8372 Beacon Blvd Fort Myers, FL 33907

Property Details for 8372 Beacon Blvd

Year built

1968

Lot size

5.14 lot acres

Property size

45,825 SF

Property type

Commercial real estate

Description

Palm Villas, a 64-unit apartment complex in Fort Myers, Florida, presents a compelling value-add investment opportunity. This fee-simple property, built in 1968, boasts 45,825 square feet across four two-story buildings situated on 5.14 acres. The unit mix includes six studios, twenty-three one-bedroom/one-bathroom, and thirty-five two-bedroom/one-bathroom units, catering to a diverse renter base. Currently operating at 96.88% occupancy, the property generates a NOI of $637,676, representing a 6.07% cap rate. The asking price is $10,500,000, or $164,063 per unit, and $229.13 per square foot. Amenities include a pool, recreation areas, on-site laundry, ample parking, and abundant green space. The property benefits from separately metered utilities (tenant-paid electricity), reducing landlord expenses. Its location in the Page Park neighborhood offers convenient access to major roadways like Cleveland Avenue (US Route 41), McGregor Boulevard, and Interstate 75, placing it within five miles of downtown Fort Myers and ten miles from area beaches. Proximity to employment centers, shopping, dining, and educational institutions (including Florida Southwestern State College and Florida Gulf Coast University) further enhances its appeal. The strong demographics, with over 146,000 people within a five-mile radius and an average household income exceeding $114,951, support significant rental demand. The below-market rents present a clear path to increase profitability through strategic renovations and rent adjustments.

Location Insight

City

Fort Myers

County

Lee

State

Florida

Longitude

-81.866207

Latitude

26.569988