3331 Riverside Dr, Fort Myers, FL 33916-1457
- Garden apartment buildings
- 3,428 SF
- 1.58 lot acres
Current Use by Public Records
- Celadon Recovery Campus / Crisis Center / Medical Clinic
Property Details for 3331 Riverside Dr
- Year built
- 1972
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 1.58 lot acres
- Zone code
- RM-16
- Property type
- Garden apartment buildings
- APN
- 07-44-25-P3-00111.0090
- APU
- 074425P3001110090
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 12, 2024 | $920,000 | River Front LLC | Riverside Village At Fort Myers LLC | Warranty Deed | — |
| Jun 3, 2020 | — | Florentine Holding Co V LLC | — | Deed · related | $1.2M · Sanibel Captiva Cmnty Bk |
| Jun 28, 2018 | — | Riverside Village At Fot Myers LLC | — | Deed · related | $936k · Midwestone Bank |
| Jun 1, 2017 | — | Florentine Holding Co V LLC | — | Deed · related | $1.2M · Sanibel Captiva Cmnty Bk |
| Oct 20, 2015 | $820,000 | Riverside Village At Ft Myers | Florentine Holding Co V LLC | Warranty Deed | — |
| Dec 26, 2012 | $1,500,000 | Florentine Holding Co V LLC | Milz,tommy | Warranty Deed | — |
| Apr 25, 2005 | $4,255,000 | Tommy Milz | Riverside Village INC | Warranty Deed | — |
| Mar 18, 1996 | $400,000 | Riverside Village INC | Rogerson,stephen M | Grant Deed | — |
| — | — | Florentine Holding Co V LLC | — | Loan Modification · related | $1.2M · Sanibel Captiva Cmnty Bk |
| — | — | Florentine Holding Co V LLC | — | Deed Of Trust · related | $1.2M · Sanibel Captiva Cmnty Bk |
| — | — | Riverside Village INC | — | Deed Of Trust · related | $1.1M · Orion Bank |
Description
This exceptional investment opportunity presents a 31-unit, 52-bed multifamily property situated on 1.54 acres along the Caloosahatchee River in Fort Myers, Florida. The property, built in 1972, consists of seven single-story buildings totaling 151,111 square feet and is currently operating as a behavioral health facility under a triple-net (NNN) lease with Evolve behavioral health. The lease, which expires November 30, 2028, is 100% occupied, ensuring a consistent stream of income. The asking price is $2,720,000, representing a price per square foot of $180 and a price per unit of $87,741.94. The property boasts a 7.50% cap rate and a net operating income (NOI) of $204,000. All expenses, including taxes, insurance, and maintenance, are covered by the tenant. The property features gated access and a shared clubhouse with a commercial kitchen and recreational area. Zoned RM-16, this prime riverfront location offers significant potential for future multifamily development. Rent bumps are included in the lease agreement. This is a truly hands-off investment opportunity with strong potential for future appreciation.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $560,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $700,000
- 6.5%
- $645,000
- 7%
- $600,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $783,000
Market price range: $214k - $784k -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $470,000 Current use
- AUTO REPAIR, GARAGE
- $700,000 Change: +50% Conversion: Difficult
- OFFICE BUILDING
- $600,000 Change: +28% Conversion: Moderate
- RETAIL STORES
- $515,000 Change: +10% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Fort Myers
- County
- Lee
- State
- Florida
- Longitude
- -81.8486
- Latitude
- 26.6605
- CBSA code
- 15980
- CBSA name
- CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA
