Lemon Bay Villas

Colliers, as exclusive broker, is pleased to offer the opportunity to acquire Lemon Bay Villas (the "Property"), a 12-unit, all two-bedroom apartment community in the wealthy Englewood submarket of Sarasota County, Florida. The Property offers immediate lease-up and mark-to-market upside priced well below replacement cost at a 6.6% cap rate, with average in-place rents of $1,480 on 9 occupied units and located in a submarket where comparable two-bedroom rents average $1,570. This supports a clear path to a 7.0% cap rate in FY1 upon stabilization and an initial cash-on-cash return exceeding 6.8%. All units feature in-unit washers and dryers and select units have been renovated with updated kitchens and luxury vinyl plank flooring, paving the way to strong immediate upside, organic rent growth supported by the market, and minimal mechanical systems in need of repair. Located a half-mile from Dearborn Street and ten minutes from Manasota Key, the #22 Best Place to Retire in the U.S., the submarket carries a median age of 68 and average household incomes of nearly $100,000. Spread across 6 separately deeded parcels, Lemon Bay Villas offers immediate value-add upside and multiple exit strategies.