| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Poor |
| Demographics | 27th | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3585 Central Ave, Fort Myers, FL, 33901, US |
| Region / Metro | Fort Myers |
| Year of Construction | 1974 |
| Units | 49 |
| Transaction Date | 2006-01-27 |
| Transaction Price | $4,710,000 |
| Buyer | THE HEALING PALACE INC |
| Seller | PRARAZ BUILDERS LLC |
3585 Central Ave Fort Myers Multifamily Investment
Renter concentration and strong daily-needs amenities in the surrounding neighborhood support a durable tenant base, according to WDSuite’s CRE market data. Location fundamentals and service access point to steady leasing potential with prudent affordability management.
The property sits in an inner-suburban Fort Myers neighborhood with strong retail and daily-needs access. Grocery and pharmacy density are notable, ranking 1st and 2nd out of 211 metro neighborhoods, respectively, which helps with day-to-day convenience and supports renter retention. Cafes and restaurants are also plentiful (cafes rank 19 of 211; restaurants rank 3 of 211), placing the area among the more amenity-rich parts of the Cape Coral–Fort Myers metro.
Neighborhood renter concentration is high, with a large share of housing units renter-occupied. That depth of the tenant base generally supports multifamily demand and leasing velocity. By contrast, neighborhood occupancy levels have trailed national norms; this reflects broader local dynamics rather than property-specific performance and suggests that proactive leasing strategies remain important.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to expand further, indicating a larger tenant base over time. Forecasts call for continued growth in households alongside slightly smaller average household sizes, which can translate into more renters entering the market and support occupancy stability.
Home values in the immediate neighborhood trend on the lower end relative to national norms, which can create some competition with ownership options. Even so, the high share of renter-occupied units and ongoing household growth point to sustained rental demand. From a commercial real estate analysis perspective, the area’s amenity access and renter depth are clear positives, while affordability pressure suggests careful rent setting and renewal management.
Safety indicators compare favorably in a national context. The neighborhood falls in the top quartile nationally for lower crime incidence, and recent trend data shows a marked year-over-year decline in estimated violent offenses. These trends suggest comparatively stable conditions versus many U.S. neighborhoods, though investors should evaluate building-level controls and insurer requirements as part of due diligence.
Within the Cape Coral–Fort Myers metro, conditions are competitive among peer neighborhoods rather than an outlier. As always, safety can vary by block and over time; monitoring local reports and on-site measures remains prudent for long-term operations.
Regional employment access includes a major corporate headquarters that supports commuting patterns and reinforces multifamily renter demand.
- Hertz Global Holdings — corporate offices (13.7 miles) — HQ
Built in 1974, this 49-unit asset offers potential value-add and capital planning opportunities to improve competitiveness against newer stock. The surrounding neighborhood shows strong amenity access and a high renter-occupied share, supporting leasing demand. At the same time, neighborhood occupancy has been softer than national averages, so disciplined leasing and renewals are key. According to CRE market data from WDSuite, local demographics within a 3-mile radius point to continued population and household growth, which should expand the tenant base over the medium term.
Affordability bears watching: rent-to-income dynamics indicate pressure for some renters, implying that pricing power may be incremental and retention-focused. Home values nearby are relatively low versus national norms, which can introduce some competition from entry-level ownership; however, the area’s renter depth and projected household growth help underpin long-run multifamily demand.
- Amenity-rich inner-suburban location with top-ranked grocery and pharmacy access in the metro supports renter retention.
- High share of renter-occupied housing indicates depth of tenant base and potential demand stability.
- 1974 vintage presents value-add and CapEx pathways to enhance competitiveness versus newer product.
- 3-mile demographic growth outlook expands the renter pool, supporting occupancy over time.
- Risks: neighborhood occupancy below national norms and renter affordability pressure may limit near-term pricing power; active leasing and renewal strategies recommended.