500 Estero Boulevard, Apt 494 $899,000

2 bed/2 bath DIRECT GULF FRONT Condo with a combination of a great northend beach location, popular floorplan, favorable rental rules, and owners are allowed pets. Gateway Villas on the northend of Fort Myers Beach has been a popular building with a gated entrance and lots of parking. The building was a highly sought location pre-Ian and will be even better once construction is completed in June/July 2025. INVESTORS - the building allows 7 days minimun rentals. This 4th floor unit had some damage and drywall was replaced as needed and electrical switches were replace wherever the drywall was replaced. The kitchen cabinets were recently removed and the cast iron plumbing in the kitchen was replaced. ALL new IMPACT sliders and windows; new air conditioner; and new water heater. The corner unit is light and bright with extra windows and TWO balconies - one overlooks the beach and ocean; the other overlooks the bay and beach. This 2 bed / 2 bath unit will make a great personal residence or provide a sizable investment income. The building has 46 units over 8 floors. The building is in the final stages of repair and will feel brand new with new waterproof electirical room, refurbished pool area, new elevators (2 elevators), new roof (2023), and new landscaping. Maintenance fees of $781 per month include internet, unit water, building insurance and professional mgmt, and an on site maintenance manager. The building is planned to be ready for OWNER OCCUPANCY in June / July 2025. The Milestone Inspection is done and the repairs are in the final stage of completion and will see the building through to the next inspection in 10 years. The owners received 70K pre -Ian in rental income (after all rental expenses) and this is projected to 100K in 2026 (proforma attached). SOLD AS IS and there is an Assessment Pending May 30 of approx $88,000. A couple photos show NOW, most show pre-IAN and others show a recent remodel of the same type of unit. The current bathrooms and tile floor look to be usable - owner can opt to just update the kitchen and paint the unit or do a full remodel. Construction site -- Need closed toed shoes, hard hat, reflective vest and signed waiver to visit the site. Owner/agent will meet you there with necessary equipment.

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