity offers the marketplace a significant value add, cash flowing asset. Please contact HMA for more information before this opportunity is gone.