900 Southwest Pine Island Road | Cape Coral, FL 33991€¦ · Pine Island Plaza is located on Southwest Pine Island Road, a main retail and commuter artery, which has an annual average

OFFERING MEMORANDUM

PINE ISLAND PLAZA900 Southwest Pine Island Road | Cape Coral, FL 33991

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be

made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject

property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future

projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements

thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any

investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus &

Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. ACT ID ZAA0250085

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap,

and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

PINE ISLAND PLAZA

2

09 PROPERTY DESCRIPTION

05 EXECUTIVESUMMARY

17 FINANCIALANALYSIS

SALESCOMPARABLES29

RENTCOMPARABLES35AREADEMOGRAPHICS41MARKET AND AREA OVERVIEW45

TABLE OF CONTENTS

3

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the

property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. ACT ID ZAA0250085.

EXECUTIVE SUMMARY

PINE ISLAND PLAZA900 Southwest Pine Island Road

Cape Coral, FL 33991

OFFERING PRICE

$7,945,000CAP RATE

8.49%

PROPERTY DESCRIPTIONPINE ISLAND PLAZA

6

INVESTMENT HIGHLIGHTS 550 Feet of Linear Frontage on Busy Pine Island Road Located on Main Retail and Commuter Artery Excellent Site Fundamentals Average Household Income of Over $65,000 Within One Mile Exceptional Visibility, Sightline and Signage Traffic Count: 34,500 Vehicles Per Day Over 135,000 Residents Within Five Miles Cape Coral is Ranked #1 City in America in Population and Job Growth (Forbes 2017)Population Expected to Double Over the Next Two Decades

INVESTMENT SUMMARYMarcus & Millichap is pleased to offer for sale this Pine Island Plaza, a 46,885-square-foot shopping center located in Cape Coral, Florida. The subject property is 92 percent occupied. Pine Island Plaza is located on Southwest Pine Island Road, a main retail and commuter artery, which has an annual average daily traffic count of 34,500 vehicles per day. Some nearby retailers include Walmart Neighborhood Market, Sam’s Club, Publix and Kohls. SunSplash Family Waterpark, Southwest Florida’s largest waterpark, is located just three miles away.

Pine Island Plaza is located in Cape Coral, Florida which is the largest city between Tampa and Miami and is part of the Fort Myers MSA. Cape Coral is known as the “Waterfront Wonderland” with 400+ miles of navigable waterways and has more miles of canals than any other city in the world. The largest island off Florida’s Gulf Coast is Pine Island, only eight miles west of Pine Island Plaza. Pine Island has a quiet, laid-back atmosphere with plenty of fishing, kayaking and canoeing.

PROPERTY DESCRIPTION

7



PROPERTY DESCRIPTION

PROPERTY DETAILSSITE DESCRIPTIONGross Leasable Area 46,885 SF

Ownership Fee Simple

Year Built 2008

Number of Stories 2

Parking 218 Spaces

Parking Ratio 4.65 : 1,000

PARCELSNumber of Parcels 1

APN 15-44-23-C3-04562.0010

Lot Size 4.46 Acres

MECHANICALHVAC Central

Fire Protection Yes

CONSTRUCTIONFraming Masonry

Parking Surface Concrete

Roof Flat/TPO

PINE ISLAND PLAZA

10

PINE ISLAND PLAZA

Cape Coral, FL

11

12

13

101-102 DANTE'S COAL FIRED PIZZA 111-113 TREK BICYCLE

STORE

106-108 EXPERIENCE REAL ESTATE GROUP

104-105 LESLIE'S POOL SUPPLY

103 BRIGHTWAY INSURANCE

109 JUST ADD MUSCLE

205 KOBAYASHI DOJO

201-203 CREIGHTON CONSTRUCTION

206 FLORIDA HOMETOWN TITLE & ESCROW

207 ENVOY MORTGAGE

110 BRIGHTER SMILES 120-122 HOUSE OF

OMELETS

118 BATTERIESPLUS

117 STATE FARM INSURANCE

124 BONEFISH GRILL

114-116 JACKPOT ISLAND

119 KATHRYN NAILS & SKIN SALON

PINE ISLAND ROAD

SW 12TH

AVENU

E

*Drawing not scaled to size

120-

122

114-

116

111-

113

106-

108

104-

105

101-

102124

119

118

117

110

109

103

201-

203

207

208

209

206

205

204

PINE ISLAND PLAZA

14

15



FINANCIAL ANALYSIS

PINE ISLAND PLAZA900 Southwest Pine Island Road

Cape Coral, FL 33991

OFFERING PRICE

$7,945,000CAP RATE

8.49%

DOWN PAYMENT

$2,383,500CASH-ON-CASH RETURN

11.72%

FINANCIAL ANALYSISPINE ISLAND PLAZA

18

RENT ROLL RENT REIMBURSEMENTS

UNIT TENANT GLA % OF GLA COMMENCEMENT EXPIRATION YEARS

REMAINING ANNUAL PER SF ANNUAL PER SF OPTIONS LEASETYPE

101-102 Dante's Coal Fired Pizza 3,000 6.40% 9/1/2016 8/31/2026 7 $48,196 $16.07 $11,756 $3.92 Two 5-Year Net

103 Brightway Insurance 900 1.92% 1/1/2018 12/31/2022 3 $19,004 $21.12 $3,527 $3.92 Two 5-Year Net

104-105 Leslie's Pool Supply 3,000 6.40% 1/1/2013 12/31/2019 1 $65,520 $21.84 $11,756 $3.92 Two 5-Year Net

106-108 Experience Real EstateGroup (1) 3,500 7.47% 10/1/2015 9/30/2023 4 $61,600 $17.60 $13,715 $3.92 One 5-Year Net

109 Just Add Muscle 1,300 2.77% 5/1/2010 4/30/2020 1 $11,050 $8.50 $5,094 $3.92 One 5-Year Net

111-113 Trek Bicycle Store 3,900 8.32% 10/7/2014 10/31/2019 1 $68,037 $17.45 $15,282 $3.92 Two 5-Year Net

114-116 Jackpot Island 3,900 8.32% 2/1/2013 12/31/2022 3 $37,157 $9.53 $15,282 $3.92 None Net

117 State Farm Insurance 1,300 2.77% 3/1/2018 2/29/2023 4 $21,424 $16.48 $5,094 $3.92 One 5-Year Net

118 Batteries Plus 1,300 2.77% 7/1/2011 6/30/2021 2 $25,740 $19.80 $5,094 $3.92 One 5-Year Net

119 Kathryn Nails & Skin Salon 1,300 2.77% 5/1/2008 MTM MTM $27,300 $21.00 $5,094 $3.92 Four 5-Year Net

120-122 House of Omelets 5,200 11.09% 12/1/2017 11/30/2022 3 $67,600 $13.00 $20,377 $3.92 None Net

124 Bonefish Grill 5,285 11.27% 9/1/2013 8/31/2023 4 $120,546 $22.81 $20,710 $3.92 Three 5-Year Net

201-203 Creighton Construction 3,900 8.32% COE 18 mo. after COE 1.5 $49,665 $12.73 $15,282 $3.92 Three 3-Year Net

205 Kobayashi Dojo 1,300 2.77% 12/1/2008 MTM MTM $22,724 $17.48 $5,094 $3.92 Two 5-Year Net

206 Florida Hometown Title & Escrow 1,300 2.77% 5/1/2014 3/31/2021 2 $15,171 $11.67 $5,094 $3.92 None Net

207 Envoy Mortgage 1,300 2.77% 9/1/2018 8/31/2021 2 $18,200 $14.00 $5,094 $3.92 Two 3-Year Net

110 Brighter Smiles (2) 1,300 2.77% TBD TBD 10 $20,150 $15.50 $5,094 $3.92 Two 5-Year Net

204 Vacant 1,300 2.77% -- -- -- $19,500 $15.00 $5,094 $3.92 None Net

208 Vacant 1,300 2.77% -- -- -- $19,500 $15.00 $5,094 $3.92 None Net

209 Vacant 1,300 2.77% -- -- -- $19,500 $15.00 $5,094 $3.92 None Net

Total Vacant 3,900 8.32% $58,500 $15,282

Total Occupied 42,985 91.68% $699,084 $168,440

Total 46,885 100.00% $757,584 $183,722

(1) Experience Real Estate Group is expanding into unit 108; rent is increased to $61,600 upon buildout completion.(2) Brighter Smiles has signed a lease and will begin paying rent upon buildout completion.

FINANCIAL ANALYSIS

19

FINANCINGProposed or Existing Proposed New

Loan Amount $5,561,500

LTV 70%

Interest Rate 5.125%

Term 5-7 Years

Amortization Period 25 Years

Annual Debt Service Payment $395,020

INCOMEBase Rent CURRENT CURRENT PSF PRO FORMA PRO FORMA PSF

Occupied Space $699,084 $14.91 $757,584 $16.16

Vacant Space at Market Rents $58,500 $1.25 $0 $0.00

Gross Potential Rent $757,584 $16.16 $757,584 $16.16

EXPENSE REIMBURSEMENTSReal Estate Taxes $69,260 $1.48 $119,970 $2.56

Insurance $15,255 $0.33 $25,786 $0.55

CAM $64,208 $1.37 $70,034 $1.49

Management Fee $19,716 $0.42 $38,449 $0.82

Total Expense Reimbursements $168,440 $3.59 $254,239 $5.42

Gross Potential Income $926,023 $19.75 $1,011,823 $21.58

Vacancy Factor 5.00% $58,500 $1.25 $50,591 $1.08

Effective Gross Income $867,523 $18.50 $961,231 $20.50

Financing quote courtesy of:Robin Carr, Director of Marcus & Millichap Capital Corporation.


20

EXPENSESCURRENT CURRENT PSF PRO FORMA PRO FORMA PSF

Real Estate Taxes (1) $75,544 $1.61 $119,970 $2.56

Insurance (2) $16,639 $0.35 $25,786 $0.55

CAM

Landscaping Service $12,065 $0.26 $12,065 $0.26

Pest Control Outdoors $1,325 $0.03 $1,325 $0.03

Parking Area Sweeping $1,485 $0.03 $1,485 $0.03

Elevator Maintenance $2,718 $0.06 $2,718 $0.06

Fire Alarm/Sprinklers Monitoring $3,358 $0.07 $3,358 $0.07

Trash Pickup $14,487 $0.31 $14,487 $0.31

Water & Sewer $11,625 $0.25 $11,625 $0.25

Electric Utilities $4,260 $0.09 $4,260 $0.09

Building Maintenance $13,290 $0.28 $13,290 $0.28

Property Maintenance-Other $5,421 $0.12 $5,421 $0.12

Total CAM $70,034 $1.49 $70,034 $1.49

Management Fee (% EGI) 4.00% $21,505 $0.46 $38,449 $0.82

Reserves $9,377 $0.20 $9,377 $0.20

Total Expenses $193,099 $4.12 $263,616 $5.62

NET OPERATING INCOME $674,424 $14.38 $697,615 $14.88

(1) Pro Forma Real Estate Taxes are Estimated Based on 80% of Projected List Price, with a 4% Early Payment Discount.(2) Pro Forma Insurance was Increased to $0.55 Per Square Foot.

FINANCIAL ANALYSIS

21

EXPENSE REIMBURSEMENTReal Estate Taxes Pro RataInsurance Pro RataCommon Area Maintenance (CAM) Pro RataManagement Pro Rata

RENT SCHEDULEBase Term Lease Years Annual Rent Monthly Rent Annual Rent/SF

Current - 11/30/2019 $67,600.00 $5,633.33 $13.00

12/1/2019 - 11/30/2020 $68,952.00 $5,746.00 $13.26

12/1/2020 - 11/30/2021 $70,356.00 $5,863.00 $13.53

12/1/2021 - 11/30/2022 $71,760.00 $5,980.00 $13.80

TENANT NAME House of Omelets, Inc.

Lease Commencement 12/1/2017Lease Expiration 11/30/2022Gross Leasable Area (SF) 5,200Original Term (Years) 5Option Terms Remaining NonePro Rata Share of Project 11.09%Headquartered Cape Coral, FLNumber of Locations 1Guaranty Type Franchisee

House of Omelets is open for breakfast and lunch and offers a variety of heart healthy options as well as classic home-style meals. They were voted Best

Breakfast of Cape Coral in 2017 by Breeze Newspapers of Southwest Florida.


22



Current - 8/31/2023 $120,546.12 $10,045.51 $22.81

Option One 9/1/2023 - 8/31/2028 $124,316.07 $10,359.67 $23.52

Option Two 9/1/2028 - 8/31/2033 $136,747.67 $11,395.64 $25.87

Option Three 9/1/2033 - 8/31/2038 $150,422.44 $12,535.20 $28.46

TENANT NAME Bonefish/Central Florida-I, L.P.D.B.A Bonefish Grill

Lease Commencement 9/1/2013Lease Expiration 8/31/2023Gross Leasable Area (SF) 5,285Original Term (Years) 10Option Terms Remaining Three, Five-Year OptionsPro Rata Share of Project 11.27%Headquartered Cape Coral, FLNumber of Locations 1Guaranty Type FranchiseeBonefish Grill was founded on perfecting every detail because

they believe that a great meal is more than just food on a plate. It is the entire experience from start to finish, from the market-fresh fish, to the hand-crafted cocktails, to the

personalized, memorable service.

FINANCIAL ANALYSIS

23



Current - 8/31/2019 $48,195.97 $4,016.33 $16.07

9/1/2019 - 8/31/2020 $49,882.83 $4,156.90 $16.61

9/1/2020 - 8/31/2021 $51,628.73 $4,302.39 $17.19

9/1/2021 - 8/31/2022 $53,435.74 $4,452.98 $17.79

9/1/2022 - 8/31/2023 $55,305.99 $4,608.83 $18.41

9/1/2023 - 8/31/2024 $57,241.70 $4,770.14 $19.05

9/1/2024 - 8/31/2025 $59,245.16 $4,937.09 $19.72

9/1/2025 - 8/31/2026 $61,318.74 $5,109.89 $20.41

Option 1 (1) 9/1/2026 - 8/31/2031 $63,464.90 $5,288.74 $21.12

Option 2 (1) 9/1/2031 - 8/31/2036 $75,376.43 $6,281.37 $25.13

TENANT NAME Cape Coral Management, LLCD.B.A. Dante's Coal Fired Pizza

Lease Commencement 9/1/2016Lease Expiration 8/31/2026Gross Leasable Area (SF) 3,000Original Term (Years) 10Option Terms Remaining Two, Five-Year OptionsPro Rata Share of Project 6.4%Headquartered Cape Coral, FLNumber of Locations 2Guaranty Type FranchiseeBorn into immigrant families, Dante's Coal Fired Pizza believes in hard

work and to never cut corners when it comes to preparing food. The pizzas are cooked with the best ingredients and can be seen from all around the 80-seat restaurant. The ovens are fueled by anthracite,

a clean-burning, eco-friendly coal that is also food safe. Dante's also serves beer, wine and customized dishes.

(1) 3.5% annual increases throughout option periods.


24



Current - 12/31/2019 $65,520.00 $5,460.00 $21.84

Option One 1/1/2020 - 12/31/2024 $72,060.00 $6,005.00 $24.02

Option Two 1/1/2025 - 12/31/2029 $79,260.00 $6,605.00 $26.42

TENANT NAME Leslie's Poolmart, Inc. D.B.A. Leslie's Pool Supply

Lease Commencement 1/1/2013Lease Expiration 12/31/2019Gross Leasable Area (SF) 3,000Original Term (Years) 5Option Terms Remaining Two, Five-Year OptionsPro Rata Share of Project 6.4%Headquartered Phoenix, AZNumber of Locations 910Guaranty Type Corporate

Leslie's offers quality products that work right the first time. This includes chemicals, cleaning

devices, equipment parts, recreational and safety products, as well as many unique items for the

backyard and patio. In addition to quality products, they also offer professional on-site equipment installation and repair services in most areas.

FINANCIAL ANALYSIS

25



Current - 10/31/2019 $68,037.00 $5,669.75 $17.45

Option One 11/1/2019 - 10/31/2020 $70,078.11 $5,839.84 $17.96

11/1/2020 - 10/31/2021 $72,180.45 $6,015.03 $18.50

11/1/2021 - 10/31/2022 $74,345.86 $6,195.48 $19.06

11/1/2022 - 10/31/2023 $76,576.23 $6,381.35 $19.63

11/1/2023 - 10/31/2024 $78,873.51 $6,572.79 $20.22

Option Two 11/1/2024 - 10/31/2025 $81,239.71 $6,769.97 $20.83

11/1/2025 - 10/31/2026 $83,676.90 $6,973.07 $21.45

11/1/2026 - 10/31/2027 $86,187.20 $7,182.26 $22.09

11/1/2027 - 10/31/2028 $88,772.81 $7,397.73 $22.76

11/1/2028 - 10/31/2029 $91,435.99 $7,619.66 $23.44

TENANT NAME DL Cycles Cape Coral, LLCD.B.A. Trek Bicycle Store

Lease Commencement 10/7/2014Lease Expiration 10/31/2019Gross Leasable Area (SF) 3,900Original Term (Years) 5Option Terms Remaining Two, Five-Year OptionsPro Rata Share of Project 8.32%Headquartered Cape Coral, FLNumber of Locations 1Guaranty Type Franchisee

Trek Bicycle Store offers a wide range of bicycle products and services and has a large inventory of Trek Bikes in

stock and ready to ride, professionally assembled by their trained bicycle technicians. Trek also offers a Certified

Service Department that will fix all your bicycle needs from flat tires to major overhauls.


26



Current - 12/31/2019 $37,157.25 $3,096.43 $9.53

1/1/2020 - 12/31/2020 $38,271.96 $3,189.33 $9.81

1/1/2021 - 12/31/2021 $39,420.11 $3,285.00 $10.10

1/1/2022 - 12/31/2022 $40,602.71 $3,383.55 $10.41

TENANT NAME LT1010, LLC D.B.A Jackpot Island

Lease Commencement 2/1/2013Lease Expiration 12/31/2022Gross Leasable Area (SF) 3,900Original Term (Years) 5Option Terms Remaining NonePro Rata Share of Project 8.32%Headquartered Cape Coral, FLNumber of Locations 1Guaranty Type Franchisee

Jackpot Island is an Internet Cafe with slot machines. They serve the Cape Coral community daily from

9am until 10pm.

FINANCIAL ANALYSIS

27

Jackpot Island



SALES COMPARABLES

6.93%AVERAGECAP RATE

% $180AVERAGE

PRICE PER SF

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%$113/SF6.84%

$191/SF6.80%

$350

$300

$250

$200

$150

$100

$50

$0

LTM

PA

RTY

PLA

ZA

COBI

A B

AY

PLA

ZA$223/SF6.56%

SHO

PPES

AT

HID

DEN

LA

KES

$209/SF7.00%

PELI

CAN

VIL

LAG

E

$189/SF7.45%

PARA

DIS

E SH

OPP

ES

OF

HER

ON

CRE

EK

$169/SF8.49%

SUBJ

ECT

PRO

PERT

Y

CHELSEA PLACE3512 Del Prado Blvd S Cape Coral, FL 33904

1 LTM PARTY PLAZA1931 Tamiami Trail Port Charlotte, FL 33948

2

SHOPPES AT HIDDEN LAKES28811 S Tamiami Trail Bonita Springs, FL 34134

4 PELICAN VILLAGE24830 S Tamiami Trail Bonita Springs, FL 34134

5 PARADISE SHOPPES OF HERON CREEK1037 S Sumter BoulevardNorth Port, FL 34286

6

COBIA BAY PLAZA5045-5077 Fruitville RoadSarasota, FL 34232

3

$155/SF6.90%

CHEL

SEA

PL

ACE

Cap RatePrice Per Foot

PINE ISLAND PLAZA

30

1

54

PINE ISLAND PLAZA

Cape Coral, FL

3

62

31

CHELSEA PLACE3512 Del Prado Blvd S Cape Coral, FL 33904 $1,825,000 Price

per SF$155

Sale Date 4/16/2018

Gross Leasable Area (SF) 11,755

Occupancy % 100%

Year Built/Renovated 1994

Acreage .95 Acres

Traffic Count 40,000 VPD

CAP Rate6.90%%1

1

LTM PARTY PLAZA1931 Tamiami Trail Port Charlotte, FL 33948

Sale Date 7/25/2018


Occupancy % 97%


Acreage 2.47 Acres


Priceper SF$113$3,600,000 CAP

Rate6.84%%2

2

PINE ISLAND PLAZA

32

COBIA BAY PLAZA5045-5077 Fruitville Rd Sarasota, FL 34232

Sale Date 1/4/2018


Occupancy % 100%


Acreage 2.55 Acres


Priceper SF$191$5,400,300 CAP

Rate6.80%%3

3

SHOPPES AT HIDDEN LAKES28811 S Tamiami Trail Bonita Springs, FL 34134 $6,700,000 Price

per SF$223

Sale Date 12/12/2018


Occupancy % 100%


Acreage 3.5 Acres


CAP Rate6.54%%4

4

SALES COMPARABLES

33

PELICAN VILLAGE24830 S Tamiami Trail Bonita Springs, FL 34134 $6,773,430 Price

per SF$215

Sale Date 1/3/2019


Occupancy % 100%


Acreage 2.73 Acres


CAP Rate6.86%%5

PARADISE SHOPPES OF HERON CREEK1037 S Sumter Blvd. North Port, FL 34286 $2,950,000 Price

per SF$189

Sale Date 2/14/2019


Occupancy % 87%


Acreage 3.35 Acres


CAP Rate7.45%%6

6

5

PINE ISLAND PLAZA

34

RENT COMPARABLES

$40.00

$35.00

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

$0.00$21.27

Rent/SF$17.92

Rent/SF$20.18

Rent/SF

CHA

ND

ELLE

SQ

UA

RE

$18.00Rent/SF

FOU

NTA

IN

SHO

PPES

$22.05Rent/SF

LIG

HTH

OU

SE P

LAZA

$37.18Rent/SF

537

PIN

E IS

LAN

D R

OA

D

SUBJ

ECT

PRO

PERT

Y

NICHOLAS RETAIL CENTER290 NW Nicholas PkyCape Coral, FL 33991

1 CHANDELLE SQUARE1109-1127 Del Prado Blvd SCape Coral, FL 33990

2 FOUNTAIN SHOPPES814 SW Pine Island RoadCape Coral, FL 33991

3

LIGHTHOUSE PLAZA728 SW Pine Island RoadCape Coral, FL 33991

4 537 PINE ISLAND ROAD537 Pine Island RoadCape Coral, FL 33933

5

NIC

HO

LAS

RETA

IL C

ENTE

R

Cap RatePrice Per Foot

$23.28AVERAGE GROSS

RENT PER SF

PINE ISLAND PLAZA

36

1

2

5

PINE ISLAND PLAZA

Cape Coral, FL

43

37

NICHOLAS RETAIL CENTER290 NW Nicholas Pky. Cape Coral, FL 33991

CHANDELLE SQUARE1109-1127 Del Prado Blvd. S Cape Coral, FL 33990

TotalOccupancy84% $17.92 Gross

Rent PSF29,000Gross Leasable Area

TotalOccupancy60% Gross

Rent PSF$21.2737,374Gross Leasable Area

1

2

Date Surveyed 2/7/2019

Asking Rent $18.00

CAM $3.27

Total Rent $21.27

Lease Type Net

Year Built 2007

1

2


Asking Rent $13.00

CAM $4.92

Total Rent $17.92

Lease Type Net

Year Built 1991

PINE ISLAND PLAZA

38

FOUNTAIN SHOPPES814 SW Pine Island Road Cape Coral, FL 33991

LIGHTHOUSE PLAZA728 SW Pine Island Road Cape Coral, FL 33991

TotalOccupancy88% $22.05 Gross

Rent PSF21,400Gross Leasable Area



3

4


Asking Rent $13.25

CAM $4.75

Total Rent $18.00

Lease Type Net

Year Built 2006


Asking Rent $16.05

CAM $6.00

Total Rent $22.05

Lease Type Net

Year Built 2007

3

4

RENT COMPARABLES

39

537 PINE ISLAND ROAD537 Pine Island Road Cape Coral, FL 33933



5


Asking Rent $28.00

CAM $9.18

Total Rent $37.18

Lease Type Gross

Year Built 2018

5

PINE ISLAND PLAZA

40

AREA DEMOGRAPHICS

POPULATION 1 MILE 3 MILES 5 MILES2023 Projection 5,516 62,597 159,359

2018 Estimate 4,554 51,556 135,331

POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulation by Age

2018 Estimate Total Pop. 4,554 51,556 135,331

Under 20 26.13% 26.71% 23.97%

20 to 34 Years 17.04% 17.05% 16.28%

35 to 39 Years 6.80% 6.61% 6.02%

40 to 49 Years 15.82% 14.47% 13.62%

50 to 64 Years 20.82% 19.86% 21.63%

Age 65+ 13.40% 15.31% 18.50%

Median Age 40.03 39.73 42.97

HOUSEHOLDS 1 MILE 3 MILES 5 MILES2023 Projection 1,993 22,880 60,601

2018 Estimate 1,573 18,639 51,047

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2018 Estimate

$150,000 or More 3.41% 4.32% 4.70%

$100,000 - $149,000 13.62% 12.62% 11.40%

$75,000 - $99,999 14.03% 15.26% 14.74%

$50,000 - $74,999 27.08% 24.66% 24.81%

$35,000 - $49,999 14.63% 15.92% 14.89%

Under $35,000 27.23% 27.20% 29.45%

Average Household Income $65,906 $67,471 $66,590

Median Household Income $60,106 $56,744 $55,291

Per Capita Income $22,791 $24,464 $25,173

135,331TOTAL POPULATION

WITHIN A 5-MILE RADIUS

$66,590AVERAGE HH INCOME

WITHIN A 5-MILE RADIUS

34,500ANNUAL AVERAGE

DAILY TRAFFIC COUNT

PINE ISLAND PLAZA

42

1-Mile Radius

3-Mile Radius

5-Mile Radius

PINE ISLAND PLAZA

Cape Coral, FL

43



MARKET OVERVIEW

FORT MYERS OVERVIEW

Warm winter temperatures as well as an abundance of tourism activities and attractions draw millions of visitors to Lee County each year. The local economy is largely driven by tourism, along with a large retiree population that nears 27 percent of the total population. Lee Health, the largest healthcare system in Southwest Florida, is the top employer. The Fort Meyers metro encompasses all of Lee County and is roughly 125 miles south of Tampa and 140 miles west of Fort Lauderdale.

Metro Highlights

LARGE HEALTHCARE EMPLOYERSThe largest employer is Lee Health with roughly 10,900 workers employed through the organizations in many locations in the region.

MAJOR RETAILERSRegional and national retailers such as Publix, Winn-Dixie, Walmart and Home Depot support tens of thousands of jobs in Lee County.

TOURISM INDUSTRYTourists flock to the county for its miles of beaches, activities and attractions, along with the Boston Red Sox and Minnesota Twins spring training.

PINE ISLAND PLAZA

46

FORT MYERS ECONOMY & DEMOGRAPHICS

Florida Gulf Coast University is located in Lee County along with branches of Barry University and Nova Southeastern University, supplying a large pool of renters and providing the local economy with a broad base of college-educated individuals.

Fort Myers and the surrounding area is continually ranked among the top travel destinations in the U.S., funneling tourism dollars into the local economy.

The education, healthcare and social assistance services, and the retail trade sectors are the largest sources of employment, accounting for roughly 35 percent of jobs.

DEMOGRAPHICS

2017 POPULATION:

705KGROWTH

2017-2022*:13.6%

2017 HOUSEHOLDS:

295KGROWTH

2017-2022*:14.8%

2017 MEDIAN AGE:

47.8U.S. MEDIAN:

37.8

2017 MEDIAN HOUSEHOLD

INCOME:

$51,200U.S. MEDIAN:

$56,300

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

MARKET OVERVIEW

47

PopulationIn 2018, the population in your selected geography was 4,554. The population has changed by 126.12% since 2000. It is estimated that the population in your area will be 5,516.00 five years from now, which represents a change of 21.12% from the current year. The current population is 49.52% male and 50.48% female. The median age of the population in your area is 40.03, compare this to the US average which is 37.95. The population density in your area is 1,451.47 people per square mile.

HouseholdsThere are currently 1,573 households in your selected geography. The number of households has changed by 138.33% since 2000. It is estimated that the number of households in your area will be 1,933 five years from now, which represents a change of 22.89% from the current year. The average household size in your area is 2.82 persons.

IncomeIn 2018, the median household income for your selected geography was $60,106, compare this to the US average which is currently $58,754. The median household income for your area has changed by 34.31% since 2000. It is estimated that the median household income in your area will be $66,538 five years from now, which represents a change of 10.70% from the current year.

The current year per capita income in your area is $22,791, compare this to the US average, which is $32,356. The current year average household income in your area is $65,906, compare this to the US average which is $84,609.

Race and EthnicityThe current year racial makeup of your selected area is as follows: 86.49% White, 5.13% Black, 0.07% Native American and 1.37% Asian/Pacific Islander. Compare these to US averages which are: 70.20% White, 12.89% Black, 0.19% Native American and 5.59% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 28.33% of the current year population in your selected area. Compare this to the US average of 18.01%.

HousingThe median housing value in your area was $159,708 in 2018, compare this to the US average of $201,842. In 2000, there were 554 owner occupied housing units in your area and there were 106 renter occupied housing units in your area. The median rent at the time was $665.

EmploymentIn 2018, there were 1,654 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 61.51% of employees are employed in white-collar occupations in this geography, and 38.22% are employed in blue-collar occupations. In 2018, unemployment in this area is 4.09%. In 2000, the average time traveled to work was 28.00 minutes.

Source: © 2018 Experian.

PINE ISLAND PLAZA

48



PINE ISLAND PLAZAExclusively listed by:

OFFICES NATIONWIDE www.marcusmillichap.com

JAMES MEDEFINDFirst Vice President Investments

(813) [email protected]

BARRY M. WOLFESenior Managing Director Investments(954) [email protected]

JIM SHIEBLERInvestment Advisor

(239) [email protected]

Documents

900 Southwest Pine Island Road | Cape Coral, FL 33991€¦ · Pine Island Plaza is located on Southwest Pine Island Road, a main retail and commuter artery, which has an annual average