Corsica Rive
Mixed Use | 5.27% CAP | 24,900 SF
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to acquire Corsica Rive, a 24- unit mixed-use asset in Fort Myers, Florida (the “Property”). Corsica Rive is a class “A” mixed-use trophy asset in the heart of downtown Fort Myers; the building’s shell was constructed in 2008, and the interiors were completed in 2015. Positioned at the entrance to the St Tropez, Riviera, and Beau Rivage Condominiums, Corsica Rive is comprised of two (2), three-story buildings (each on their own tax parcel) and contains twenty-four (24) units consisting of fourteen (14), 2-Bedroom/2.5-Bathroom units, two (2), 2-Bedroom/2-Bathroom units, six (6) 1-Bedroom/1- Bathroom units, and two (2) retail bays.
Located at 2741 & 2747 First Street in Fort Myers’ blue-chip East First Street neighborhood, the Property is located along the banks of the Caloosahatchee River and is a short walk from the Downtown Commercial District. The Property is positioned along First Street/Palm Beach Boulevard (FL Route 80), the area’s primary commercial corridor offering a wide array of shopping, dining, grocers, public parks, and entertainment options. Fort Myers is positioned along the banks of the Caloosahatchee River and offers convenient access to the Gulf of Mexico, Estero Bay and the Estero Bay Preserve State Park and San Carlos Bay and Bunche Beach Preserve which are home to a variety of outdoor recreational activities. Fort Myers’ downtown features a plethora of employment, shopping, and entertainment opportunities.
Fort Myers is home to miles of pristine beaches and the surrounding area is continually ranked among the top travel destinations in the United States, funneling tourism dollars into the local economy.
Investment highlights
THE ASSET
Corsica Rive is comprised of two (2), three-story buildings (each on their own tax parcel) and contains twenty-four (24) units consisting of fourteen (14), 2-Bedroom/2.5-Bathroom units, two (2), 2-Bedroom/2-Bathroom units, six (6) 1-Bedroom/1-Bathroom units, and two (2) retail bays. The Property was constructed in 2008 and features 24,900 square feet of leasable space on a combined 0.37-acres of land. The units feature condo-quality finishes including porcelain tile floors, granite countertops, stainless steel appliances, and hardwood cabinets throughout. Common area amenities include a fitness center, tennis and pickleball courts, a swimming pool, spa, and dedicated grilling areas.
DESIRABLE LOCATION
The Property is well positioned in the East First Street neighborhood of Fort Myers. The Property is surrounded by condominium complexes as well as single and mufti-tenant residential properties and offers a quiet rural setting. The Property is situated at the entrance to the St Tropez, Riviera, and Beau Rivage Condominiums along First Street/Palm Beach Boulevard (SR 80), the area’s primary commercial and commuter corridor. The Property is also close to Interstate 75 and is approximately 0.75-miles from downtown Fort Myers and 15-miles from the Fort Myers beaches.
ACCESS TO AREA AMENITIES
The Property is situated just north of downtown Fort Myers on the banks of the Caloosahatchee River along First Street/Palm Beach Boulevard (SR 80) and is 1-mile from Martin Luther King Jr Boulevard (SR 82) and 1.25-miles from Cleveland Avenue (US Route 41) two of the area’s primary commercial thoroughfares. The location offers convenient access to an array of amenities including marina’s, grocery stores, national restaurants and retailers, local businesses and services, and numerous bars and cafés. Additionally, the area is home to the Southwest Florida International Airport, the Gulf of Mexico, Estero Bay and the Estero Bay Preserve State Park and San Carlos Bay and Bunche Beach Preserve which are home to a variety of outdoor recreational activities, countless golf courses.
STRONG HIGHER EDUCTION PRESENCE
The Property enjoys convenient access to several colleges and universities including Florida Southwestern State College, Florida Gulf Coast University, Nova Southeastern University – Fort Myers Campus, Fort Myers Technical College, Southern Technical College, Hodges University, Keiser University and Kairos University.
DEMOGRAPHICS
Approximately 55,600 people live within 3-miles of the Property with an average household income of $71,770. More than 137,900 people live within 5-miles of the Property with an average household income of $79,079. The immediate area has seen explosive growth with a 5-mile population increase of 22.5% from the 2010 census. The area anticipates continued growth at a rate of 2.9% per year for the next 5 years.
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