Arcadia Cove

Arcadia Cove is a 51-unit, cardinal apartment community in Arcadia, Florida, 40-miles north of Fort Myers, 50-miles south of Lakeland and part of DeSoto County. Arcadia has a central location in the southwest portion of Florida, granting easy access to all the top demand drivers along Florida’s southwest coastline and central Florida. Residents enjoy the convenience of proximity to a wealth of employment opportunities and entertainment throughout Arcadia, southwest Florida and central Florida thanks to U.S. Highway 17, U.S. Highway 70 and U.S. Highway 72. Arcadia Cove’s minuet distance from the local hospital, education centers, parks, Peace River, jobs, restaurants and much more makes it an incredibly convenient and desirable place to live. DeSoto Memorial Hospital, Downtown Arcadia and Peace River are a few of the main demand drivers less than 1-mile from the property.

Arcadia Cove sits on a 3.13-acre parcel in a quiet, suburban-like neighborhood, only a short walk from nearby parks and recreation. The community comprises eight residential buildings constructed of wood frame with recently replaced pitch shingle roofs, and houses 1 studio, 40 one-bedroom/one-bathroom, 7 two-bedroom/one-bathroom and 3 twobedroom/ two-bathroom units, averaging 250, 600, 716 and 850 square feet, respectively. Originally built in 1984, the asset has undergone a massive renovation over the past 4 years. All interiors have been renovated with identical vinyl flooring, paint, countertops, appliances, fixtures and white cabinets. Exterior upgrades include full roof replacements, recoated parking lot and fresh exterior paint. This leaves an incoming owner with an attractive opportunity to assume the current inplace loan, raise all rents $81 per unit per month, implement a washer/dryer appliance program and achieve a 9.50%+ cash-on-cash return within the first 18-months of ownership.