$5,600,000
$6,420,000
12.8%For more information regarding the value of a property, please contact us for a free consultation.
541 Prospect AVE Fort Myers, FL 33905
3.66 Acres Lot
Key Details
Sold Price $5,600,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 2026014902
Sold Date 07/27/26
Year Built 1983
Annual Tax Amount $42,779
Tax Year 2025
Lot Size 3.660 Acres
Acres 3.66
Source Florida Gulf Coast
Property Description
Prospect & Wood is a stabilized, income-producing 46-unit multifamily property comprising 23 duplexes, each configured as 2 Bedroom / 1 Bath. Built in 1983 and maintained under long-term ownership, the asset offers a current annual gross rental projection of $565,800.
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
Interior
Cooling true
Fireplace No
Exterior
Utilities Available Electricity Connected, Other, Sewer Connected, Water Connected
Waterfront Description None
Garage No
Building
Story 1
Level or Stories 1
New Construction No
Others
Senior Community No
Tax ID 09-44-25-08-0000A.0170
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