Jade at Olde Naples
Closed330 11th St N & 1015 2nd Ave N , Naples, FL 34102
Property type
Multifamily
Unit / Space count
104
Price
Subject to Offer
Building size
56,554 sf
Rentable area
56,554 SF
Year built
1971
Year renovated
Occupancy
Zoning code
Lot size
3.23 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Jade at Olde Naples is a 104-unit boutique multifamily community and represents a unique investment opportunity in Naples, FL, one of the most desirable markets in the United States. Located in a prime infill location, this property is a rare asset in a high barrier-to-entry submarket. As the only 100+ unit market-rate multifamily community within 1 mile of downtown Naples, it boasts a strategic advantage in a competitive rental market and protects the investment against competitive pressures and supports a premium pricing strategy. Jade at Olde Naples maintains 100% occupancy and benefits from an active waiting list, demonstrating strong demand and potential for increased rental income. Significant rental uplift opportunities exist through strategic renovations. With a current $100 delta between classic and upgraded units, and another $100 between upgraded and premium units, the next owner can capture substantial premium rental income. Recent Capital Expenditures of $4.5 million invested in recent renovations, including roof replacements in 2018, ensures reduced near-term maintenance costs and adds to the property’s appeal. Jade at Olde Naples features robust two-story concrete block construction and a mix of one- and two-bedroom floor plans, the property caters to a diverse tenant base. This multifamily community not only offers a strong, stable source of current income but also presents a compelling value-add opportunity through strategic upgrades and management. Its unique location, combined with Naples’ high desirability and economic stability, makes this investment particularly attractive to those seeking growth and long-term profitability in real estate.
Property highlights
- 104-Unit Boutique Multifamily Community in Prime Infill Location in Naples, FL
- Rare Asset in High Barrier-to-Entry Submarket – Property is the Only 100+ Unit Market-Rate Multifamily Within 1 Mile of Downtown Naples
- Property is 100% Occupied and On a Waiting List
- Current Ownership has Not Fine Tuned Rental Rates by Renovation Level. Next Owner Should see Significant Movement on Rents as Well as Being Able to Capture Renovation Premium Rental Income
- Desirable Two-Story Concrete Block Construction with Mix of One- & Two- Bedroom Floor Plans
- Significant Recent CapEx Including $4.5M in Renovations & All Roofs Replaced in 2018
- On-Site Leasing Office and Laundry Facility (Washer/Dryer Connections Only in Select 5 Units)
- Secured Access with Keypad Entry Opening into Tranquil Community Courtyard with Seating Areas and Lush Tropical Landscaping
- Directly Across the Street From The River Park Community Center Which Offers Free Access to the Public Which Includes the Use of the Pool, Basketball Court, Playground, Library and Event Space