Six-Unit Apartment
New
For Sale
$815,000
3616 Pearl St, Fort Myers, FL 33916
The property combines concrete-block construction with on-site parking for its apartment units.
Property Size5,256 SF
Days on Market4
Property Features for 3616 Pearl St
General Information
Standard status
Active
Size
5,256 SF
Property subtype
Commercial
Units
Unit Mix
2 x 3BR/2BA, 4 x 2BR/1.5BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,992
Amenities
on-site parking
Building Details
Building Size
5,256 SF
Year Built
1986
Buildings
1
Stories
2
Construction
concrete-block
Listing Agency:
Marshall Reddick Real Estate
(239) 289-7533
Listed By:
Maureen Mitchell · License #258029763
(239) 289-7533
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 18 at 8:39AM
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 Marshall Reddick Real Estate
Investment Insights
Based on property information with market context.
Built in 1986, this six-unit apartment property is constructed with concrete block and includes a mix of two three-bedroom, two-bath residences and four two-bedroom, one-and-a-half-bath residences. The unit configuration provides varied rental layouts within one building, while on-site parking serves residents. One unit provides showing access and may be leased at the current market rate.
The property is located at 3616 Pearl St in Fort Myers, near major roadways, shopping, restaurants, public transportation, and downtown Fort Myers. Walk Score is 19, classified as Car-Dependent, and bikeScore is 38, classified as Somewhat Bikeable.
The property is located at 3616 Pearl St in Fort Myers, near major roadways, shopping, restaurants, public transportation, and downtown Fort Myers. Walk Score is 19, classified as Car-Dependent, and bikeScore is 38, classified as Somewhat Bikeable.
Key Highlights
- Six‑unit apartment property at 3616 Pearl St, Fort Myers, FL 33916
- Unit mix includes two three‑bedroom, two‑bath units and four two‑bedroom, one‑and‑a‑half‑bath units
- Concrete‑block construction with on‑site parking
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
$64,471
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
7.91%
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%
$1,289,420
$1.3M
Cap Rate 7%
$921,014
$921.0K
Cap Rate 9%
$716,344
$716.3K
Market Conditions
NOI Build-Up for 5,256 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
$122.4K $23.28/SF
− Vacancy
−$5.1K −$0.98/SF
EGI
$117.2K $22.30/SF
− OpEx
−$52.7K −$10.04/SF
NOI
$64.5K $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%
$1,289,420
Cap Rate 7%
$921,014
Cap Rate 9%
$716,344
Alternative Uses
Best Use
Apartment 5plus
$921.0K
$805.9K – $1.07M
NOI $64,471 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,800 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
402
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The property combines concrete-block construction with on-site parking for its apartment units.
Where is this apartment building located?
The property is located at 3616 Pearl St Fort Myers, FL.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Six‑unit apartment property at 3616 Pearl St, Fort Myers, FL 33916; Unit mix includes two three‑bedroom, two‑bath units and four two‑bedroom, one‑and‑a‑half‑bath units; Concrete‑block construction with on‑site parking
