2117 Earl RdFort Myers, FL 33901

Property Details for 2117 Earl Rd

Year built

2016

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

4.16 AC

Property size (Sq ft)

52,993 SF

Zone code

RM-16

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

25-44-24-P4-02800.0060

APU

254424P4028000060

Description

This exceptional 109-unit independent living community, situated on 4.29 acres in Fort Myers, Florida, presents a compelling value-add investment opportunity. Built in 2015 and renovated in 2016, this Class B property boasts 58,061 square feet, with 27,250 square feet of net rentable space. Currently operating at 30% occupancy, the property offers significant upside potential. The 109 units comprise studios, deluxe studios, and one-bedroom apartments, many accommodating dual occupancy with an additional fee. Monthly rental rates range from $2,095 to $2,595, depending on unit size and features. The property features a U-shaped layout with double-loaded corridors, each unit including a private bathroom with a walk-in shower and closet. Extensive common areas include a lobby, reception, theater, activity rooms, spiritual room, offices, conference room, dining area, and a fully equipped commercial kitchen. Additional amenities include a beauty salon/barbershop, computer room, TV room, party space, and garden/patio areas. The property is zoned RM-16 and is conveniently located near Interstate 75 and US 41, offering easy access to major transportation routes. The property's location in Fort Myers, Lee County, benefits from a growing senior population and a desirable climate. While currently operating as independent living, the property's original design as an assisted living and memory care facility presents a potential avenue for increased revenue generation. The asking price is $13,300,000. This represents a unique chance to capitalize on the strong demand for senior living in a thriving Florida market.

• CAP approach

  CAP return

  Valuation

  6%

  $13,740,650

  6.5%

  $12,683,677

  7%

  $11,777,700

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,225,540

  Geo Method

  $11,129,828

• Alternative Use

  Use

  Valuation

  Residential

  $16,089,780

  Hospitality

  $14,738,152

  Educational

  $12,261,969

  Medical

  $12,683,677

  Retail

  $19,074,174

Location Insight

City

Fort Myers

County

Lee

State

Florida

Latitude

26.6131

Longitude

-81.8697

CBSA code

15980

CBSA name

CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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