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About This Home
This 0-bedroom, 0-bathroom residential multi family at 541 Prospect Avenue in Fort Myers, FL is listed for $6,420,000. Built in 1983, on a 3.66 acres lot.
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.
Key Features
- Built in 1983
- 3.66 acre lot
Property Details
Amenities
Monthly Cost Estimate
$34,336/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
541 Prospect Avenue
Fort Myers, FL 33905
Questions & Answers
This 0-bedroom, 0-bathroom residential multi family at 541 Prospect Avenue is listed at $6,420,000. The estimated monthly payment is $27,820 based on 20% down at 6.5% interest.
Key features include: Built in 1983, 3.66 acre lot.
This property is listed by Jacob Mossholder and can be reached at 2396996998 or jacobmossholder@gmail.com.