Fort Myers Investment
For Sale
$696,000
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
Price / SF$228.35
Days on Market157
Property Features for 2243/2245 Altamont AVE
General Information
Standard status
Active
Size
3,048 SF
Lot size
0.62 Acres
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$7,880
Building Details
Building Size
3,048 SF
Year Built
1954
Listing Agency:
Royal Shell Real Estate, Inc.
Listed By:
Melissa Smith · License #258028492
(239) 887-2699
Source:
Kwelevate
Added: May 15
Changed: Oct 13
Last Checked: Oct 16 at 4:37PM
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, Inc.
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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 / Yr
$40,344
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,152
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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.
