Remarks

MOTIVATED SELLER WITH CASH OFFER! RECENT APPRAISAL FOR 1.7M! Just minutes from Downtown Fort Myers, this multifamily gem in North Fort Myers presents a rare investment opportunity for investors. Encompassing two parcels, the expansive property includes a diverse portfolio of 17 units, including a five-plex, a four-bedroom caretaker unit with an attached apartment, a duplex, and five charming cottages. Renovated in 2018, these residences have undergone a comprehensive transformation, featuring new roofs, electrical systems, plumbing, septic systems, impact doors, windows, and stylish interior remodels.

Property is being sold as a portfolio with 15-17 Cypress St PID: 11-44-24-01-00200.0020

The property is now yielding a cap rate of 10.2%. Tenants are responsible for electricity, and a single water meter efficiently serves both parcels. Recent septic system installed - saving you peace of mind that all renovations have been made. Adding to the property's appeal, an on-site caretaker oversees day-to-day management. The property is also Section 8 approved!

The surrounding area's economic vitality further enriches the investment landscape, with an average household income of $66,472 annually within a 5-mile radius. A projected annual population growth of 3.44% from 2023 to 2028 underscores the area's allure for residents and investors.

North Fort Myers, situated on the picturesque Caloosahatchee River, offers a vibrant setting just 12 miles upriver from the Gulf of Mexico. Whether catering to full-time residents, part-timers, or vacationers, the city's unique waterfront ambiance and amenities make it an enticing destination. The broader Southwest Florida region surrounding Fort Myers also boasts natural beauty and diverse opportunities for outdoor activities, creating a compelling narrative for this multifamily offering. Jump at the chance to acquire a desirable multifamily investment in Southwest Florida's coastal landscape.

Details

MLS#: 224034568
Price: $1,700,000

Style: Multi Family
Year Built: 1942

County: Lee
Tax Fee: 6568.3699999999999