Wild Pines of Naples
Closed2580 Wild Pines Lane, Naples, FL 34112
Property type
Multifamily
Unit / Space count
200
Price
Subject to Offer
Building size
137,361 sf
Rentable area
137,361 SF
Year built
1968
Year renovated
Occupancy
Zoning code
Lot size
5.37 Acres
Sold/status
Sold · Date unknown
Unit mix
134x
1br
Bedroom count
Property description
Wild Pines of Naples is a premier 200-unit apartment community situated in the heart of Naples, FL, offering a rare value-add investment opportunity in a highly coveted market. This property features desirable two-story concrete block construction with pitched roofs, providing durability and timeless appeal. Located in an affluent submarket with an average household income of over $156,576 within a 3-mile radius, Wild Pines is positioned in an area with minimal inventory of workforce housing, highlighting its exceptional investment potential. The community is divided into two phases: Phase I consists of 96 units, with 80 built in 1986 and 16 rebuilt in 2018/2024, while Phase II includes 104 affordable units constructed in 2001 with restrictions through 2031, unlocking significant value once these units convert to market rates. Investors will appreciate the substantial value-add opportunities available, including a favorable mark-to-market potential supported by local submarket comps, which indicate a rental upside of approximately $200+ per unit. Additionally, the property includes a small parcel of land ideal for expanding the unit count by 6-12 more units or enhancing existing amenities such as grilling areas, a soccer field, and a pet park. Just 6 minutes from Downtown Naples and 10 minutes from Naples Beach and Third Street South, Wild Pines presents a compelling investment in a highly sought-after location.
Property highlights
- 200-Unit Rare Value-Add Opportunity in the Core of Naples, FL
- Desirable Two-Story Concrete Block Construction and Pitched Roofs
- Extremely Affluent, High Barrier to Entry Submarket with Virtually no Inventory of Workforce Housing. Great Demos with $156,576+ Avg. HHI in a 3-Mile Radius of the Property
- Phase I, 96 Total Units-- 80 Units Built in 1986, and 16 Units Built in the 1970’s (Rebuilt in 2018/2024)
- Phase II, 104 Affordable Units Built in 2001. Restrictions Through 2031 (~7 years Remaining), Unlocking Significant Value when Property Becomes Full Market Rate
- Value-Add Opportunities on the Market Rate Phase
- Mark-to-Market: Great mark-to-market opportunity with submarket comp set supporting additional ~$200+ in rental upside
- Development Potential: Small parcel of land included in the sale that you could build 6-12 more units on
- Opportunity to expand on existing amenity set with grilling areas, soccer filed, gazebo’s, pet park, etc.
- Accretive Loan Assumption with 3.44% Fixed, Interest Only Rate for 6 Additional Years
- Amenities Include 2 Sparkling Pools, 2 Laundry Rooms, Leasing Office & Business Center, Gym, 23 Garages and Picnic Areas
- Naples Ranked 6th Best Place to Live in the U.S. (2023 - 2024 U.S. News)
- Great Location 6-Minutes from Downtown Naples
- 10-minutes from Naples Beach, Naples Pier, and Third Street South Retail Strip which Includes Shops, Renowned Fine Restaurants and Bistros, the Courtyards, and Antique Fountains