EMERALD OAKS APARTMENTS

03-21-2022
03-25-2022

4520 S Biscayne Dr , North Port, FL 34287

 

28 Unit Turnkey Apartment Complex with approved plans for an additional 78 units

Emerald Oaks Apartments is among the best located and best maintained properties in North Port, Florida. The property currently consists of 28 three-bedroom, two-bathroom, 1425 square foot units, each with its own dedicated 1 car garage. Currently apartments rent at an average of $1,680.00, substantially below market rate. The apartments reside on a parcel of land totaling almost 8 acres. Currently there are 7 buildings consisting of 4 units each. Plans have been drawn up for an additional 13 buildings, each containing 6 two-bedroom units for an additional 78 units which would bring the total for the complex up to 106 units. The club house is currently under renovations and offers an opportunity for the new owners to decide on its future best use. Current owners were planning to turn the club house into a professional office space to be leased out.

These spacious apartments feature 1,425 square feet living area, abundant closet space, gourmet kitchen with granite countertops, full size washer in dryer in unit, 1 car detached garage, private screened in lanai, energy efficient A/C, ceiling fans in all bedrooms, 9 foot ceilings, tray ceilings in living room and master bedroom, walk in master shower and closet. Animals are allowed dogs must be under 25 pounds when full grown a $250.00 nonrefundable pet fee and $20 per month per pet with a maximum of 2 pets.

Property Description

LOCATION BACKGROUND

Incorporated in 1959, the City of North Port, Florida occupies 103 square miles of southeast Sarasota County midway between the cities of Sarasota and Fort Myers, near the Gulf of Mexico. North Port is one of the largest Florida cities in land area but is only 10 percent populated. The City began with a population of 178 and was originally known as North Port Charlotte. The name was later shortened to North Port, which helped to create an individual city identity. Since 1980, North Port's population has grown 120%, making it one of the fastest growing cities in Florida. According to the Bureau of Economic and Business Research, as of 2007 the city’s population was 53,732.

Why is North Port, Florida attracting families and business from all over at such an accelerated pace? Its beauty, convenience, economic development, job opportunities, some of the lowest property taxes in the southwest Florida region and a top-notch public education infrastructure including a state of the art high school and middle school as well as a community college less than 5 miles away and 3 four-year institutions within a 60-mile radius.

North Port has an unspoiled natural environment where wildlife flourishes among 95 miles of freshwater canals. It is also the only city in Florida that contains a state forest (Myakka State Forest) within its corporate boundaries. North Port offers a multitude of recreational opportunities such as golfing, fishing, horseback riding, canoeing and more. North Port encompasses fourteen miles of Interstate I-75 within its boundaries. It has two international airports within 45 minutes making, the City accessible to most major markets. Although, North Port is inland, its weather is influenced by the Gulf of Mexico. The average annual temperature of 76 degrees makes year-round living a pleasure, and the City is host to many seasonal residents as well.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
Existing 28 1,400 $ 1,680
Plannefd 78 900 $ 1,500

Key Property Information

Listing Status
Available
Price
$ 15,500,000
No. of Units
28
Average Occupancy
97%
Year Built
2008
Building Size
47,053.1 Sq ft
Lot Size
339,090 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 553,571
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