Botanic Bungalows
NEW TO MARKET | 100% Occupied | 20% LIRR | Seller Financing Available
Marketing description
Colliers, as exclusive broker, is pleased to offer the opportunity to acquire Botanic Bungalows (the "Property"), a fully furnished, 100% occupied 10-unit community in the affluent Englewood submarket of Sarasota County, Florida. The investment delivers an annual return after debt of 20%, with in-place rents of $1,400 on a clear path to $1,475 in FY1 and $1,525 in FY2, supported by three 2025 leases confirming $1,500 market rents and further upside available through implementing a utility reimbursement program. Situated a half-mile from Englewood's charming downtown and less than 2 miles from Manasota Key, the #22 Best Place to Retire in the U.S, the submarket carries a median age of 68 and average household incomes of $100,000 within 10 minutes. The Property's retirement-age resident base mirrors these demographics and 4 of 10 tenants have been in-place since 2021 or earlier, evidenced by a historically fully occupied asset with virtually no management intensity. A newly installed well, freshly serviced HVAC systems, and metal roofs deliver a turnkey multifamily acquisition priced well below replacement cost in one of Florida's most sought-after coastal retirement destinations.
Investment highlights
- 9% Rent Upside Confirmed by Market – The 2 most recent arm's-length leases executed at $1,500 per month, with several long-term residents below market creating a natural path to $1,525 pro-forma rents.
- Exceptional Tenant Quality & Retention – 4 of 10 residents in-place since 2021 or earlier with consistent payment history and minimal unit wear supporting an asset that historically runs fully occupied.
- No Near-Term Capital Needs – New on-site well installed in 2025 reducing utility costs to ownership, all 10 HVACs professionally serviced within the last 6 months, and metal roofs across all 5 buildings with no replacement risk.
- Fully Furnished, Move-In Ready Units – All 10 units fully furnished and turnkey, ideally suited for the retirement and seasonal renter base, with 2 on-site storage units offering an additional revenue opportunity.
- Coastal Location with Heavy Retirement Demand – Less than 2 miles from Manasota Key, the #22 Best Place to Retire in the U.S, with a submarket median age of 68 and average household incomes of $100,000 within 10-min.
- Multiple Value-Add Revenue Levers – A $75/month utility reimbursement program generates an additional $4,500 in Year 1 and $8,100 by Year 2, with further upside through short-term rental conversion and low-cost amenity additions.
- Outstanding Returns – Taxes and insurance adjusted 20% annual return after debt and initial cash-on-cash of 6%.
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