1947 Ricardo Ave 10 Unit Apartment Building $2,162,265 CAD ($216,227 CAD/Unit) 6.93% Cap Rate Fort Myers, FL 33901

1947 Ricardo Avenue | Fort Myers, FL
Exceptional Value-Add Apartment Investment in the Heart of Fort Myers
BNG Realty Experts is pleased to present Ricardo Flats, a well-maintained 10-unit multifamily investment opportunity ideally located just minutes from Downtown Fort Myers, Lee Memorial Hospital, US-41 (Cleveland Avenue), shopping, dining, employment centers, and public transportation. The property's central location continues to benefit from strong rental demand driven by nearby healthcare, retail, and professional employment.
The property consists of ten spacious two-bedroom, one-bathroom apartments, providing an attractive unit mix that appeals to a broad tenant base. Each unit is individually metered for electric and water, helping reduce operating expenses while providing efficient property management.
Originally constructed of durable concrete block construction, Ricardo Flats has undergone extensive capital improvements, including a metal roof installed in 2016, updated plumbing, renovated interiors, modern kitchens and bathrooms, tile flooring throughout many units, and new HVAC systems in select apartments. An on-site laundry facility provides additional convenience for residents and enhances the property's long-term appeal.
With continued population growth throughout Southwest Florida and increasing demand for quality workforce housing, Ricardo Flats offers investors the opportunity to acquire a stabilized asset with significant recent improvements in one of Fort Myers' most desirable rental corridors. Whether you're seeking dependable cash flow, long-term appreciation, or additional upside through continued rental growth, this property represents an outstanding multifamily investment.
Investment Highlights
10 large two-bedroom, one-bathroom apartments
Concrete block construction
Metal roof (2016)
Updated plumbing and extensive recent renovations
Renovated kitchens and bathrooms
Tile flooring throughout many units
New HVAC systems in select units
Individually metered electric and water
On-site laundry facility
Strong central Fort Myers location near Downtown, Lee Memorial Hospital, US-41, shopping, restaurants, and major employers
Excellent long-term investment with strong rental demand and continued market growth