Concrete Block
For Sale
$599,000
6636 6636-6640 Warwick Cir, Fort Myers, FL 33919
Three residential units combine private laundry with separately metered electric and water service.
Property Size2,600 SF
Price / SF$230.38
Days on Market8
Property Features for 6636 6636-6640 Warwick Cir
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$55,800
Utilities to Site
Yes
Amenities
in-unit laundry
Building Details
Year Built
1974
Buildings
1
Construction
concrete block
Listing Agency:
Premier Sotheby's Int'l Realty
Listed By:
Palmer Rosen · License #280597148
(239) 472-2735
Source:
Swfloridarealestate
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 22 at 8:31PM
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.
This Fort Myers triplex is built with concrete block and contains three residential units: two two-bedroom, one-bath residences and one three-bedroom, two-bath residence. Each unit includes tile flooring, private in-unit laundry, and separate electric and water meters. The roof was replaced in 2022, and the air-conditioning systems have been updated recently.
The property is located on Warwick Cir within walking distance of Ruttenberg Park, Publix, Walmart, Walgreens, and 7-Eleven. Cape Coral, downtown Fort Myers, Sanibel Island, and Fort Myers Beach are accessible from the property. Existing tenants are long term, with the tenant in unit 6636 scheduled to move out on 9/1/26; units 6638 and 6640 remain occupied.
The property is located on Warwick Cir within walking distance of Ruttenberg Park, Publix, Walmart, Walgreens, and 7-Eleven. Cape Coral, downtown Fort Myers, Sanibel Island, and Fort Myers Beach are accessible from the property. Existing tenants are long term, with the tenant in unit 6636 scheduled to move out on 9/1/26; units 6638 and 6640 remain occupied.
Key Highlights
- Three‑unit residential property with two 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit
- Concrete block construction with a roof replaced in 2022
- Private in‑unit laundry in all three residences
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
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Current Use
Lease Details
3
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units combine private laundry with separately metered electric and water service.
Where is this triplex located?
The property is located at 6636 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 residential property with two 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit; Concrete block construction with a roof replaced in 2022; Private in‑unit laundry in all three residences
