UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Multi-Family: Low Rise (1-3 Floors),Multi-Family: 5+ Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 2026014902
HOA Y/N No
Year Built 1983
Annual Tax Amount $42,779
Tax Year 2025
Lot Size 3.660 Acres
Acres 3.66
Property Sub-Type Multi-Family: Low Rise (1-3 Floors),Multi-Family: 5+ Units
Source Florida Gulf Coast
Property Description
At the offered price of $6,420,000, the investment delivers a 5.29% capitalization rate (based on a 40% expense ratio) and $139,565 per door — a competitive entry point in the Fort Myers multifamily market.
The property presents compelling rent upside potential of approximately $516,672 in additional annual income should rents reach the Lee County SHIP 2-Bedroom Fair Market Rent (FMR) benchmark of $1,961/month. Applying the FMR with a 38% operating expense ratio and 5% vacancy, the pro forma cap rate recasts to 9.93%.
Prospect & Wood is offered as a standalone asset, ideally positioned for yield-focused investors, regional multifamily operators, and 1031 exchange buyers seeking stabilized income with significant upside in the Greater Fort Myers submarket.
Location
State FL
County Lee
Area Fe02 - East Fort Myers Area
Direction Use GPS; Property fronts both Prospect Ave and Wood Ave south of Palm Beach Blvd (Hwy 80).
Interior
Inclusions Building And Land
Exterior
Utilities Available Electricity Available, Other, Sewer Available, Water Available
Waterfront Description None
Present Use Investment
Private Pool No
Building
Faces Use GPS; Property fronts both Prospect Ave and Wood Ave south of Palm Beach Blvd (Hwy 80).
Others
Tax ID 09-44-25-08-0000A.0170
Nearby School & Business
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