For Sale
$2,200,000

2237-2251 Euclid AveFort Myers, FL 33901

14-Unit Multifamily Value-Add Opportunity

Overview

Added:
Feb 13
Days on market:
49
Edison Park, a 14-unit apartment building in Fort Myers, Florida, presents a compelling value-add investment opportunity. This garden-style community, situated on 0.81 acres at 2237-2251 Euclid Ave, 33901, boasts a total of 12,237 square feet across five buildings constructed between 1926 and 1982. The property currently generates a NOI of $121,395, representing a 5.52% cap rate, with a pro-forma NOI projected at $167,476 and a pro-forma cap rate of 7.61%. The asking price is $2,200,000, or $179.78 per square foot and $157,142.86 per unit. All units are two-bedroom apartments. Recent improvements include new roofs and exterior paint completed in 2024. The property benefits from its concrete block construction and location outside of a flood zone. Its desirable Altamont Manor neighborhood offers convenient access to the riverfront, parks, shops, restaurants, and grocery stores. Furthermore, it's less than a mile from downtown Fort Myers, providing proximity to ample employment opportunities, Lee Memorial Hospital, and Fort Myers High School. Florida Gulf Coast University and Southwest Florida International Airport are within a 30-minute drive. On-site amenities include laundry facilities and a picnic area with a gazebo, with additional green space available for further development. The property's strategic location and potential for increased NOI through a value-add strategy make it an attractive investment prospect.

Highlights

  • $2,200,000 asking price for a 14-unit apartment building in Fort Myers, FL.
  • Value-add opportunity with a 5.52% cap rate and a pro-forma cap rate of 7.61%.
  • 12,237 square feet on a 0.81-acre lot, with a price per square foot of $179.78 and a price per unit of $157,143.
  • Current NOI of $121,395, projected to increase to $167,476.
  • Five buildings constructed between 1926 and 1982, featuring concrete block construction and new roofs and exterior paint completed in 2024.
  • Located in the Altamont Manor neighborhood, within walking distance of the riverfront, parks, amenities, and grocery stores.

Property Details for 2237-2251 Euclid Ave

Property type
Apartment buildings
Square Feet
12,237 SF
Class
B
Buildings
5
Lot Size (sq. ft)
35,284 SF
Units
14

Location Insight

City
Fort Myers
County
Lee
State
Florida
Latitude
26.6356515
Longitude
-81.8763324
2237-2251 Euclid Ave, Fort Myers, Florida

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2237-2251 Euclid Ave
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