2708 SANTA CRUZ BLVD Naples FL 34112-2301

HOT, HOT, HOT development opportunity! 5.5% Cap Rate forecasted. This combined 1.54 ac package on Santa Cruz Blvd in Kings Lake is an investor's utopia. With existing annual leases on the high-demand existing 4 units, 25 total units are approved with Collier County for these parcels. That will wrap up Kings Lake allowable units. Anticipate leasing the new units before they are even built. Proximity to 5th Ave, Naples beaches, freeway access and ancillary shopping entitles Kings Lake to be one of Naples most coveted neighborhoods. Secluded and walkable, this desirable private setting is ideal and provides all the things residents of Naples, FL desire. In addition to the precious vacant land, this package contains 4 unique and inspiring 2BD | 2BA townhomes over 2 floor plans, 2 with dens, and all include private detached garages! Secluded patios for each unit spill out into the beautifully landscaped and maintained yard with views of the lake and private pool. Second level lanai for the inside 2 units as well as an extra loft space for added breathing room. Wonderful tenants, strong rents and a thriving rental market set up a clear winning combination for success. Water retention can be placed under parking lots to maximize parking. All contemplated units fit on the parcels with ingress/egress drawn for fire. Lots of work done on planning so far makes this a slam dunk for buy & hold investors. Don't sleep on this.

All four townhomes, the parcel that the townhomes sit on, and the two vacant lots on wither side of the townhomes are included in this package offering. 7 PID's in total. Seller will not split up. Listing includes PID #'s - 52951440000, 52951200004, 52951160005, 52951240006, 52951280008, 52951320007, 52951360009. Tenants currently occupy units. Seller's engineer has confirmed with Collier County that 25 units can occupy these parcels. That is the last for Kings Lake. 4-6 months away from being shovel ready. No rezone needed, concept drawings available. Amazing opportunity. Accelerated depreciation potential as well! Monthly Rents: $2,150 $2,500 $2,800 $2,800 Net Operating Income of $84,160. Forecasted Gross Income - $930,000

Video - https://youtu.be/6URKFi50MRc