From the properties we looked at, we already put one in contract.  A 44 unit complex in Naples for under $3 million.  Capitalization Rate of 8.5%.  Sure, we like cap rates, but more importantly this complex is favorable for a condo conversion.  Our investor intends on holding for 5 years and applying for the conversion.  If successful, which nothing leads us to believe it won’t be, his $63,000 per door front end purchase will result in a minimum of about $100,000 resale on the units.  If we need to hold for 7 years, so be it.  The complex has a Net Operating Income of over $260,000 per year so we can afford to wait.

If you are looking for commercial multi-family complexes, we have them ranging from 7% to 10% cap rates.  Most of our inventory is priced between $1,500,000 and $5,000,000.

We specialize in commercial, multi-family, REO, foreclosures, distressed sales, and income property in all of Southwest Florida.

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