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219 NE Pine Island Dr
Cape Coral, FL 33909
The Enclave at Pine Island · Land For Sale
·
20.00 AC
Investment Highlights
- The property will offer two points of controlled ingress / egress off of Pine Island Road
- Zoning/FLU CC (Commercial Corridor) w/ PIRD (Pine Island Road District) Future Land Use Overlay
- CAPE CORAL PROJECTED TO BE #1 IN MARKET RENT GROWTH
- Pine Island Road is the primary east-west corridor in Cape Coral
- Anchored by strong employment in the healthcare, leisure & hospitality, government, business & professional services sectors
- Rapidly Increasing Home Prices and High Interest Rates Will Keep People Renting
Executive Summary
configured, units are a mix of studio, 1, 2 and 3 bedroom floorplans averaging 1,047 square feet with 89% of the units being 1 BR / 1 BA or 2 BR / 2 BA and the project is expected to yield an untrended 6.61% RoC.
The opportunity is located within the highly coveted Pine Island Road District, which is capped at only 8,615 residential units, including for-sale product. With all inventory
already spoken for via approved and proposed projects, the subject site is one of the final opportunities in the submarket. This ensures long-term value as constraints on
future supply support upward pressure on rents.
The site is zoned and fully site-plan approved for a 437-unit, garden-style community with 641 surface parking spaces, 45 detached garage spaces and 141 attached garages
(1.89 / Unit) within five 4-story elevator buildings all situated around a 2.1 acre interior water feature. Sitting within a Qualified Opportunity Zone (QOZ), The Enclave provides
an advantageous tax-shelter for investors with capital gains exposure.
Property Facts
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 20.00 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Property Subtype | Commercial | ||
| Zoning | RMF - Residential Multifamily | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 20.00 AC |
| Opportunity Zone |
Yes |
| Zoning | RMF - Residential Multifamily |
1 Lot Available
Lot
| Lot Size | 20.00 AC |
| Lot Size | 20.00 AC |
The site is zoned and fully site-plan approved for a 437-unit, garden-style community with 641 surface parking spaces, 45 detached garage spaces and 141 attached garages (1.89 / Unit) within five 4-story elevator buildings.
Description
Colliers, as exclusive adviser to the seller, is pleased to offer The Enclave at Pine Island; a rare 20.31 acre multifamily development site located on Pine Island Road in fast-growing Cape Coral, FL. The site is zoned and fully site-plan approved for a 437-unit, garden-style community with 641 surface parking spaces, 45 detached garage spaces and 141 attached garages (1.89 / Unit) within five 4-story elevator buildings all situated around a 2.1 acre interior water feature. Sitting within a Qualified Opportunity Zone (QOZ), The Enclave provides an advantageous tax-shelter for investors with capital gains exposure The opportunity is located within the highly coveted Pine Island Road District, which is capped at only 8,615 residential units, including for-sale product. With all inventory already spoken for via approved and proposed projects, the subject site is one of the final opportunities in the submarket. This ensures long-term value as constraints on future supply support upward pressure on rents Construction plans and specs are available for purchase at a discount allowing a new developer the ability to move quickly through the final permitting process. As currently configured, units are a mix of studio, 1, 2 and 3 bedroom floorplans averaging 1,047 square feet with 89% of the units being 1 BR / 1 BA or 2 BR / 2 BA and the project is expected to yield an untrended 6.61% RoC The property will offer two points of controlled ingress / egress off of Pine Island Road via a 60’ easement through an adjacent parcel and NE 2nd Place. Pine Island Road is the primary east-west corridor in Cape Coral providing residents ease of access to US 41 (4.5 miles), downtown Fort Myers (6 miles) and I-75 (10 miles)
