5400 Greenwood Avenue, North Port, FL, 34287

Highlights

• - Zoned RMF for multifamily development, seller obtained approval for 119 unit Senior Housing Development, which could be reinstated with some work.
• - Ideal location in North Port/Port Charlotte area
• - Prime investment opportunity
• - Potential for new development
• - Promising opportunity for multifamily investor
• - Unlimited possibilities for residential development
• - Desirable canvas for new multifamily project
• - Exceptional opportunity to shape the future of residential living

Description

Invest in the future with this exceptional property at 5400 Greenwood Avenue, North Port, FL, 34287. Boasting an RMF zoning, this prime location offers an unparalleled opportunity for a multifamily investor. Situated in the desirable North Port/Port Charlotte area, it presents the ideal canvas for a new development or expansion project. The potential is vast, promising and unlimited possibilities. Embrace the chance to shape the next chapter in residential living with this remarkable investment opportunity.

The high and dry site is located on the southwest corner of South Sumpter
Boulevard and Greenwood Avenue in North Port, Florida, close to long-term
demand drivers such as the area’s outdoor recreational and nature activities
located throughout the Myakkahatchee Creek and Myakka Forest and River.
Healthcare services are also readily available in Bayfront Health’s Port Charlotte
Hospital (254 beds). The Project site lies directly north of U.S. 41, and four-miles
south of the heavily trafficked Interstate 75, providing easy access to the city of
Tampa, as well as other major cities in Florida, such as Miami and Orlando.
The City of North Port is located in the North Port – Bradenton – Sarasota
Metropolitan Statistical Area (“MSA”), which lies within Sarasota County. The
MSA’s population is expected to grow at 1.8 percent per year for the next five
years, outpacing expected growth of the U.S. population, which is expected to be
0.7 percent during the same period. Furthermore, the proposed population
growth within the MSA is favorable for the demographics of the Project, with the
65+ age cohort anticipating a population growth of 5.3 percent from 2020 to
2025. The per capita income is $38,782, which is above the per capita income of
$34,136 for the nation. The demographics of the MSA also contributes to why
47.5 percent of household incomes are between $50,000 and $149,999, which is
considerably above that of the state of Florida and the U.S., at 44.4 percent and
45.2 percent, respectively. Furthermore, the MSA is observing growth of 4.0
percent in the population with incomes greater than $100,000 for the next five
years, greater than that of the U.S. growth of 2.7 percent, which bolsters the
area’s favorable demographics.
In addition to convenient access to multiple major cities by car, North Port is less
than an hour and a half from Tampa International Airport (“TPA”). All of the major
airlines, including American Airlines, Delta, JetBlue, Southwest Airlines and United
all operate out of TPA, with the most frequented flights being to New York,
Chicago and Atlanta. In 2019, TPA had 22.1 million in passenger volume, a 5.5
percent increase over the prior year.(1) Additionally, the Development is located
less than 14-miles from Venice Municipal Airport (“KVNC”), which is serviced by
Agape Flights, leases private hangars and provides a series of flight training
programs.
The City of North Port has a plethora of sizable shopping centers and attractions
such as the North Port Art Center and the Performing Arts Center. Furthermore,
over eight accredited four-year colleges are located within a 15-mile radius of
North Port, contributing to the MSA’s strong financial demographics. Schools
include Southern Technical College and the State College of Florida, both of
which have a significant presence within North Port.

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