Cobblestone on the Lake_Property for Sale
Cobblestone on the Lake_Property for Sale
4400 Cortina Circle, Fort Myers, FL, 33916, US

Cobblestone on the Lake

Asset description

​​​​​​​Jones Lang LaSalle, Inc. (“JLL”) is pleased to present Cobblestone on The Lake, a 248-unit multi-family three & four-story community in Fort Myers Florida. Originally built as condos, this asset is one of the few value-add candidates remaining in Southwest Florida as all units are original interiors. The buyer of Cobblestone on The Lake will benefit from a truly unique asset with exceptionally large unit interiors, two-car garages, townhome-style units, and 10-foot ceilings, and will have the ability to add value through their own unique approach.


Property Common Amenities

  • Heated Swimming Pool
  • Spa
  • 24-Hour Fitness Center
  • Clubhouse
  • Lake Views
  • Playground
  • Pet Play Area
  • Lifestyle Services Provided by Amenify
  • Grilling & Picnic Area
  • Gated Entryway
  • Fully Secured Fenced Surrounding Entire Property
...

Attributes

Units
248 units
Year built
2008
Building area gross
23,597 sm

Media

Investment highlights

  • 1,330 SF average unit size - largest floorplans in market
  • Concrete block exteriors, interiors, and subfloors
  • All new roofs (2024)
  • Fresh new exterior paint
  • 90% two and three-bedroom floorplans
  • 22% three-story townhome units with attached two-car garage
  • 10-foot ceiling and vaulted living and bedrooms on all top floors
  • Huge value-add opportunity - 5.0X+ equity multiple potential
  • 14.3% projected 5-year rent growth
  • $100K - 5-mile radius average income


Recent Property Improvements

  • New roofs recently completed on all buildings (2024)
  • Recently freshly painted exteriors (2023)
  • Repairs and bringing online of irrigation system (in process)
  • New pool fence surrounding patio
  • Paint & furniture upgrade in clubhouse
  • New FOB system for pool & fitness center
  • Complete gutter repair & replace (in process)
  • Landscaping improvements (in process)



Contact brokers

Cobblestone on the Lake (0 Properties)

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Last updated
May 14, 2024