Harmony Palms - Venice

Vacant Land for Sale
Catylist Listing ID: 30319618
Property Subtypes: Multi-Family, Other
Gross Land Area: 7.14 Acres
Sale Price: $1,400,000
Unit Price: $196,078 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/21/2022

Overview / Comments


Harmony Palms - Venice is designed as a 140-bed memory care and assisted living facility. Phase I is designed as a 56-unit dementia village, a unique concept, which received a warm welcome from the local community and county officials. Phase II is designed as an assisted living facility with 70 beds. The property is located in the historic, quaint town of Venice, which made a top ten list for the best retirement places in the US. Located on E. Venice Avenue, a highly traveled main thoroughfare running from Downtown Venice into the new residential developments on one end and pristine Venice Beach on the other end, the facility is also conveniently located close to the main interstate, I-75. This location should allow for a substantial number of drive-by visitors as potential leads. The property is just 5.5 miles from Venice Regional Bayfront Health Hospital.

• 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 per unit
• Estimated Annual Revenue at 93% occupancy: $7.1 million
• Estimated Operating Expenses at 70%: $4.98 million
• Estimated Net Income: $2.1 million
• Estimated Value "AS IS": $4.5 million (which includes $3.2 million land value; $400,000 in paid soft costs/permits/impact
fees; $900,000 in completed site work and materials on site).

Attachments & Media

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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