4301 EXECUTIVE CIRCLE Fort Myers FL 33916

Cobblestone on the Lake Apartments is a 186-unit fractured condominium community within a 290-unit condominium association in Fort Myers, Florida.

This waterfront property is located west of Interstate 75 and east of Caloosahatchee River, just north of Colonial Boulevard.

The asset was developed in 2005 - 2007 as a concrete slab, concrete block construction (including concrete floors) with hipped and pitched roofs.

The community is comprised of 13 buildings with eight (8) buildings featuring four-story apartment buildings with ground level covered parking and five (5) buildings featuring three-story townhome buildings with ground level private garages.

Out of the subject property total of 186 units - there are currently 144 units in the pool of revenue units and 42 unfinished / non-revenue units (units in shell condition) with estimated Remedy Cost of $3,000,000.

The current physical occupancy of the revenue units is at 97.22% (per data provided by Management: Rent Roll As of 07/27/17 plus 100% Lease-up of Building # 7 of 30 Units by Mainsail Housing of Tampa). The current in-place rents average $1,182 or $0.85/SF – well below market as documented in our Rent Analysis Section.

Tenants are responsible for electric. The property is responsible for water / sewer expense and trash removal expense paid from HOA dues.

Common area amenities include: waterfront property, jogging / walking path, covered parking (apartments), private garages (townhomes), clubhouse, fitness center,

game-room / meeting-room, and heated pool / spa.

Unit amenities include: central air conditioning & heat, balcony / porch, semi-private elevator for each and every unit, washer / dryer hook-up in every unit, dishwasher in every unit, ceramic tile floors (kitchens and bathrooms), glass shower enclose, spa tubs (three-bedroom units), walk-in closets.

This offering includes 186 units: 144 Ready / Revenue Units + 42 Units in Shell Condition. The total of 186 units represents 64% membership in the Master Association of 290 Units, allowing a new owner to come in and have a total control over the Association.