Riverside Villas, Waterview Lot FL

Land Description

RealINSIGHT Marketplace Online Auction September 26-28, 2023.

All bidders must register with Marketplace to participate in the auction event.

Investment Highlights:

RARE Opportunity TO Acquire Highly Desireable Waterview Location | ±0.36 acres near the Caloosahatchee River and Riverside Park in Fort Myers, Florida

RESIDENTIAL Zoning | Flexible Rm-16 zoning districts are intended to provide single family, duplexes, multifamily, zero lot line, and townhomes up to a maximum of 16 units per acre

DEVELOPMENT Potential | Site plan has been previously approved for 5 units

LONG-TERM Value-Add | Conditional Use application process available to seek up to an additional 16 units per acre (for an overall density of 32 units per acre)

SURGING Home And Rental Demand | Average Fort Myers home listing price at $373K, land comps at +$1.5M/Ac, 2-bedroom rent average $2K/Month

Strong Demographics | Positioned within a growing area with ±125,628 individuals in a five-mile radius

LOCATION |1.8 Miles to Downtown Fort Myers and 0.4 Miles to Riverside Pier. Fort Myers is strategically located near Tampa (130 miles), Naples (40 miles), and Miami/Fort Lauderdale (140 miles)

Offering Summary

Marcus & Millichap and RI Marketplace are proud to present a ±0.36-Acre parcel with water views located at 3140 E Riverside Drive (“Property”) in Fort Myers, Florida. This offering represents an exceptional development opportunity in a growing market and the potential for significant upside.

The Property consists of a 0.36-Acre parcel with views of the Caloosahatchee River and a block away from the Palm Beach Blvd retail corridor. The Property is in close proximity to downtown Fort Myers and several bridges with direct access to the Gulf of Mexico. Current Rm-16 residential zoning is intended to provide for single family, duplexes, multifamily, zero lot line, and townhome uses up to a maximum of 16 units per acre. For this 0.36-Acre property, five (5) units are allowed. If additional density is desired, the Conditional Use application process can be invoked to seek up to an additional 16 units per acre (for an overall density of 32 units per acre). The seller completed preliminary development work including an approved site plan for five townhomes - see document vault for details. This is a rare value-add opportunity for an investor to acquire prime residential land as the demand market for residential investment properties surges nationwide.

The Property is located in Fort Myers off Palm Beach Blvd and four miles west of I-75. Nearby economic drivers include Sanibel/Captiva Islands, Fort Myers Beaches, Naples, Bonita Springs, Pine Island, and Fort Myers International Airport. Fort Myers is located in north-central Lee County on the Caloosahatchee River and approximately 130 miles south of Tampa on the southwest coast of Florida within the Cape Coral-Fort Myers Metropolitan Statistical Area (Msa). The Property benefits from compelling demographics and in 2023, had approximately 125,628 individuals residing within a five-mile radius and average household income of ±$64,685. The abundance of tourism activities and warm winter climate attracts millions of visitors to Lee County each year.

Lamar P. Fisher

Fisher Auction Company Inc.

License: Au93