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/
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
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

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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


Photograph of Listing Agent

Amy Lyon MacDougall

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