Waterfront Quadplex with Gulf
For Sale
$599,900
14938 Wise Way, Fort Myers, FL 33905
Four residential units offer screened outdoor areas and recent cosmetic improvements in a waterfront setting.
Property Size3,008 SF
Price / SF$199.43
Days on Market64
Property Features for 14938 Wise Way
General Information
Standard status
Active
Size
3,008 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Amenities
private screened porches
gulf-access canal
water views
Building Details
Year Built
1971
Buildings
1
Listing Agency:
The Simonelli Real Estate Grp
Listed By:
Stetson Miller · License #258028865
(850) 259-2910
Source:
Swfloridarealestate
Added: Aug 11
Changed: Oct 8
Last Checked: Oct 7 at 4:27PM
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 The Simonelli Real Estate Grp
Investment Insights
Based on property information with market context.
This 3008-square-foot quadplex contains four residential units, each with a private screened porch. Recent cosmetic improvements have been completed across the property, adding refreshed appeal to the existing configuration. Built in 1971, the asset combines multi-unit housing with waterfront access and outdoor living features.
The property is located at 14938 Wise Way in Fort Myers, Florida, along a gulf-access canal. Residents have direct boating access and water views from the property, providing a distinctive coastal setting for a multifamily asset.
The property is located at 14938 Wise Way in Fort Myers, Florida, along a gulf-access canal. Residents have direct boating access and water views from the property, providing a distinctive coastal setting for a multifamily asset.
Key Highlights
- Four‑unit quadplex with 3008 square feet of property size
- Gulf‑access canal provides direct boating access
- Private screened porch included with each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,815
Cap Rate
6.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$796,300
$796.3K
Cap Rate 7%
$568,786
$568.8K
Cap Rate 9%
$442,389
$442.4K
Market Conditions
NOI Build-Up for 3,008 SF
Gross rent
$59.6K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$56.9K $18.91/SF
− OpEx
−$17.1K −$5.67/SF
NOI
$39.8K $13.24/SF
Area
Lee County, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$796,300
Cap Rate 7%
$568,786
Cap Rate 9%
$442,389
Alternative Uses
Best Use
Multifamily LT 5
$568.8K
$497.7K – $663.6K
NOI $39,815 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$527.1K
$461.2K – $615.0K
NOI $36,897 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$946.7K
$828.4K – $1.10M
NOI $66,272 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
49
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer screened outdoor areas and recent cosmetic improvements in a waterfront setting.
Where is this quadplex located?
The property is located at 14938 Wise Way Fort Myers, FL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Four‑unit quadplex with 3008 square feet of property size; Gulf‑access canal provides direct boating access; Private screened porch included with each unit
