2741 1St St Fort Myers, FL 33916

Property Details for 2741 1St St

Year built

2008

Lot size

0.36 lot acres

Property size

24,900 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional mixed-use property in Fort Myers, Florida, presents a compelling investment opportunity. Comprising two three-story buildings totaling 24,900 square feet on a 0.36-acre lot, this fee-simple asset boasts 24 units: fourteen 2-bedroom/2.5-bathroom units, two 2-bedroom/2-bathroom units, and six 1-bedroom/1-bathroom units, along with two retail bays. Built between 2008 and 2015, the property features condo-quality finishes including porcelain tile floors, granite countertops, stainless steel appliances, and hardwood cabinets. Residents enjoy amenities such as a fitness center, tennis and pickleball courts, a swimming pool, spa, and grilling areas. Strategically located in the desirable East First Street neighborhood, this property sits on the Caloosahatchee River, offering convenient access to downtown Fort Myers, beaches, and major roadways including Interstate 75, First Street/Palm Beach Boulevard (FL Route 80), Martin Luther King Jr Boulevard (SR 82), and Cleveland Avenue (US Route 41). The area offers a wealth of shopping, dining, and entertainment options, and is close to several colleges and universities. With a strong NOI of $316,519 and a 5.32% cap rate, this asset offers significant potential for investors. The property's location within a rapidly growing area, with a 5-mile population increase of 22.5% since 2010 and projected continued growth, further enhances its investment appeal. The asking price is $5,950,000, with a price per unit of $247,917 and a price per square foot of $238.96.

Location Insight

City

Fort Myers

County

Lee

State

Florida

Longitude

-81.858230101061

Latitude

26.651291517553