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Botanic Bungalows 602 Harvard St 10 Unit Apartment Building $2,273,931 CAD ($227,393 CAD/Unit) 6.12% Cap Rate Englewood, FL 34223
Investment Highlights
- 9% Rent Upside Confirmed by Market – The 2 most recent arm's-length leases executed at $1,500 per month, with several long-term residents below market
- No Near-Term Capital Needs – New on-site well installed in 2025 reducing utility costs to ownership, all 10 HVACs professionally serviced recently
- Multiple Value-Add Revenue Levers – A $75/month utility reimbursement program generates an additional $4,500 in Year 1 and $8,100 by Year 2
- Exceptional Tenant Quality & Retention – 4 of 10 residents in-place since 2021 or earlier with consistent payment history and minimal unit wear
- Fully Furnished, Move-In Ready Units – All 10 units fully furnished and turnkey, ideally suited for the retirement and seasonal renter base
- Taxes and insurance adjusted 20% annual return after debt and initial cash-on-cash of 6%
Executive Summary
Colliers, as exclusive broker, is pleased to offer the opportunity to acquire Botanic Bungalows (the "Property"), a fully furnished, 100% occupied 10-unit community in the affluent Englewood submarket of Sarasota County, Florida. The investment delivers an annual return after debt of 20%, with in-place rents of $1,400 on a clear path to $1,475 in FY1 and $1,525 in FY2, supported by three 2025 leases confirming $1,500 market rents and further upside available through implementing a utility reimbursement program. Situated a half-mile from Englewood's charming downtown and less than 2 miles 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 $100,000 within 10 minutes. The Property's retirement-age resident base mirrors these demographics and 4 of 10 tenants have been in-place since 2021 or earlier, evidenced by a historically fully occupied asset with virtually no management intensity. A newly installed well, freshly serviced HVAC systems, and metal roofs deliver a turnkey multifamily acquisition priced well below replacement cost in one of Florida's most sought-after coastal retirement destinations.
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Property Facts
| Price | $2,273,931 CAD | Building Class | C |
| Price Per Unit | $227,393 CAD | Lot Size | 0.87 AC |
| Sale Type | Investment | Building Size | 5,650 SF |
| Cap Rate | 6.12% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 1.77/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RSF3 | ||
| Price | $2,273,931 CAD |
| Price Per Unit | $227,393 CAD |
| Sale Type | Investment |
| Cap Rate | 6.12% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.87 AC |
| Building Size | 5,650 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1973 |
| Parking Ratio | 1.77/1,000 SF |
| Zoning | RSF3 |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Washer/Dryer
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Tub/Shower
- Sunroom
- Wi-Fi
- Dining Room
- Garden
- Lawn
- Linen Closet
- Patio
- Porch
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Tenant Controlled HVAC
- Cabana
- Furnished Units Available
- Laundry Service
- Trash Pickup - Curbside
- Storage Space
- Zen Garden
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $2,067 CAD | 565 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0497-03-0037 | Improvements Assessment | $1,400,287 CAD |
| Land Assessment | $126,242 CAD | Total Assessment | $1,526,529 CAD |
Property Taxes
Parcel Number
0497-03-0037
Land Assessment
$126,242 CAD
Improvements Assessment
$1,400,287 CAD
Total Assessment
$1,526,529 CAD
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Botanic Bungalows | 602 Harvard St
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