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Fountain Cottages Inn 14621 McGregor Blvd 18 Unit Apartment Building $4,171,740 CAD ($231,763 CAD/Unit) 7.05% Cap Rate Fort Myers, FL 33908
Investment Highlights
- 18 Cottage-Style Units Across Seven Buildings Offering Strong Privacy And Residential Appeal
- Flexible Hybrid Operation Allowing Both Annual And Short-Term Tenancy
- RM-2 Zoning Allowing Hotel/Motel Use With Potential Multifamily Conversion To ~13 Units
- Over $200,000 Invested In 2024–2025 Renovations Including New Kitchens, Appliances, Furniture, And Interior Finishes
- Prime Fort Myers Location Near Gulf Harbour Yacht & Country Club, Fort Myers Beach, And Downtown Fort Myers
Executive Summary
Marcus & Millichap is pleased to present Fountain Cottages, a boutique hospitality and multifamily asset located at 14621 McGregor Boulevard in Fort Myers, Florida. The property consists of 18 units across seven cottage-style buildings, featuring a unit mix of 10 one-bedroom/one-bathroom units and 8 studio units. The campus-style layout provides a private, residential atmosphere with each unit offering a standalone cottage feel uncommon among traditional multifamily or hospitality properties. The property has recently undergone extensive renovations in 2024–2025, with over $200,000 invested into the units. Improvements include all new kitchens with plastic cabinetry designed to withstand potential flood exposure, new appliances, new furnishings, fresh interior paint, and upgraded finishes throughout. Exterior improvements include new paint and updated landscaping completed in 2025, enhancing curb appeal and overall presentation. Additional improvements include flood barrier systems for each unit, which can be installed in advance of major storm events to help mitigate potential water intrusion.
Amenities include an on-site swimming pool, dedicated washer and dryer room, and ample parking throughout the property. Fountain Cottages operates with a hybrid model allowing both annual and short-term tenancy, offering flexibility for investors to maximize revenue based on market demand. The property is zoned RM-2, allowing hotel and motel operations, and prior planning work has indicated the potential to convert the property into approximately 13 traditional multifamily units if desired.
The asset is located along McGregor Boulevard, one of Fort Myers’ most prominent corridors, providing access to major coastal and employment destinations. Nearby demand drivers include Gulf Harbour Yacht & Country Club (approximately 1 mile), Fort Myers Beach (approximately 5.5 miles), and Downtown Fort Myers (approximately 9 miles). The surrounding area includes several country clubs and coastal communities that support strong seasonal and year-round demand.
Fountain Cottages represents a unique investment opportunity, with no other multifamily properties located within a one-mile radius, creating a rare level of limited competition in the immediate submarket. The property’s recent renovations, flexible operating model, and distinctive cottage-style layout position it well for continued hospitality use, extended-stay rentals, or potential multifamily repositioning.
Amenities include an on-site swimming pool, dedicated washer and dryer room, and ample parking throughout the property. Fountain Cottages operates with a hybrid model allowing both annual and short-term tenancy, offering flexibility for investors to maximize revenue based on market demand. The property is zoned RM-2, allowing hotel and motel operations, and prior planning work has indicated the potential to convert the property into approximately 13 traditional multifamily units if desired.
The asset is located along McGregor Boulevard, one of Fort Myers’ most prominent corridors, providing access to major coastal and employment destinations. Nearby demand drivers include Gulf Harbour Yacht & Country Club (approximately 1 mile), Fort Myers Beach (approximately 5.5 miles), and Downtown Fort Myers (approximately 9 miles). The surrounding area includes several country clubs and coastal communities that support strong seasonal and year-round demand.
Fountain Cottages represents a unique investment opportunity, with no other multifamily properties located within a one-mile radius, creating a rare level of limited competition in the immediate submarket. The property’s recent renovations, flexible operating model, and distinctive cottage-style layout position it well for continued hospitality use, extended-stay rentals, or potential multifamily repositioning.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $4,171,740 CAD | Apartment Style | Garden |
| Price Per Unit | $231,763 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.29 AC |
| Cap Rate | 7.05% | Building Size | 8,047 SF |
| Gross Rent Multiplier | 7.14 | No. Stories | 1 |
| No. Units | 18 | Year Built | 1961 |
| Property Type | Multifamily | Parking Ratio | 1.86/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-2 - Residential Multi-Family | ||
| Price | $4,171,740 CAD |
| Price Per Unit | $231,763 CAD |
| Sale Type | Investment |
| Cap Rate | 7.05% |
| Gross Rent Multiplier | 7.14 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.29 AC |
| Building Size | 8,047 SF |
| No. Stories | 1 |
| Year Built | 1961 |
| Parking Ratio | 1.86/1,000 SF |
| Zoning | RM-2 - Residential Multi-Family |
Amenities
Unit Amenities
- Kitchen
- Patio
- Smoke Free
Site Amenities
- Pool
- Smoke Free
- Community-Wide WiFi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 446 |
| Studios | 8 | - | 378 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 29-45-24-01-0000A.0010 | Improvements Assessment | $2,398,043 CAD |
| Land Assessment | $720,223 CAD | Total Assessment | $3,330,836 CAD |
Property Taxes
Parcel Number
29-45-24-01-0000A.0010
Land Assessment
$720,223 CAD
Improvements Assessment
$2,398,043 CAD
Total Assessment
$3,330,836 CAD
Contacts
-
Dillon Majeski -
Daniel Cunningham -
Evan Richardson -
River Rhoads -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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Fountain Cottages Inn | 14621 McGregor Blvd
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