Lemon Bay Garden Apartments 350 Elm St 12 Unit Apartment Building $2,768,875 CAD ($230,740 CAD/Unit) 6.58% Cap Rate Englewood, FL 34223

Colliers, as exclusive broker, is pleased to offer the opportunity to acquire Lemon Bay Villas (the "Property"), a 12-unit, all two-bedroom apartment community in the wealthy Englewood submarket of Sarasota County, Florida. The Property offers immediate lease-up and mark-to-market upside priced well below replacement cost at $166,600 per unit, with average in-place rents of $1,440 on 11 occupied units and located in a submarket where comparable two-bedroom rents average $1,628. This supports a clear path to a 7.5% cap rate in FY2 and an average annual return after debt for the hold period of 18.5%. All units feature in-unit washers and dryers and select units have been renovated with luxury finishes including updated kitchens and vinyl plank flooring, paving the way to strong immediate upside, organic rent growth supported by the market, and minimal mechanical systems in need of repair to increase the operating yield. Located a half-mile from Dearborn Street and ten minutes from Manasota Key, the #22 Best Place to Retire in the U.S., the submarket carries a median age of 68 and average household incomes of nearly $100,000. Spread across 6 separately deeded parcels, Lemon Bay Villas offers immediate value-add upside and multiple exit strategies.