Gordon River Apartments
1400 5th Avenue N., Naples, Florida 34102
Sold: $2,300,000
Property Details
Property Type
Residential
Building Type
Freestanding
Units
96
Zoning
R3T-12
Lease Type
2750000
2 Br & 3 Br
Unit mix
12 Buildings
96 Units
Property Description
Short Sale Opportunity
Gordon River Apartments
1400 5th Avenue N., Naples FL 34102
12 Buildings / 96 Units
70,368 Rental SF
2BR and 3BR Unit Mix
Offered at $2,750,000 with 11.46% Cap Rate
Gordon River Apartments and River Park Apartments represent a “Value Add” opportunity to acquire both properties under a court appointed receiver ordered short sale. The two property portfolio contains a total of 200 units and is operated as a single property but can be purchased either together or separately at a combined asking price of $4,950,000 ($24,750/unit), which is well below replacement cost.