4520 Biscayne DrNorth Port, FL 34287

Property Details for 4520 Biscayne Dr

Year built

2008

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

7.78 AC

Property size (Sq ft)

2,940 SF

Zone code

RMF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

0996-00-2904

APU

996002904

Description

This exceptional 28-unit luxury apartment complex in North Port, Florida, presents a compelling investment opportunity. Boasting a 99% occupancy rate and a 5.68% cap rate, this Class B property offers significant potential for return. The complex, built in 2008, comprises eight buildings situated on a 7.78-acre lot with two secure entrances. Each of the 28 units features 1,852 square feet of living space, including three bedrooms and two bathrooms, a detached oversized single-car garage, and hurricane-resistant windows and doors (130 mph wind rating). Recent upgrades include new metal roofs (installed 12/21/2022) with a 10-year installation and 25-year material warranty. Amenities include a large community pool and a 3,600-square-foot recreation building with a wet bar. The property is equipped with public water and sewer, and infrastructure is in place for future expansion, with underground utilities for an additional 13 lots and 78 condo units. High-end finishes such as granite countertops, stainless steel sinks, GE appliances, and tankless water heaters are standard. The property is offered at $12,750,000 and is zoned RMF-RESIDENTIAL MULTI-FAMILY. Seller financing is available. This is a net lease investment.

• CAP approach

  CAP return

  Valuation

  6%

  $967,032

  6.5%

  $892,645

  7%

  $828,885

• Comparable approach

  Method

  Valuation

  Relative Method

  $914,178

  Geo Method

  $832,245

• Alternative Use

  Use

  Valuation

  Residential

  $892,645

  Hospitality

  $817,658

  Educational

  $680,282

  Medical

  $703,678

  Retail

  $1,058,217

Location Insight

City

North Port

County

Sarasota

State

Florida

Latitude

27.0523

Longitude

-82.2466

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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