| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Fair |
| Demographics | 21st | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3604 Seminole Ave, Fort Myers, FL, 33916, US |
| Region / Metro | Fort Myers |
| Year of Construction | 1981 |
| Units | 25 |
| Transaction Date | 2022-07-21 |
| Transaction Price | $3,502,000 |
| Buyer | CYPRESS COURT LLC |
| Seller | CYPRESS COURTS ASSOCIATES LTD |
3604 Seminole Ave Fort Myers Multifamily Investment
Neighborhood fundamentals point to durable renter demand and steady occupancy, according to WDSuite’s CRE market data. A 1981 vintage offers competitive positioning versus older local stock with potential to capture workforce tenants.
Situated in an inner-suburb pocket of Fort Myers, the property benefits from a tenant base that skews toward workforce renters and families. Neighborhood occupancy is 88.0% (neighborhood metric, not the property), ranking 54 out of 211 metro neighborhoods — competitive among Cape Coral–Fort Myers submarkets. Median contract rents in the neighborhood sit in the 63rd national percentile, indicating achievable pricing that remains aligned with mid-market demand.
Renter-occupied housing accounts for 36.9% of neighborhood units (tenure measure, not vacancy), placing it among the higher renter concentrations in the metro (ranked 28 of 211). For investors, that signals a meaningful tenant pool and supports leasing stability for small and mid-sized multifamily assets.
Local amenities are mixed. Grocery access is a relative strength (ranked 25 of 211; 84th percentile nationally), while parks, pharmacies, cafes, and childcare options are limited within the immediate neighborhood. Restaurant density is competitive within the metro (ranked 70 of 211; 74th percentile nationally), offering everyday convenience even if broader lifestyle amenities may require short drives.
Within a 3-mile radius, demographics show population growth alongside an expanding household base and a forecast increase in renter share. Households have risen historically and are projected to expand further, pointing to a larger tenant base over the next five years. Rising median incomes in the 3-mile area, together with a forecast increase in median contract rent, suggest continued demand for well-managed units and potential for steady occupancy. In a high-cost ownership context for the neighborhood (value-to-income ratio in the 75th national percentile), multifamily tends to capture households seeking more accessible monthly payments, which can support retention and pricing power.
The asset’s 1981 construction is newer than the neighborhood’s average vintage (1968). That typically translates to comparatively modern layouts and systems relative to older stock, while still warranting targeted upgrades for durability and energy efficiency as part of long-term capital planning.
Neighborhood safety indicators are mixed when viewed against metro and national benchmarks. Overall crime ranks 125 out of 211 neighborhoods in the Cape Coral–Fort Myers metro, placing the area around the middle of the pack locally. Nationally, the neighborhood sits in the 56th percentile for overall safety, indicating modestly better-than-average conditions compared with neighborhoods nationwide.
Trend signals diverge by category. Property offense risk is comparatively favorable (74th percentile nationally) with a notable year-over-year decrease, while violent offense measures have trended higher over the last year (21st percentile for improvement). Investors should underwrite prudent on-site measures and resident screening, while noting that recent property-crime trends have improved according to WDSuite’s data.
Regional employment anchors support commuting tenants, with access to corporate services providing a stable base of demand. The list below highlights a notable employer within reasonable driving distance that can contribute to leasing depth.
- Hertz Global Holdings — corporate offices (16.9 miles) — HQ
This 25-unit, 1981-vintage asset sits in a Fort Myers neighborhood with competitive occupancy relative to metro peers and a solid renter foundation. Within a 3-mile radius, household counts have grown and are projected to rise further, implying a larger tenant base and support for occupancy stability. Neighborhood ownership costs are elevated relative to incomes (higher national percentile for value-to-income), which tends to sustain reliance on rentals and can aid retention for well-priced units. Based on CRE market data from WDSuite, local rent levels are mid-market and the neighborhood’s renter-occupied share is comparatively high for the metro — constructive for demand depth.
The 1981 vintage is newer than the local average, offering a competitive edge versus older buildings while still warranting focused capital plans for systems and unit modernization to enhance durability and leasing appeal. Key underwriting considerations include amenity limitations in the immediate area, mixed but improving property-crime trends, and rent-to-income levels that call for attentive lease management to mitigate affordability pressure.
- Competitive neighborhood occupancy versus metro peers supports leasing stability.
- Expanding 3-mile household base and rising incomes point to a growing renter pool.
- 1981 construction offers relative competitiveness with value-add potential through targeted upgrades.
- Ownership costs outpace incomes locally, reinforcing multifamily demand and potential retention.
- Risks: limited nearby amenities, mixed safety trends, and affordability pressure requiring prudent lease management.