Harmony Palms - Venice

Vacant Land for Sale
Catylist Listing ID: 30319618
Property Subtypes: Multi-Family, Other
Gross Land Area: 7.14 Acres
Sale Price: $3,575,000
Unit Price: $500,700 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/14/2018

Overview / Comments

Harmony Palms - Venice is designed as a 140-bed memory care and assisted living
facility. Phase I is designed a a 56-unit dementia village, a unique concept, which
received a warm welcome from the local community and county officials. Phase II
is designed a an assisted living facility with 70 beds. Groundwork is nearly
complete - includes retention & drainage, pipes for water & sewer laid. Utilities
available to site - need to be connected. Proposed rental rates average of $4,500/
unit.
Estimated Annual Revenue at 93% occupancy of $7.1 million; Estimated Value "AS
IS" - $4.5 million, which includes $3.2 million land value, $400,000 in paid soft
costs/permits/impact fees and $900,000 in completed site work and materials on
site.
PROPERTY OVERVIEW
Subject property is located east of I-75 on E. Venice Ave., between Lee and
Havana Roads.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Tax ID/APN: 0416080003

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,175 30,690 67,562
Median Age: 52.96 63.26 60.53
Households: 1,004 15,702 34,085

Contact

Photograph of Listing Agent

Amy Lyon MacDougall

IAN BLACK REAL ESTATE LLC MFCRE Member
© Copyright 2001-2018 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither My Florida Commercial Real Estate nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.