Concrete-Block
New
For Sale
$599,000
6636-6640 Warwick Cir, Fort Myers, FL 33919
Three residences offer private laundry, tile flooring, and separately metered electric and water service.
Property Size2,600 SF
Days on Market4
Property Features for 6636-6640 Warwick Cir
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Investment
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$55,800
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,071
Amenities
in-unit laundry
Building Details
Building Size
2,600 SF
Year Built
1974
Buildings
1
Units
3
Construction
concrete block
Tenancy
Multi
Listing Agency:
Premier Sotheby's Int'l Realty
(239) 472-2735
Listed By:
Palmer Rosen · License #280597148
(239) 472-2735
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 11:37AM
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 Premier Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
Located at 6636-6640 Warwick Cir in Fort Myers, this three-unit residential income property was built in 1974 and features concrete-block construction. The unit mix includes two residences with 2 bedrooms and 1 bath each, plus a larger 3-bedroom, 2-bath residence. Tile flooring, private in-unit laundry, and separate electric and water meters serve each unit.
Capital improvements include a roof installed in 2022 and recently updated air-conditioning systems. The property is within walking distance of Ruttenberg Park, Publix, Walmart, Walgreens, and 7-Eleven, with access to Cape Coral, downtown Fort Myers, Sanibel Island, and Fort Myers Beach. Tenants are long term and have expressed interest in remaining. Unit 6636 is scheduled to become available on 9/1/26, while units 6638 and 6640 remain occupied.
Capital improvements include a roof installed in 2022 and recently updated air-conditioning systems. The property is within walking distance of Ruttenberg Park, Publix, Walmart, Walgreens, and 7-Eleven, with access to Cape Coral, downtown Fort Myers, Sanibel Island, and Fort Myers Beach. Tenants are long term and have expressed interest in remaining. Unit 6636 is scheduled to become available on 9/1/26, while units 6638 and 6640 remain occupied.
Key Highlights
- Three‑unit property with two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence
- Concrete‑block construction with a roof installed in 2022
- Recently updated air‑conditioning systems
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
$34,414
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
5.75%
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%
$688,280
$688.3K
Cap Rate 7%
$491,629
$491.6K
Cap Rate 9%
$382,378
$382.4K
Market Conditions
NOI Build-Up for 2,600 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
$51.5K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$49.2K $18.91/SF
− OpEx
−$14.7K −$5.67/SF
NOI
$34.4K $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%
$688,280
Cap Rate 7%
$491,629
Cap Rate 9%
$382,378
Alternative Uses
Best Use
Multifamily LT 5
$491.6K
$430.2K – $573.6K
NOI $34,414 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$455.6K
$398.7K – $531.5K
NOI $31,892 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$818.3K
$716.0K – $954.7K
NOI $57,283 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 33919, FL
30,587
Population
19,560
Households
1.6
Avg Household Size
57
Median Age
41%
College-Educated
95%
High-School Grad
8.7 sq mi
ZIP Area
3,516
Density / Sq Mi
$73,336
Median Household Income
$48,686
Median Earnings
$1,621
Median Rent
$291,500
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?
Triplex - Three residences offer private laundry, tile flooring, and separately metered electric and water service.
Where is this triplex located?
The property is located at 6636-6640 Warwick Cir Fort Myers, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence; Concrete‑block construction with a roof installed in 2022; Recently updated air‑conditioning systems
