2237-2251 Euclid AveFort Myers, FL 33901

Property Details for 2237-2251 Euclid Ave

Lot size

0.81 AC

Property size (Sq ft)

12,237 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Fort Myers

County

Lee

State

Florida

Latitude

26.6357

Longitude

-81.8763

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