Wild Pines of Naples
Closed2580 Wild Pines Lane, Naples, FL 34112
Property type
Multifamily
Unit / Space count
200
Price
$25,350,000
Building size
119,904 sf
Rentable area
119,904 SF
Year built
Year renovated
Occupancy
Zoning code
Lot size
10.57 Acres
Sold/status
Sold · Date unknown
Sale price
$25350000
Unit mix
134x
1br
Bedroom count
Property description
Wild Pines of Naples is a unique opportunity to acquire a core Naples property located 1.6 miles from Downtown Naples. The property includes two phases; Phase I consists of 96 market-rate units and Phase II consists of 104 rent/income-restricted units. Both phases feature nearly identical 1-bedroom floor plans, averaging 600 square feet. The units in Phase II include additional patio/storage areas and washer/dryer connections. Phase I was built in 1968 & 1986 using concrete block framing and features pitched metal roofs that were installed in 2015. Phase II was built in 2001 using concrete block construction with pitched roofs. This phase was developed under Section 42 of the IRC, and the Land Use Restriction Agreement (LURA) along with the Extended Use Agreement will keep the property under restrictions until 2031. The property is eligible for a qualified contract process if a buyer chooses to pursue that option. Also included with the sale are 23 garages available for rent and 0.6 acres of undeveloped land. This land could be used to develop more units or add an additional amenity space. There is a considerable amount of luxury rental product being developed nearby, and Wild Pines of Naples represents a tremendous value-add opportunity for an investor to achieve solid rent growth and appreciation at well below replacement cost. Wild Pines of Naples offers an investor the opportunity to acquire an upgraded, stable asset in one of Naples most prime locations.
Property highlights
- Rare Value-Add Opportunity in the Core of Naples, FL
- Significant New Developments in the Immediate Area
- Lack of Rental Housing in Naples Ensures Long Term Rent Growth and Appreciation
- Phase I, 16 Units Built in 1968 (8 Units Rebuilt in 2018) and 80 Units Built in 1986
- Phase II, 104 Affordable Units Built in 2001. Restrictions Through 2031
- Property is Eligible for Qualified Contract Process
- Located 1.6 Miles from Downtown Naples & Many Retailers
- 0.6 +\- Acres of Land Included with Sale
- 23 Garages On Site
- Amenities Include 2 Sparkling Pools, 2 Laundry Rooms, Leasing Office & Business Center, Gym and Picnic Areas
- The 2 Pools, Gym and Clubhouse Have Been Refinished and Upgraded Within the Last Year