Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2629 Broadway Fort Myers, FL 33901
    Back to Search
    Property profile & analytics

    2629 Broadway, Fort Myers, FL 33901

    View on Map
    • Commercial real estate
    Off-Market
    Property ID
    US18-1674244
    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

    • Commercial real estate

    Property Details for 2629 Broadway

    Year built
    1974
    Property type
    Commercial real estate

    Description

    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.

    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
    -81.868322143816
    Latitude
    26.629220794186

    Comparable in this City

    • $1,750,000
      Pending

      Fort Myers Multifamily Investment Opportunity

      Multifamily property with investment potential in Fort Myers, Florida.
      2055 Braman Ave, Fort Myers, FL 33901
      View Details
    • $7,200,000
      0.55 Acres

      Fort Myers Multifamily Portfolio

      Portfolio of 46 units in Fort Myers, Florida.
      3213-3219 Broadway, Fort Myers, FL 33901
      View Details
    • $1,750,000
      Pending

      Fort Myers Multifamily Investment Opportunity

      Remodeled 14-unit apartment building in Fort Myers, Florida.
      2055 Braman Ave, Fort Myers, FL 33901
      View Details
    • $3,400,000
      24,000 SF

      Fort Myers Investment Opportunity

      Income property near Edison Mall with redevelopment potential.
      3900 Broadway, Fort Myers, FL 33901
      View Details
    • $696,000
      0.69 Acres

      Fort Myers Investment Opportunity

      Four parcels with duplex and vacant lots near Lee Hospital.
      2243/2245 Altamont Ave, Fort Myers, FL 33901
      View Details

    Similar Nearby for Sale

    • $3,400,000
      24,000 SF

      Fort Myers Investment Opportunity

      Income property near Edison Mall with redevelopment potential.
      3900 Broadway, Fort Myers, FL 33901
      View Details
    • $1,750,000
      Pending

      Fort Myers Multifamily Investment Opportunity

      Remodeled 14-unit apartment building in Fort Myers, Florida.
      2055 Braman Ave, Fort Myers, FL 33901
      View Details
    • $1,750,000
      Pending

      Fort Myers Multifamily Investment Opportunity

      Multifamily property with investment potential in Fort Myers, Florida.
      2055 Braman Ave, Fort Myers, FL 33901
      View Details
    • $7,200,000
      0.55 Acres

      Fort Myers Multifamily Portfolio

      Portfolio of 46 units in Fort Myers, Florida.
      3213-3219 Broadway, Fort Myers, FL 33901
      View Details
    • $696,000
      0.69 Acres

      Fort Myers Investment Opportunity

      Four parcels with duplex and vacant lots near Lee Hospital.
      2243/2245 Altamont Ave, Fort Myers, FL 33901
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Professional Office Space on McGregor

      2,312 SF office space with excellent visibility for lease.
      2130 Mcgregor Blvd, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      2,376 SF

      Medical Office Near Downtown

      Medical office space for lease near Lee Memorial Hospital.
      2621 Cleveland Ave, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      1,000 SF

      Turn Key Office Building

      Office building with new roof and buildouts for sale.
      2161 Mcgregor Blvd, Fort Myers, FL 33901
      View Details
    • Contact for pricing

      Central Avenue Professional Office Space

      Professional/Medical flex/office space available for rent on Central Avenue.
      3677 Central Ave, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      6,000 SF

      Fort Myers Office/Storage Units

      Office and storage units available for rent in Fort Myers.
      3800 Fowler St, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      7,507 SF

      Renovated Downtown Retail/Office Space

      Renovated retail and office space in walkable downtown location.
      2180 W 1St 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.
    2629 Broadway
    Fort Myers, FL 33901
    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
    2629 Broadway, 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!