Spacious Condo in Central
For Sale
$212,000
4149 RESIDENCE Dr 801, Fort Myers, FL 33901
Centrally located, spacious 2-bedroom condo with modern appliances.
Property Size873 SF
Lot Size0.19 Acres
Days on Market275
Property Features for 4149 RESIDENCE Dr 801
General Information
Standard status
Active
Size
873 SF
Lot size
0.19 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,363
Building Details
Building Size
873 SF
Year Built
2005
Stories
3
Listing Agency:
Premiere Plus Realty, Co.
(239) 699-5458
Listed By:
Natalia San Filippo · License #3267939
(239) 699-5458
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 24
Last Checked: Aug 29 at 10:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Premiere Plus Realty, Co.
Investment Insights
Based on property information with market context.
This spacious 2-bedroom condo features a large bathroom and an open concept layout. Located on the first floor, it includes a good-sized screened lanai. The unit has a new dishwasher, refrigerator, microwave, and stove. Its central location offers convenient walking access to the mall, restaurants, coffee shops, and shopping. The property is near a bus station, providing access to local towns and beaches. It is also situated near the River District and historic downtown Fort Myers, where art galleries and antique shops can be found. Numerous restaurants are available downtown. The property is near the Convention Center, the Marina in the River District, and a park. McGregor Street, the longest street in Southwest Florida, features historical homes and museums of Thomas Edison and Ford, connected with the waterfront Pinchers Restaurant with Marina and River views. This unit is currently rented annually, presenting an investors opportunity with good residual income.
Key Highlights
- Central location: Walking distance to mall, restaurants, coffee shops, and shopping.
- Updated appliances: Includes a new dishwasher, refrigerator, microwave, and stove.
- Convenient transportation: Near a bus station with access to local towns and beaches.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,708
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$214,160
$214.2K
Cap Rate 7%
$152,971
$153.0K
Cap Rate 9%
$118,978
$119.0K
Market Conditions
NOI Build-Up for 873 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$20.3K $23.28/SF
− Vacancy
−$854 −$0.98/SF
EGI
$19.5K $22.30/SF
− OpEx
−$8.8K −$10.04/SF
NOI
$10.7K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$214,160
Cap Rate 7%
$152,971
Cap Rate 9%
$118,978
Alternative Uses
Best Use
Apartment 5plus
$153.0K
$133.9K – $178.5K
NOI $10,708 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$274.8K
$240.4K – $320.6K
NOI $19,234 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Centrally located, spacious 2-bedroom condo with modern appliances.
Where is this apartment building located?
The property is located at 4149 RESIDENCE Dr 801 Fort Myers, FL.
What is the asking price?
The asking price for this property is $212,000.
What are key features of this property?
This property features: Central location: Walking distance to mall, restaurants, coffee shops, and shopping.; Updated appliances: Includes a new dishwasher, refrigerator, microwave, and stove.; Convenient transportation: Near a bus station with access to local towns and beaches.
