INVESTOR ALERT: Please add 3% for our fees

Wednesday, October 22, 2008

Please add 3% for our fees

PROPERTY HIGHLIGHTS

FOR SALE BY DEVELOPER

Condo Conversion in the city of Fort Myers

Built in 1991

Total # Units 300 - Spread across 17 - 3 story buildings

· Total Units in Development 300

· Available for Purchase 131 (43%)

· 1, 2 and 3 bedrooms See Unit Mix

· Avg SqFt: 1,160

· Asking Price: $ 7,860,000 (avg. per unit $60,000)

· Retail Value: $ 25,915,00 (avg. per unit $197,000)

· Spread/Equity: $ 18,055,000

· Selling at an awesome 30% Purchase Price to Market Value!

· Rent On a current cash flow basis (22% vacancy / 78% occupancy) the deal cash flows at a 7.2% cap rate.

At 90% occupancy rate you are looking at a 12% cap rate.

FEATURES AND AMENITIES

The project has 2 resort style pools with whirlpool spas, an expansive clubhouse, 2 lighted tennis courts, fitness center, tot lot, car care center, and picnic area complete with BBQ grills. Each unit has its own connections for personal washer and dryer, along with a spacious walk-in closet, balcony, storage area, and, on certain units, vaulted ceilings. There are three unique models to choose from, thereby giving each family the opportunity to decide on their own personal style and accommodations to help make them feel at home. Its beauty, amenities, location, and status make it one of the premier properties in all of FT Myers.

Unit Type Breakdown
Unit Type	Unit Sq Ft	# of Units	Sales Price	Average Sales Price	Monthy HOA Fee
1 / 1	716	9	$1,306,100.00	$145,122.22	$177.08
1 / 1	1,094	2	$305,800.00	$152,900.00	$270.57
2 / 2	1,072	58	$11,345,200.00	$195,606.90	$265.13
2 / 2	1,401	5	$1,002,500.00	$200,500.00	$346.50
3 / 2	1,269	52	$10,852,800.00	$208,707.69	$313.85
3 / 2	1,656	5	$1,103,500.00	$220,700.00	$409.57
Totals:		131	$25,915,900.00	$197,831.30