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$5,600,000
$6,420,000 12.8%
Est. payment /mo
3.66 Acres Lot
Sold on 07/27/2026
541 Prospect AVE Fort Myers, FL 33905
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Key Details
Sold Price $5,600,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 2026014902
Sold Date 07/27/26
Style Low Rise
HOA Y/N No
Year Built 1983
Annual Tax Amount $42,779
Tax Year 2025
Lot Size 3.660 Acres
Acres 3.66
Property Sub-Type Multi Family
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.
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
Area Fe02 - East Fort Myers Area
Interior
Furnishings Furnished
Fireplace No
Exterior
Utilities Available Electricity Available, Other, Sewer Available, Water Available
Waterfront Description None
Present Use Multi-Family
Garage No
Building
Story 1
Architectural Style Low Rise
Others
Senior Community No
Tax ID 09-44-25-08-0000A.0170
Financing Cash
Listed by Premier Agent Network • Jacob Mossholder
Bought with Florida Realty & Mgmt Services
Bought with Florida Realty & Mgmt Services
Nearby Locations
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