100450 . 72 Home SFR Cape Coral FL
100450 . 72 Home SFR Cape Coral FL, Cape Coral, Florida 33993
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Great opportunity to acquire a new construction portfolio of approximately 72 single-family detached homes located in the rapidly-growing Cape Coral Florida market. An investor can purchase a portion of the portfolio or work with the seller to acquire additional homes. The homes are split between two areas of town, both in desirable areas of the city. The builder has selected 3 different floor plans that are fully-optimized to receive top of the market rents ranging from $1,770 to $1,970 per month. All are single-level homes with a mix of 3 and 4-bedrooms with an attached two-car garage. Their design specs are comprised of durable and quality finishes, decreasing turnover costs in the future. All homes are scheduled to be completed in March 2020, offering an investor a BFR package that will be income-producing shortly.
The seller is Kindred Homes, an established builder in Florida and Texas with the ability to scale in those markets. Kindred Homes is able to increase the size of the portfolio for a qualified investor. An investor can further optimize the floorplans and finish levels if desired.The builder has multiple floor plans to select from and can further modify plans with in-house architecture.
Cape Coral sits on Florida’s stunning Gulf Coast with a regional population of 1.2 million people. Near to the Caloosahatchee River and more than 400 miles of sprawling canals make Cape Coral one of the most navigable cities by waterways in the world. The city is within 10 miles of Interstate 75 connecting to the north and south-east parts of the state. Cape Coral is the #1 of top 25 growth cities in the country given their incredible 2016 job growth (4.16%), wage growth (7.08%), population growth (3.93%), home price appreciation (10.66%), and all accompanied by Florida’s pro-business environment.
Cape Coral is well-served with the essential utilities, roads and telecommunications resources that are necessary to support growth. Traffic flows smoothly on established roadways, and extensive broadband and fiber optics provide an easy global reach. In 2017, the city of Cape Coral was named by Forbes as the #1 Fastest-Growing city in the US, #1 Metropolitan area for Job Growth, #1 Future Job Growth, and as #10 Housing Investments Cities. In addition, WalletHub and Business Insider both named Cape Coral as one of the Top 10 Best Cities to start a business.
There is an increase of 19% of single-family building permits for the coastal counties, compared to February 2018 to February 2019. According to NeighborhoodScout®, the Cape Coral area has experienced a YOY increase in rent of 7%. The metro area is experiencing a median home sales price of $220,000 with 74% being homeowners. According to NeighborhoodScout®, single-family detached homes are the single most common housing type in Cape Coral, accounting for 79.3% of the city’s housing units. The median household income is about $105,784 for a family of four.
Recently, U.S. News & World Report released a list of the best places to retire, Fort Myers topped the list. According to U.S. News, the area has “retained its small-town heritage… with a charming downtown lined with shops and restaurants.” In addition, Fort Myers has seen a large amount of newer housing growth in recent years. The wealthier residents moving into these new homes seem to be attracted by jobs and the healthy local economy. In the Fort Myers area, the median household income is $41,591 and the residents work in jobs such as sales (14.46%), office and administrative support (11.44%) and management occupations (9.50%). Of interest, the people living in Cape Coral-Fort Myers are upwardly mobile, young and single professionals. The educational level of the people living in the metro is higher compared to the rest of the United States; 27.09% of adults have at least a bachelor’s degree.
- Visit SFRhub.com and search for portfolio 100450 for more info!
- Attractive stabilized Y1 cap rate of 6.63%
- All homes are scheduled to be completed in March 2020
- 3-floor plans optimized to receive high market rents
- Durable and quality finishes designed to be sustainable through tenant turnovers
- Seller is an established builder in Florida and Texas with the ability to scale in those markets
- In 2017, Forbes named Cape Coral the #1 fastest growing city in the US, the #1 Metro area for job growth and future job growth
- According to NeighborhoodScout®, the Cape Coral area has experienced a YOY increase in rent of 7%
10/31/2019 9:47:05 PM
1/20/2020 7:09:54 PM