3331 Riverside DrFort Myers, FL 33916

Property Details for 3331 Riverside Dr

Year built

1972

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.58 AC

Property size (Sq ft)

3,428 SF

Zone code

RM-16

Property type

Garden apartment buildings

APN

07-44-25-P3-00111.0090

APU

074425P3001110090

Description

This exceptional investment opportunity presents a 31-unit, 52-bed multifamily property situated on 1.54 acres along the Caloosahatchee River in Fort Myers, Florida. The property, built in 1972, consists of seven single-story buildings totaling 151,111 square feet and is currently operating as a behavioral health facility under a triple-net (NNN) lease with Evolve behavioral health. The lease, which expires November 30, 2028, is 100% occupied, ensuring a consistent stream of income. The asking price is $2,720,000, representing a price per square foot of $180 and a price per unit of $87,741.94. The property boasts a 7.50% cap rate and a net operating income (NOI) of $204,000. All expenses, including taxes, insurance, and maintenance, are covered by the tenant. The property features gated access and a shared clubhouse with a commercial kitchen and recreational area. Zoned RM-16, this prime riverfront location offers significant potential for future multifamily development. Rent bumps are included in the lease agreement. This is a truly hands-off investment opportunity with strong potential for future appreciation.

Location Insight

City

Fort Myers

County

Lee

State

Florida

Latitude

26.6605

Longitude

-81.8486

CBSA code

15980

CBSA name

CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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