Renovated Three-Unit Residential
3221 Edgewood Ave, Fort Myers, FL 33916
For Sale
New
$799,000
All three apartments are vacant, with the upstairs residence featuring a private exterior entrance and in-unit laundry.
Property Size2,689 SF
Price / SF$297.14
Days on Market6
Property Features for 3221 Edgewood Ave
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Stories
Listing Agency:
Florida Brokers Real Estate
(954) 640-9111
Listed By:
Medway Realty
(941) 375-2456
Source:
Movetosarasotafl
Added: Nov 4
Changed: Nov 8
Last Checked: Nov 8 at 6:04AM
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 Florida Brokers Real Estate
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Investment Insights
Based on property information with market context.
This renovated, two-story triplex contains 2,689 square feet. The first floor is divided into two one-bedroom, one-bath apartments, positioned at the front and rear of the building. Upstairs, a two-bedroom, one-bath unit has a separate exterior entrance and in-unit laundry. All three units are vacant. Renovation work included new electrical and plumbing systems, foundation repairs, a replacement roof, impact windows, and new air conditioning. Interior details include tall windows and marble-look tile; exterior features include a covered front porch, paver driveway, and walkways.
The property is at 3221 Edgewood Ave in Fort Myers, minutes from downtown and the Caloosahatchee River, with dining, shopping, and riverfront destinations nearby. Built in 1904, the building offers a three-unit configuration with distinct entrances for the upstairs apartment and laundry within that unit.
The property is at 3221 Edgewood Ave in Fort Myers, minutes from downtown and the Caloosahatchee River, with dining, shopping, and riverfront destinations nearby. Built in 1904, the building offers a three-unit configuration with distinct entrances for the upstairs apartment and laundry within that unit.
Key Highlights
- Three‑unit, two‑story building totaling 2,689 square feet
- Two first‑floor one‑bedroom, one‑bath apartments and one upstairs two‑bedroom, one‑bath apartment
- All three units are vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,925
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$678,500
$678.5K
Cap Rate 7%
$484,643
$484.6K
Cap Rate 9%
$376,944
$376.9K
Market Conditions
NOI Build-Up for 2,689 SF
Gross rent
$51.0K $18.96/SF
− Vacancy
−$2.5K −$0.94/SF
EGI
$48.5K $18.02/SF
− OpEx
−$14.5K −$5.41/SF
NOI
$33.9K $12.62/SF
Area
Lee County, FL
Vacancy
4.94%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$678,500
Cap Rate 7%
$484,643
Cap Rate 9%
$376,944
Alternative Uses
Best Use
Multifamily LT 5
$484.6K
$424.1K – $565.4K
NOI $33,925 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$447.1K
$391.2K – $521.6K
NOI $31,294 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$846.3K
$740.6K – $987.4K
NOI $59,244 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
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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
Properties on Market for Triplexes in Lee County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments are vacant, with the upstairs residence featuring a private exterior entrance and in-unit laundry.
Where is this triplex located?
The property is located at 3221 Edgewood Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three‑unit, two‑story building totaling 2,689 square feet; Two first‑floor one‑bedroom, one‑bath apartments and one upstairs two‑bedroom, one‑bath apartment; All three units are vacant
