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Courtesy of Xclusive Homes LLC
  • 3100 Areca Ave

    MLS#: 218012570
  • $1,299,999

Request a Showing for 3100 Areca Ave, Naples, FL 34112

Property Description
HIGHLY DESIRABLE LOCATION & EXCELLENT INVESTMENT OPPORTUNITY! SANRI APARTMENTS was originally built in 1957 with much of the original character. These beautiful apartments are not on the soft story list; they are sitting on a large piece of land on four parcels with three concrete block dwellings. Total of 12 units consisting of 2bed/1bath, kitchen, laundry room, comfortable enclosed porch and nice size backyard. 2 assigned parking stall per unit and assigned guest parking as well. Conveniently located off Bayshore Drive, only 3 minutes from downtown Naples and 5 minutes driving distance to the beach. This property has a true value right now and is priced to sell at a very high 8% cap rate. These apartments are a money-making machine, zero vacancy rate for the last 5 years, low expenses and excellent income opportunity. There is $142,620 annual gross rental income right now, 9 out of the 12 units are rented to a private organization for the last 9 years.The apartment community has tenancies, which upon turnover, may be rented at full market rents with cosmetic improvements to maximize rental return. Also, as the tenancies turn over, the increased return will also be substantial
Property Features
  • None
  • Central Electric
  • Central Electric
    Exterior Features
  • Fence
    Private Pool
  • No
    Private Spa
  • No
    Construction Description
  • Concrete Block
  • Tile
    Water Front
  • No
    Gulf Access
  • No
  • With Approval
  • 2978
    Tax Year
  • 2017
  • Sliding
    Unit Count
  • 1
    Units In Building
  • 12
  • At Closing
Courtesy of Xclusive Homes LLC
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2015 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.
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