3.66 Acres Lot
3.66 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 2026014902
Style Low Rise
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
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
Rooms
Bedroom Description NaN
Interior
Furnishings Furnished
Fireplace No
Exterior
Utilities Available Electricity Available, Other, Sewer Available, Water Available
Waterfront Description None
Present Use Multi-Family
Garage No
Building
Story 1
Architectural Style Low Rise
Others
Senior Community No
Tax ID 09-44-25-08-0000A.0170
Nearby Locations
If you have been thinking about selling your home, or are looking to buy your dream home, Dina Marie Realty welcomes the opportunity to meet you!! Feel free to reach out to me so we can discuss your real estate needs.