1189 N Tamiami Trail
North Fort Myers, FL, 33903 $ 1,850,000
Baths0.0 Monthly Estimate*
$ 12,923
Studio
for $1,850,000. This building was built in 1942 on a lot size of 0.313.
Just minutes from Downtown Fort Myers, this multifamily gem in North Fort Myers presents a rare investment opportunity for investors. Encompassing two parcels, the expansive property includes a diverse portfolio of 17 units, including a five-plex, a four-bedroom caretaker unit with an attached apartment, a duplex, and five charming cottages. Renovated in 2018, these residences have undergone a comprehensive transformation, featuring new roofs, electrical systems, plumbing, septic systems, impact doors, windows, and stylish interior remodels. Property is being sold as a portfolio with 15-17 Cypress St PID: 11-44-24-01-00200.0020 Projected increased revenue is evident, with two rooms in the caretaker unit (#F) under renovation and being leased for $1,000 each. This strategic move is projected to elevate the annual rental income, yielding a cap rate of 10.2%. Tenants are responsible for electricity, and a single water meter efficiently serves both parcels. Recent septic system installed - saving you peace of mind that all renovations have been made. Adding to the property's appeal, an on-site caretaker oversees day-to-day management. The property is also Section 8 approved! The surrounding area's economic vitality further enriches the investment landscape, with an average household income of $66,472 annually within a 5-mile radius. A projected annual population growth of 3.44% from 2023 to 2028 underscores the area's allure for residents and investors. North Fort Myers, situated on the picturesque Caloosahatchee River, offers a vibrant setting just 12 miles upriver from the Gulf of Mexico. Whether catering to full-time residents, part-timers, or vacationers, the city's unique waterfront ambiance and amenities make it an enticing destination. The broader Southwest Florida region surrounding Fort Myers also boasts natural beauty and diverse opportunities for outdoor activities, creating a compelling narrative for this multifamily offering. Jump at the chance to acquire a desirable multifamily investment in Southwest Florida's coastal landscape. SELLER FINANCING OFFERED: $1,850,000, $450,000 DOWN, 6% INTEREST ONLY, 5 YEAR BALLOON AMORTIZED OVER 30 YEARS.
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FeaturesGeneralSewer Septic Tank
Utilities Electricity Available Septic Available Trash Collection Water Available
HOA 0
Year Built 1942
Property SubType Multi Family
Tax Year 2023
Waterfront Features None
County Lee
Property Type Commercial Sale
Status Active
City NORTH FORT MYERS
Buyer Agent Compensation 0%
Land Lease Amount 0
Zoning Description C-2
MLS Area FN06 - North Fort Myers Area
Waterfront Y/N 0
Street Name Tamiami
Tax Annual Amount 6568.37
Property Condition Resale
Lease Considered Y/N 0
Days on Market 7
Standard Status Active
Legal Description CABANA CITY BLK.R PB 8 PG 61 LOTS 1 THRU 23 INC.
Condo Fee 0
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ExteriorLot Size Area 0.313
Lot Size Acres 0.313
Lot Size Units Acres
Lot Size Source Appraiser
Covered Spaces 0
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InteriorTotal Stories 1
Air Conditioning Y/N 1
Heating Y/N 0
Street Suffix Trail
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* Excluded FeaturesList ByAsha StalnakerListing Agent
sliceofparadisehomes@gmail.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $12,923
- Monthly Property Taxes
- $547
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in North Fort Myers, FL
Average List Price $1,360,900
Percent of Sale Price 26%
About North Fort Myers, FL 42,725 Population
11% Since 2002
$ 42,494 Median Income
63.54 Median Age
10% Households with Children
Trends Information provided by ATTOM Data Solutions.
1023546 Elementary School
1023297 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
4/15/2024 | $1,850,000 | | Listed Price |