About 541 Prospect Ave
Prospect & Wood is a stabilized, income-producing 46-unit multifamily property comprising 23 duplexes, each configured as 2 Bedroom / 1 Bath. Built in 1983 and maintained under long-term ownership, the asset offers a current annual gross rental projection of $565,800. At the offered price of $6,420,000, the investment delivers a 5.29% capitalization rate (based on a 40% expense ratio) and $139,565 per door — a competitive entry point in the Fort Myers multifamily market. The property presents compelling rent upside potential of approximately $516,672 in additional annual income should rents reach the Lee County SHIP 2-Bedroom Fair Market Rent (FMR) benchmark of $1,961/month. Applying the FMR with a 38% operating expense ratio and 5% vacancy, the pro forma cap rate recasts to 9.93%. Prospect & Wood is offered as a standalone asset, ideally positioned for yield-focused investors, regional multifamily operators, and 1031 exchange buyers seeking stabilized income with significant upside in the Greater Fort Myers submarket.
Features of 541 Prospect Ave
| MLS® # | 2026014902 |
|---|---|
| Price | $6,420,000 |
| Sold Price | $5,600,000 |
| Bathrooms | 0.00 |
| Acres | 3.66 |
| Year Built | 1983 |
| Type | Commercial Sale |
| Status | Closed |
Community Information
| Address | 541 Prospect Ave |
|---|---|
| Area | FE02 - East Fort Myers Area |
| City | FORT MYERS |
| County | Lee |
| State | FL |
| Zip Code | 33905 |
Amenities
| Utilities | Electricity Connected, Other, Sewer Connected, Water Connected |
|---|---|
| Is Waterfront | No |
| Waterfront | None |
| Has Pool | No |
Interior
| Fireplace | No |
|---|
Additional Information
| Date Listed | March 29th, 2026 |
|---|---|
| Date Sold | July 27th, 2026 |
| Days on Market | 167 |
| Foreclosure | No |
| Short Sale | No |
| Annual Recurring Fees | $0 |
Listing Details
| Office | Premier Agent Network |
|---|