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Property summary
This exceptional investment opportunity presents a 13-unit hotel and motel complex situated on 0.72 acres in Matlacha, Florida (Lee County), within the Cape Coral MSA. The property, encompassing two buildings with a total of 7,955 square feet, boasts a compelling asking price of $4,000,000, translating to $502.83 per square foot and a price per key of $307,692.31. Built in 1958 and 1981, the property features concrete block construction and has undergone significant recent renovations. These improvements, exceeding $1,100,000, include the installation of wood-look vinyl plank flooring, granite countertops, stainless steel appliances, new cabinetry, and complete furniture upgrades. Further enhancements include a new Tiki Hut (2023) and screened porches (2024), along with a roof replacement in 2021. The property offers an attractive amenity package, encompassing boat dock slips, a swimming pool, Wi-Fi, dishwashers, and laundry facilities. The property's current NOI is $337,340, yielding an 8.43% cap rate, while the pro-forma NOI is $424,054, projecting a 10.60% cap rate. The property is zoned RM-2 and benefits from its location near various amenities, including Publix, 7-Eleven, McDonald's, AutoZone, Walgreens, and numerous restaurants, all within a two-mile radius. The average household income within a two-mile radius is $111,745. The property's address is 12230 Shoreview Dr, Cape Coral, FL 33993. APN: 13-44-22-01-00001.0180, 13-44-22-01-00001.0200.
Property profile
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Comparables
6 recent transactions · within 1.5 miComparable in this City
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Value estimation
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Cap rate
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Derived from the Matlacha market rent, vacancy and expense benchmarks for this use type.
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