Fort Myers Investment
For Sale
Contact for pricing
Pending
2243/2245 ALTAMONT AVE, Fort Myers, FL 33901
Four-parcel package with income potential and development upside.
Property Size3,048 SF
Lot Size0.62 Acres
Days on Market106
Property Features for 2243/2245 ALTAMONT AVE
General Information
Standard status
Pending
Size
3,048 SF
Class
B
Lot size
0.62 Acres
Property subtype
Land, Mixed Use, Multifamily
Zoning
Neighborhood Commercial
Investment Type
Value Add
Building Details
Year Built
1954
Buildings
1
Units
6
Listing Agency:
Royal Shell Real Estate
Listed By:
Mel Smith · License #Bk3161557
Source:
Crexi
Added: May 21
Changed: Aug 8
Last Checked: Aug 1 at 1:39PM
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 Royal Shell Real Estate
Investment Insights
Based on property information with market context.
This offering presents an investment opportunity in Fort Myers, featuring a package of four parcels. The anchor property, located at 2243/2245 Altamont Ave, is a duplex constructed in 1954, offering 3,048 square feet of living space, attached garages, and a concrete driveway, situated on 0.26 acres. A new roof was installed 2-3 years ago. Additionally, there are three adjacent vacant lots on Clifford Street, totaling 15,613 square feet of land. All four parcels are zoned NC (Neighborhood Commercial) by the City of Fort Myers, which allows for residential, professional office, retail, personal services, and mixed-use development. The package also qualifies under Florida's Live Local Act, potentially allowing for affordable multifamily development at increased density. The location is near Lee Memorial Hospital, Downtown Fort Myers, Edison Mall, Legacy Harbor Marina, Publix, and the Caloosahatchee River. The property offers possibilities such as collecting rental income while planning development, redeveloping the entire site commercially, or taking advantage of the Live Local Act for multifamily development. The properties have no flood history and no HOA. Financing options include cash or conventional.
Key Highlights
- Rare 4‑parcel package in a strategic Fort Myers location offering immediate income and development potential.
- NC (Neighborhood Commercial) zoning allows for diverse development options: residential, office, retail, mixed‑use.
- Qualifies under Florida's Live Local Act, enabling affordable multifamily development at increased density.
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
$40,344
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
5.80%
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%
$806,880
$806.9K
Cap Rate 7%
$576,343
$576.3K
Cap Rate 9%
$448,267
$448.3K
Market Conditions
NOI Build-Up for 3,048 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
$60.4K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$57.6K $18.91/SF
− OpEx
−$17.3K −$5.67/SF
NOI
$40.3K $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%
$806,880
Cap Rate 7%
$576,343
Cap Rate 9%
$448,267
Alternative Uses
Best Use
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,344 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$534.1K
$467.3K – $623.1K
NOI $37,387 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$959.3K
$839.4K – $1.12M
NOI $67,154 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
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?
Commercial land - Four-parcel package with income potential and development upside.
Where is this commercial land located?
The property is located at 2243/2245 ALTAMONT AVE Fort Myers, FL.
What is the asking price?
The asking price for this property is $696,000.
What are key features of this property?
This property features: Rare 4‑parcel package in a strategic Fort Myers location offering immediate income and development potential.; NC (Neighborhood Commercial) zoning allows for diverse development options: residential, office, retail, mixed‑use.; Qualifies under Florida's Live Local Act, enabling affordable multifamily development at increased density.
