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 Market19
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
(850) 259-2910
Listed By:
Stetson Miller · License #258028865
Source:
Swfloridarealestate
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 28 at 12:49PM
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 = 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
$39,815
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
6.64%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
