INVESTMENT HIGHLIGHTS
THE ASSET: The Promenade Apartments is comprised of twenty-nine (29), 1-Bedroom/1-Bathroom units and features 16,182 square feet of leasable space on 0.88-acres of land. The building features a secure gated parking area, direct entry units, and an elevator. The renovated units feature condo-quality finishes including tile floors, granite countertops, stainless steel appliances, and hardwood cabinets throughout.
DESIRABLE LOCATION: The Property is well positioned in the Central Cocoanut neighborhood of Sarasota. The Property is adjacent to a Publix Supermarket and is surrounded by hotels, condominium complexes, and single and mufti-tenant residential properties and offers a quiet rural setting. The Property is situated one block from Tamiami Trail (US Route 41), the area’s primary commercial and commuter corridor. The Property is also close to downtown Sarasota, 4-miles from the Sarasota beaches, and 6.5-miles from Interstate 75.
DEMOGRAPHICS: Approximately 63,000 people live within 3-miles of the Property with an average household income of $118,484. More than 137,300 people live within 5-miles of the Property with an average household income of $127,580. The area anticipates population growth at a rate of 2.1% per year for the next 5 years.
