Rainbow Lake Village Offering Summary
Interest offered is fee simple interest in Rainbow Lake Village, a 29-unit multifamily community located in Manatee county, Florida.
Terms of Sale include;
Offered at $6,895,000. There is a possibility to assume a first mortgage & note (Fannie Mae), which is locked in around 4.1% for an approximate amount of $3.4 million. This information will need to be additionally confirmed and validated, but for now the possibility exists and if of interest to you, then we can move the conversation and diligence forward.
For further details, please review the Financial Analysis portion of this comprehensive Offering Memorandum or connect with us to discuss.
Property Tours
This is a confidential offering, so please do not engage or speak with tenants or vendors. Prospective investors & purchasers are encouraged to drive the subject property prior to submitting offers. However, all property tours must be arranged with the Dreznin Pappas CRE listing agents and property management company in place.
All offers must specify the length of the Due Diligence period and the Closing time frame.
The seller(s) will have the right to respond to offers as they are received, but a formal bid deadline may be established.
Rainbow Lake Village is primed for a new owner to step in and continue the successful journey the property is currently on.
29 Townhome Units in 4 Buildings
All units are townhomes with 2 full bedrooms and 1 1/2 bathrooms. Upstairs has the full bath and downstairs has the 1/2 bathroom. Full kitchen and great layout allows for open span living with some privacy upstairs.
Interiors have been upgraded and the property is currently professionally managed and maintained.
Washer and Dryer included in each unit. Current systems include front loading, two-piece systems.
The two buildings located on the Northern side of the property have Rainbow lake as their perspective out their back windows and doors.
Privacy PVC fencing surrounds the remaining two buildings providing some exclusivity for tenants in the Western and Eastern building.
Current parking setup is central to the property. Future monetization paths may include tarped carport or covered parking for some tenants on a pay to park basis.
The larger class B complex next door (Fountain Lake Apartments) has done this to their parking and is actively creating additional value through this improvement.
Tenants pay individual electric.
Each building has a water meter and tenants pay $35 per person per month towards Water/Sewer to pass through those costs.
Newer construction (2008) offers some assurance to a new owner that there is a lot of life remaining in this asset.
Wood frame construction, two buildings have vinyl siding and two buildings have stucco exteriors.
With Rainbow lake adjacent and immediately located to the North, a neighboring retention pond and ample storm drains onsite, the property is well positioned for water removal and dissipation in the future.
The seller is actively having Strong Roofing replace all 4 roofs with new shingled roofs on each of the buildings as they were impacted by the storms in 2024. They were nearing the end of their useful life as it was, so the timing worked out well.
There is some existing deferred maintenance left, providing realistic upside for a new buyer.
There are also some opportunities to monetize a few items that are not producing income at this time, all the while, improving life for the tenants and creating value for the new ownership.
Location Summary
Located in the heart of Manatee County, Rainbow Lake Village offers ease of access to a plethora of places and events your future tenants desire. Jobs, grocery, gas, entertainment, restaurants, travel, etc.
BRADENTON INTERNATIONAL AIRPORT (SRQ)
• The Sarasota-Bradenton International Airport will receive $21.5 million
for terminal expansion and baggage improvements
• 11 airlines now provide nonstop service to 56 destinations
ST.PETE - CLEARWATER INTERNATIONAL AIRPORT
• Served over 2.3 million passengers in 2023 and is one of North America’s
fastest growing medium sized airports
• 2022 Aiport of the Year in the small-medium sized airports category
(Transportation Security Administration, 2022-2023)
UNIVERSITY OF SOUTH FLORIDA
(Sarasota-Manatee Campus)
• Over 50,000 students enrolled annually
• 15,000+ employees
• Ranked among the Top 100 Public Universities
• Has a local economic impact of more than $3.7 billion in annual
revenue for Tampa
State College of Florida (SCF)
• Over 8,600 students enrolled
• 25:1 student to teacher ratio
• SCF is a member of the Association of Florida Colleges and the Southern Association of Colleges and Schools Commission on Colleges.
IMG Academy
• Over 1,500 students enrolled annually
• 17 varsity sports offered
• Fully accredited and (NAIS) (NHS) (NJHS)
NEW COLLEGE OF FLORIDA
• A state university system of Florida’s designated honors college,
800-850 students enrolled annually, 110-acre campus
Medical Industry stalwarts nearby
• Manatee Memorial Hospital
• 300+ Beds
• 800+ Doctors, physicians & allied health professionals
• Intercoastal Medical Group
• 100+ Physicians & health professionals
• 10 locations across Bradenton & Sarasota
