Dreznin Pappas Commercial Real Estate LLC

Bay Point Village is a fantastic asset for a new buyer, but the acquisition will need to be in the 7.5-8% range to make the numbers work. With smaller units and rents close to market rates and with a rental market that is slowing down a bit, the amount of value add is minimal if the pricing doesn't make sense. As mentioned in the LOE, with insurance costs, inflation, another storm season approaching and buyers expectations of a bit more meat on the bone specific to returns and buffers between costs rising and expected return, we need to price this asset to entice buyers to close.
Bay Point Village is a rare offering in Nokomis, FL. These diverse units offer Masonry Construction, a serene and private setting and substantial renovations during the current ownerships tenure.
Anticipated Rental Upside of $50/Month/Unit for 1 Bedroom Units & $35/Month/Unit for the Studio Units.
New Single-Family Home Development Just North of the Subject Property by Taylor Morrison and another development (Calusa Lakes) by D.R. Horton.

The Bay Point Bungalows are less than 5 minutes from Casey Key Beach, Venice Beach, Nokomis Beach, and the Historic Downtown Main Street in Venice.
Nokomis, Florida is an unincorporated town in Sarasota County located 70 miles south of Tampa. Key employers in the area include PGTI, Sarasota Memorial Hospital, and Venice Regional Bayfront Health. Besides direct access to a substantial manufacturing base in Venice, Nokomis benefits from close proximity to two hospitals and downtown Sarasota.
Sarasota Memorial Hospital, which is a six minute drive from the property, is a regional hospital with 832 beds. The Venice Regional Bayfront Health Center, which is a twelve minute drive from the property, has 312 beds.
New Legacy Trail Extension Within Steps of the Property: 8-mile Extension completed Connecting Downtown Sarasota, Venice & North Port.