| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 41st | Fair |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3331 E Riverside Dr, Fort Myers, FL, 33916, US |
| Region / Metro | Fort Myers |
| Year of Construction | 1972 |
| Units | 28 |
| Transaction Date | 2012-12-21 |
| Transaction Price | $1,500,000 |
| Buyer | FLORENTINE HOLDINGS COMPANY V LLC |
| Seller | MILZ TOMMY |
3331 E Riverside Dr, Fort Myers Multifamily
Renter demand in the surrounding Fort Myers neighborhood shows signs of expansion even as occupancy varies by block, according to WDSuite’s CRE market data, which supports a durable tenant base for smaller, value-add multifamily assets.
Located in a suburban pocket of Fort Myers, the neighborhood rates C+ and sits above the metro median for overall standing (rank 133 among 211 metro neighborhoods). Local amenity access is mixed: grocery options are comparatively strong (top quartile nationally), restaurants are competitive, and park access trends above average, while cafes, childcare, and pharmacies are limited. For investors, this combination suggests everyday convenience with select gaps that could influence tenant preferences.
Median contract rents for the neighborhood index above many areas nationally, and neighborhood occupancy is measured at the neighborhood level rather than the property level. Within that context, investors should anticipate leasing to track submarket trends rather than rely on metro-wide averages. School ratings in the area trend below national norms, which can modestly affect family-driven demand while keeping price-sensitive renter segments engaged.
Within a 3-mile radius, demographics point to a growing renter pool: households have expanded in recent years and are projected to increase further over the next five years, implying a larger tenant base and support for occupancy stability. Forecasts also indicate rising household incomes alongside increasing asking rents, which underscores the importance of underwriting to affordability thresholds and renewal strategies.
Relative to national CRE trends, local home values remain more accessible than many coastal markets, reinforcing sustained reliance on rental housing without eliminating the potential for residents to consider ownership. This balance generally supports retention for well-managed properties while requiring disciplined pricing to maintain lease velocity.
Neighborhood safety indicators are mixed but improving in certain categories. The area trends around the metro median for crime (rank 112 of 211 metro neighborhoods) and sits modestly above national averages overall, with recent data showing a notable year-over-year decline in property offenses. Nationally benchmarked, that decline places the neighborhood in a stronger band for improvement compared to many peers, while violent offense measures remain closer to mid-pack.
For investors, the directional trend in property crime is constructive for leasing and retention, but underwriting should still assume typical Class B/C suburban risk management practices, with emphasis on lighting, access controls, and resident screening to sustain performance.
Regional employment anchors provide a commuting base that supports workforce housing demand. The list below highlights a nearby headquarters that can contribute to leasing stability through diversified tenant employment.
- Hertz Global Holdings — corporate offices (16.8 miles) — HQ
Built in 1972, the property is older than the neighborhood’s average vintage, creating a clear value-add pathway via targeted interior and system upgrades while maintaining cost discipline. The average unit size of roughly 271 square feet skews toward efficient layouts that can appeal to cost-conscious renters, provided finishes and operations align with expectations for small-format living.
Within a 3-mile radius, population and household counts have grown and are projected to expand further, indicating a larger tenant base and potential support for occupancy stability. At the same time, rent-to-income levels indicate some affordability pressure relative to national benchmarks, suggesting that revenue management and renewal strategies will be important. According to commercial real estate analysis from WDSuite, the surrounding neighborhood shows solid grocery and park access with limited cafes and pharmacies, and crime trends reflect improving property offense levels — all of which point to steady, needs-based renter demand with manageable risks.
- 1972 vintage offers value-add and capex planning opportunities to enhance competitiveness versus newer stock.
- 3-mile household growth and projected increases support a deeper tenant base and leasing durability.
- Small-format units can capture budget-minded demand when paired with efficient operations and right-sized amenities.
- Neighborhood amenity mix (strong grocery/parks) supports daily needs; limited cafes/pharmacies may influence some renter segments.
- Risks: neighborhood-level occupancy variability, lower school ratings, and affordability pressure require conservative underwriting and active renewal management.