Log In/Sign Up
Your email has been sent.
1940-1942 Passaic Ave 13 Unit Apartment Building $2,790,060 CAD ($214,620 CAD/Unit) 7.78% Cap Rate Fort Myers, FL 33901
Investment Highlights
- Block Building
- Large Lot with Parking
- Metal Roof
Executive Summary
Passaic Apartments presents an exceptional opportunity to acquire a 13-unit multifamily community in the heart of Fort Myers, Florida. Ideally located minutes from Downtown Fort Myers, Lee Health, US-41, Colonial Boulevard, shopping, dining, and major employment centers, the property benefits from strong rental demand and long-term market fundamentals. The concrete block apartment community has been professionally managed and features renovated interiors, updated kitchens and baths, ongoing capital improvements, and a stable tenant base. The property generated approximately $154,544 in gross operating income and $109,771 in T-12 NOI, providing immediate cash flow with additional upside through continued rental growth
Property Facts
| Price | $2,790,060 CAD | Building Class | C |
| Price Per Unit | $214,620 CAD | Lot Size | 0.49 AC |
| Sale Type | Investment | Building Size | 7,070 SF |
| Cap Rate | 7.78% | Average Occupancy | 60% |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Property Subtype | Apartment | Parking Ratio | 1.4/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | A-2 | ||
| Price | $2,790,060 CAD |
| Price Per Unit | $214,620 CAD |
| Sale Type | Investment |
| Cap Rate | 7.78% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.49 AC |
| Building Size | 7,070 SF |
| Average Occupancy | 60% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.4/1,000 SF |
| Zoning | A-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | - | - |
| 3+1 | 1 | - | - |
| 1+1 | 1 | - | - |
| 1+1 | 1 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 26-44-24-P3-0140C.0010 | Improvements Assessment | $1,072,250 CAD |
| Land Assessment | $392,088 CAD | Total Assessment | $1,464,338 CAD |
Property Taxes
Parcel Number
26-44-24-P3-0140C.0010
Land Assessment
$392,088 CAD
Improvements Assessment
$1,072,250 CAD
Total Assessment
$1,464,338 CAD
1 of 13
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
1940-1942 Passaic Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.