2629 Broadway Fort Myers, FL 33901

This exceptional value-add opportunity presents a 16-unit apartment building situated at 2629 Broadway, Fort Myers, FL 33901. The property boasts a strong current NOI of $131,096, yielding a 5.96% cap rate, with a pro-forma NOI projected at $145,352 and a 6.61% pro-forma cap rate. Built in 1974, this two-story building sits on a substantial 24,948 square foot lot and features 16 one-bedroom, one-bathroom units, each with central AC. Recent improvements include a new roof (2016), a newly paved asphalt parking lot and sidewalks (2024), and updated electrical panels. The owner is actively remodeling units as they become vacant. Tenants are responsible for their electricity. This Class C multifamily investment is ideally positioned within blocks of the highly anticipated Midtown Redevelopment Area, promising significant future growth potential. The asking price is $2,200,000, or $137,500 per unit. This presents a compelling opportunity to capitalize on the revitalization of a thriving downtown Fort Myers neighborhood. Ample parking is available on the property's brand-new parking lot. The property's location in Lee County offers easy access to the area's amenities and attractions.