12230 Shoreview Dr Matlacha, FL 33993

Property Details for 12230 Shoreview Dr

Year built

1958

Lot size

0.72 lot acres

Property size

7,955 SF

Property type

Motels

Property subtype

Hotels

APN

13-44-22-01-00001.0180, 13-44-22-01-00001.0200

Description

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.