Concrete Block
New
For Sale
$450,000
2032 2032-2040 Wright St, Fort Myers, FL 33916
Three separately configured residences offer durable construction and practical in-unit amenities for rental use.
Property Size1,674 SF
Price / SF$268.82
Days on Market6
Property Features for 2032 2032-2040 Wright St
General Information
Standard status
Active
Size
1,674 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
tile flooring
central electric A/C and heating
in-residence laundry
Building Details
Year Built
1961
Construction
concrete block
Listing Agency:
Align Right Realty K1 Group
Listed By:
Karen Lewis · License #B26051169
(305) 323-1556
Source:
Swfloridarealestate
Added: Sep 19
Last Checked: Sep 24 at 1:34PM
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.
Built in 1961, this concrete block triplex contains three two-bedroom, one-bath residences totaling approximately 1,674 square feet. Each unit measures approximately 558 square feet and includes tile flooring, central electric air conditioning and heating, and in-residence laundry. The three-unit layout provides a defined multifamily configuration within a compact property footprint.
The property is located at 2032-2040 Wright St in Fort Myers, near Downtown Fort Myers and within minutes of shopping, dining, entertainment, employment centers, and major roadways. Its established construction and individual residential layouts provide a straightforward format for an owner seeking a small multifamily asset.
The property is located at 2032-2040 Wright St in Fort Myers, near Downtown Fort Myers and within minutes of shopping, dining, entertainment, employment centers, and major roadways. Its established construction and individual residential layouts provide a straightforward format for an owner seeking a small multifamily asset.
Key Highlights
- Three‑unit multifamily property with three 2‑bedroom, 1‑bath residences
- Approximately 1,674 square feet of total living area
- Each residence 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
4.92%
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 4.92%
Second Best
Apartment 5plus
$293.3K
$256.7K – $342.2K
NOI $20,534 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$526.9K
$461.0K – $614.7K
NOI $36,882 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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?
Triplex - Three separately configured residences offer durable construction and practical in-unit amenities for rental use.
Where is this triplex located?
The property is located at 2032 2032-2040 Wright St Fort Myers, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit multifamily property with three 2‑bedroom, 1‑bath residences; Approximately 1,674 square feet of total living area; Each residence measures approximately 558 square feet
