Three-Unit Concrete Block
New
For Sale
$470,000
2031-2040 Wright, Fort Myers, FL 33916
Each residence includes tile flooring, central electric HVAC, and in-unit laundry.
Property Size1,674 SF
Price / SF$280.76
Days on Market2
Property Features for 2031-2040 Wright
General Information
Standard status
Active
Size
1,674 SF
Property subtype
Residential Income
Zoning
RM-12
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,508
Amenities
in-residence laundry
Building Details
Building Size
1,674 SF
Year Built
1961
Buildings
1
Stories
1
Construction
concrete block
Listing Agency:
Align Right Realty K1 Group
Listed By:
Karen Lewis · License #A11969021
(954) 248-9149
Source:
Laerrealty
Added: Sep 2
Last Checked: Sep 2 at 2:14PM
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 Align Right Realty K1 Group
Investment Insights
Based on property information with market context.
Located at 2031-2040 Wright in Fort Myers, this three-unit multifamily property contains 1,674 square feet of total living area. The configuration includes three 2-bedroom, 1-bath residences, each measuring approximately 558 square feet. Built in 1961, the property features concrete block construction and RM-12 zoning.
Interior features include tile flooring, central electric air conditioning and heating, and laundry facilities within each residence. The property is situated minutes from Downtown Fort Myers, with access to shopping, dining, entertainment, employment centers, and major roadways.
Interior features include tile flooring, central electric air conditioning and heating, and laundry facilities within each residence. The property is situated minutes from Downtown Fort Myers, with access to shopping, dining, entertainment, employment centers, and major roadways.
Key Highlights
- Three 2‑bedroom, 1‑bath units
- 1,674 square feet of total living area
- Each unit measures approximately 558 square feet
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
$22,158
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
4.71%
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%
$443,160
$443.2K
Cap Rate 7%
$316,543
$316.5K
Cap Rate 9%
$246,200
$246.2K
Market Conditions
NOI Build-Up for 1,674 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
$33.1K $19.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$31.7K $18.91/SF
− OpEx
−$9.5K −$5.67/SF
NOI
$22.2K $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%
$443,160
Cap Rate 7%
$316,543
Cap Rate 9%
$246,200
Alternative Uses
Best Use
Multifamily LT 5
$316.5K
$277.0K – $369.3K
NOI $22,158 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$293.3K
$256.7K – $342.2K
NOI $20,534 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$526.9K
$461.0K – $614.7K
NOI $36,882 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
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?
Triplex - Each residence includes tile flooring, central electric HVAC, and in-unit laundry.
Where is this triplex located?
The property is located at 2031-2040 Wright Fort Myers, FL.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units; 1,674 square feet of total living area; Each unit measures approximately 558 square feet
