Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2568 1st St Fort Myers, FL 33901-2410
    Property profile & analytics

    2568 1st St, Fort Myers, FL 33901-2410

    View on Map
    • Hotels
    • 3,855 SF
    • 0.57 lot acres
    Off-Market
    Last Sale Sep 20, 2024
    $1,200,000
    Property ID
    US18-1083782
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Relax Inn / Hotel & Motel

    Property Details for 2568 1st St

    Year built
    1955
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.57 lot acres
    Zone code
    U-GEN
    Property type
    Hotels
    Property subtype
    Motels
    APN
    13-44-24-P3-00007.0000
    APU
    134424P3000070000

    Description

    This fully renovated, 26-unit hotel/motel in downtown Fort Myers, Florida presents a compelling value-add investment opportunity. The property, built in 1955 and completely renovated in 2023, boasts 7,696 square feet on a 0.55-acre lot. It features 26 keys, with seven units including kitchenettes, ideal for extended stays. The property includes a newly renovated 720 sq ft pool and benefits from a new metal roof installed in 2023. Its prime location within the Downtown Community Redevelopment Area offers exceptional proximity to key attractions, including the Luminary Hotel (0.7 miles), Caloosa Sound Convention Center & Amphitheater (0.8 miles), City of Palms Park (1.2 miles), Lee Memorial Hospital (1.8 miles), Fort Myers Beach (15.6 miles), Southwest International Airport (RSW) (15.7 miles), and Florida Gulf Coast University (FGCU) (17.4 miles). The property's zoning is U-GEN. Historically operated as an extended-stay motel, this asset is poised for strong returns given its location and recent renovations. The asking price is $1,500,000. The property's address is 2568 First St, Fort Myers, FL 33901, APN 13-44-24-P3-00007.0000. This is a turn-key operation ready for immediate income generation.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8623
    Latitude
    26.6481
    CBSA code
    15980
    CBSA name
    CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,047
    $125,842
    $10
    $125,852
    -
    $125,842
    $10
    $125,852

    Comparable in this City

    • Value Estimation
      $1,105,000
      5,943 SF

      3715 Cleveland Ave

      HOTEL/MOTEL
      3715 Cleveland Ave, Fort Myers, FL 33901-7905
      View Details
    • Value Estimation by Request
      2,641 SF

      3358 Cleveland Ave

      HOTEL/MOTEL
      3358 Cleveland Ave, Fort Myers, FL 33901-7107
      View Details
    • Value Estimation
      $1,035,000
      7,260 SF

      3523 Cleveland Ave

      HOTEL/MOTEL
      3523 Cleveland Ave, Fort Myers, FL 33901-7902
      View Details
    • Value Estimation by Request
      4,689 SF

      2571 1st St

      HOTEL/MOTEL
      2571 1st St, Fort Myers, FL 33901-2472
      View Details
    • Value Estimation by Request
      2,221 SF

      2135 Mcgregor Blvd

      HOTEL/MOTEL
      2135 Mcgregor Blvd, Fort Myers, FL 33901-3411
      View Details
    • Value Estimation
      $2,185,000
      21,840 SF

      2200 Edwards Dr

      HOTEL/MOTEL
      2200 Edwards Dr, Fort Myers, FL 33901-2833
      View Details

    Similar Nearby for Sale

    • $770,000
      2.07 Acres

      Fort Myers Commercial Corner Lot

      2.07 Acres, High-Density Potential
      2337 Mall Dr, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      1,200 SF

      Income-Producing Body Shop For Sale

      Income-producing body shop with seller financing available in Fort Myers.
      2242 Fowler St, Fort Myers, FL 33901
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Fort Myers Office Space

      Divisible office space in downtown Fort Myers with open layout.
      2158 Johnson St, Fort Myers, FL 33901
      View Details
    • $1,055 /Mo

      Premier Fort Myers Commercial Space

      State-of-the-art commercial space for lease in Fort Myers, FL.
      2300 Mcgregor Blvd, Fort Myers, FL 33901
      View Details
    • $300 /Mo

      Downtown Fort Myers Office Space

      1,100 SF office space in a vibrant downtown location.
      1922 Victoria Ave, Fort Myers, FL 33901
      View Details
    • Contact for pricing

      Professional Office Spaces in Fort Myers

      Professional and medical office spaces available for immediate occupancy.
      3660 Central Ave, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      14,500 SF

      Fort Myers Medical/Professional Office

      Multi-tenanted office building in central Fort Myers available for lease.
      3745 Broadway, Fort Myers, FL 33901
      View Details
    • Contact for pricing

      Retail Suites in Fort Myers

      Flexible commercial suites available in a neighborhood retail center.
      3068-3082 Fowler St, Fort Myers, FL 33901
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2568 1st St
    Fort Myers, FL 33901-2410
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2568 1st St, Fort Myers, FL, 33901
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!