For Sale
$649,990
14938 Wise Way, Fort Myers, FL 33905
Waterfront Quadplex
Property Size3,000 SF
Lot Size0.32 Acres
Price / SF$216.66
Days on Market138
Property Features for 14938 Wise Way
General Information
Standard status
Active
Property type
Multifamily properties, Other residential income properties, Waterfront Land, Residential income properties, Land
Size
3,000 SF
Class
B
Total Parking Spaces
8
Lot size
0.32 Acres
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$62,000
Building Details
Year Built
1971
Buildings
1
Stories
2
Units
4
Added: Jun 7
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Investment Insights
Based on property information with market context.
Key Highlights
- Outside Storage available, 2 docks
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,799
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$735,980
$736.0K
Cap Rate 7%
$525,700
$525.7K
Cap Rate 9%
$408,878
$408.9K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$69.8K $23.28/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$66.9K $22.30/SF
− OpEx
−$30.1K −$10.04/SF
NOI
$36.8K $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 Rate 5%
$735,980
Cap Rate 7%
$525,700
Cap Rate 9%
$408,878
Alternative Uses
Best Use
Apartment 5plus
$525.7K
$460.0K – $613.3K
NOI $36,799 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$944.2K
$826.2K – $1.10M
NOI $66,096 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 33905, FL
37,692
Population
17,337
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
79%
High-School Grad
40.2 sq mi
ZIP Area
938
Density / Sq Mi
$70,009
Median Household Income
$36,923
Median Earnings
$1,509
Median Rent
$260,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Waterfront Quadplex
Where is this multifamily property located?
The property is located at 14938 Wise Way Fort Myers, FL.
What is the asking price?
The asking price for this property is $649,990.
What are key features of this property?
This property features: Outside Storage available, 2 docks
