Fourth-Floor Residential Income
For Sale
$149,900
2366 E MALL Dr 403, Fort Myers, FL 33901
Split-bedroom condo with updated flooring, screened balcony, and access to a community pool and clubhouse.
Property Size1,092 SF
Days on Market119
Property Features for 2366 E MALL Dr 403
General Information
Standard status
Active
Size
1,092 SF
Elevators
Yes
Property subtype
Commercial
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,044
Amenities
clubhouse
community pool
grilling area
assigned parking
laundry room
Building Details
Building Size
1,092 SF
Year Built
1979
Stories
5
Listing Agency:
The Keyes Company
Listed By:
Heather Porrett · License #258032352
(239) 744-6250
Source:
Elliman
Added: May 9
Changed: Sep 3
Last Checked: Sep 1 at 9:13PM
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 Keyes Company
Investment Insights
Based on property information with market context.
This fourth-floor condominium offers a two-bedroom, two-bath layout with more than 1,000 square feet of living area. The split-bedroom arrangement separates the sleeping quarters from the open living and dining space, while updated flooring and a screened balcony add practical appeal. The balcony overlooks the courtyard and includes partial pool views. The unit is positioned across from the elevator, laundry room, and trash chute, and includes assigned parking.
Community amenities include a clubhouse, pool, grilling area, and elevator access. The property is located in Fort Myers near Edison Mall, Bell Tower Shops, restaurants, shopping, RSW Airport, and I-75. Built in 1979, the condominium may suit seasonal occupancy, investment use, or an owner seeking a Florida residence.
Community amenities include a clubhouse, pool, grilling area, and elevator access. The property is located in Fort Myers near Edison Mall, Bell Tower Shops, restaurants, shopping, RSW Airport, and I-75. Built in 1979, the condominium may suit seasonal occupancy, investment use, or an owner seeking a Florida residence.
Key Highlights
- Two‑bedroom, two‑bath condominium with more than 1,000 sq ft
- Fourth‑floor unit with split‑bedroom floor plan
- Screened balcony with courtyard and partial pool views
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
$13,395
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
8.94%
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%
$267,900
$267.9K
Cap Rate 7%
$191,357
$191.4K
Cap Rate 9%
$148,833
$148.8K
Market Conditions
NOI Build-Up for 1,092 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
$25.4K $23.28/SF
− Vacancy
−$1.1K −$0.98/SF
EGI
$24.4K $22.30/SF
− OpEx
−$11.0K −$10.04/SF
NOI
$13.4K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$267,900
Cap Rate 7%
$191,357
Cap Rate 9%
$148,833
Alternative Uses
Best Use
Apartment 5plus
$191.4K
$167.4K – $223.3K
NOI $13,395 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$343.7K
$300.7K – $401.0K
NOI $24,059 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,150
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Split-bedroom condo with updated flooring, screened balcony, and access to a community pool and clubhouse.
Where is this residential income property located?
The property is located at 2366 E MALL Dr 403 Fort Myers, FL.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with more than 1,000 sq ft; Fourth‑floor unit with split‑bedroom floor plan; Screened balcony with courtyard and partial pool views
