Wild Pines of Naples
Closed2580 Wild Pines Lane, Naples, FL 34112
Property type
Multifamily
Unit / Space count
200
Price
$19,500,000
Building size
137,361 sf
Rentable area
137,361 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
5.37 Acres
Sold/status
Sold · Date unknown
Sale price
$19500000
Unit mix
134x
1br
Bedroom count
Property description
Wild Pines is a unique opportunity to acquire a core Naples property which is going to market for the first time. 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. The market-rate phase was built in 1968 & 1986 using concrete block framing and features pitched metal roofs that were installed in 2015. Eight units in Phase I are currently in a down condition from hurricane damage. A contract to make all necessary repairs has been signed and the work is estimated to be completed by mid-August 2018. The affordable phase 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. Wild Pines is located 1.6 miles from Downtown Naples, making it a convenient home for anyone working in the Greater Naples area. This excellent location allows the property to consistently maintain a waiting list and makes it a prime candidate for an interior/exterior value-add program. Additionally, there is a 0.6 +/- acre site in front of the property which could be used to develop more units or additional amenity space. There is a considerable amount of luxury rental product being developed nearby, and Wild Pines represents a tremendous value-add opportunity for an investor to achieve solid rent growth and appreciation at well below replacement cost.
Property highlights
- Phase I 16 Units Built in 1968 & 80 Units Built in 1986
- Phase II 104 Affordable Units Built 2001; Restrictions Go Through 2031
- Property is Eligible for Qualified Contract Process
- 0.6 +/- Acres of Land Included with Sale
- Amenities Include 2 Pools, 2 Laundry Rooms, Leasing Office, Gym & Picnic Areas
- Located 1.6 Miles from Downtown Naples; with Significant New Development in the Immediate Areas, But Lack of Rental Housing, Ensures Long Term Rent Growth and Appreciation