Lemon Landing
Multifamily | 12 Units | $191,667/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase Lemon Landing, a twelve (12) unit multi-family property located at 149-181 Old Englewood Road in Englewood, Florida (the “Property”). The Property is centrally located in Englewood and is just two blocks from historic Dearborn Street, which serves as Englewood’s walkable downtown hub featuring a variety of local restaurants, boutiques, art galleries, and cafes. The location is less than a mile from North Indiana Avenue (FL Route 776), providing a convenient route along the Gulf Coast and connecting to major highways for further regional transportation. Englewood is approximately 35 miles south of Sarasota and 45 miles north of Fort Myers. The area in between the two cities is home to miles of pristine beaches and is continually ranked among the top travel destinations in the United States, funneling tourism dollars into the local economy.
The Property consist of three buildings comprising twelve (12), 2-Bedroom/1 Bathroom residential units with 9,900 square feet of living area in 10,820 square feet of gross area on 1.60 acres of land. Lemon Landing represents the rare opportunity to acquire a well-located, meticulously maintained multi-family property in a desirable coastal community that offers income growth, strong investment returns, and upside in rents.
Investment highlights
THE ASSET
Lemon Landing consists of three (3) concrete block buildings, each containing four (4) 2-Bedroom/1-Bathroom apartments for a total of twelve (12) units with 9,900 square feet of living area (825 SF per unit) in 10,280 square feet of gross area on 1.6 acres of land. The property features all direct-entry units with semi private rear patio yards, a highly desirable amenity in the submarket. Private laundry/storage closets and ample on-site parking add to the appeal of this beachy apartment community. The property was recently (2025) re-roofed with 160-MPH rated architectural shingles and features a 10'x10' shed tucked away in the SE corner for convenient storage of parts, tools, and equipment at this exceptionally well-maintained and economically efficient property.
MULTIFACTED VALUE-ADD POTENTIAL
While the majority of the in-place rents are below market rates, the biggest upside lies in the property's multiple value-add strategies. The opportunity to drive rental rates through at least five distinct profit-growth strategies makes the upside potential of this property multifaceted and extraordinary. Programmatic upgrades to the unit interiors in such a desirable location is the first path to commanding premium rents. Secondly, the desirable and hard to-find amenity of semi-private rear patio yards, currently undermarketed and underutilized, can be inexpensively upgraded and/or even expanded/fully privatized, further driving demand and rents. Third, the existence of private laundry rooms for each unit offers the potential to add laundry machines, allowing for a substantive rental increase. A fourth value-add strategy would be to utilize some of the significant excess land for amenities such as dog park, common grill/dining area, sport court, or pool. And lastly, given the area's appeal to tourists and snowbirds, a fully furnished seasonal rental or short term rental strategy could be employed.
DESIRABLE, WALKABLE LOCATION
Lemon Landing offers numerous walkable amenities, uncharacteristic of many other properties in Englewood. It is situated in the heart of Olde Englewood Village, just 2 blocks North of West Dearborn Street's walkable downtown hub of shops, restaurants, cafes, art galleries and more. This downtown area also serves as a local hub for events, including farmers' markets, art fairs, and live music at Pioneer Plaza and several nightclubs. The Property sits just 2 blocks West of Englewood Recreation Center's tennis courts and outdoor equipment, and 2 blocks East of Palm Harbor Marina on Lemon Bay, home to Freedom Boat Club.
ACCESS TO AREA AMENITIES
One of Englewood’s most attractive features is its stunning natural surroundings. The town is home to several pristine beaches, including Englewood Beach, Manasota Key Beach, and Blind Pass Beach, all of which offer soft sands, crystal-clear waters, and excellent opportunities for shelling, swimming, and sunbathing. Fishing is a popular pastime, with the local waters teeming with fish such as snook, tarpon, and redfish. Englewood is also a haven for nature lovers, with nearby Lemon Bay offering opportunities for kayaking, boating, and wildlife watching. The area is rich in birdlife, with species such as pelicans, ospreys, and herons frequently spotted along the shores.
AREA DEVELOPMENTS
Miami based developer, Kaplan Residential, has plans to build Generation Englewood, a 306-unit apartment complex at 201 Pine Street, just south of the intersection of River Road and East Dearborn Avenue. Construction on the 308,133-square-foot complex is scheduled to begin in 2024 and targeted for completion in early 2026. The three-story garden apartments would contain a mix of units with a projected cost of $2,000 to $3,500 a month, with some offering views of a created lake, likely on the eastern side of the site, which currently includes wetlands. Residents would also have a 10,000-square-foot clubhouse, state-of-the-art dog park, swimming pool, outdoor grilling stations with a lake view, as well as a walking trail around the perimeter of the site.
DEMOGRAPHICS
Approximately 19,000 people live within 3 miles of the Property with an average household income of $119,618. More than 38,300 people live within 5 miles of the Property with an average household income of $111,205. The immediate area has seen explosive growth with a 5-mile population increase of 45% from the 2010 census.
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