Waterfront Lot, 36 Unit Residential

Land Description

RealINSIGHT Marketplace Online Auction September 26-28, 2023.

All bidders must register with Marketplace to participate in the auction event.

Investment Highlights:

RARE Opportunity TO Acquire Highly Desirable Waterfront Location | ±1.19 acres on the Caloosahatchee River with 195' of frontage and dock.

DEVELOPMENT Potential | Site plan has been previously approved for 16 units (up to 36 units by right)

LONG-TERM Value-Add | Conditional Use application process available with no public input for additional 16 units per acre (for an overall density of 32 units per acre)

RESIDENTIAL Zoning | Flexible Rm-16 zoning district allows up to 18 units or 36, one-bedroom rental units by right

SURGING Home And Rental Demand | Average Fort Myers home listing price at $373K, land comps at +$1.5M/Ac, 2-bedroom rents average $2K/Month

Strong Demographics | Positioned Within a growing area with ±125,628 individuals in a five-mile radius

LOCATION |1.8 Miles to Downtown Fort Myers and 0.4 Miles to Riverside Pier. Fort Myers is strategically located near Tampa (130 miles), Naples (40 miles), and Miami/Fort Lauderdale (140 miles)

Offering Summary

Marcus & Millichap and RI Marketplace are proud to present a ±1.19-Acre waterfront land parcel located at 3331 E Riverside Drive (“Property”) in Fort Myers, Florida. This offering represents an exceptional development opportunity with prime waterfront in a growing market and the potential for significant upside.

The Property consists of a 1.19-Acre parcel with 195' of frontage along the Caloosahatchee River and boat dock. The Property is in close proximity to downtown Fort Myers and several bridges with direct access to the Gulf of Mexico. Current Rm-16 residential zoning is intended to provide for single family, duplexes, multifamily, zero lot line, and townhome uses up to a maximum of 16 units per acre. For this 1.2-Acre property, eighteen (18) units are allowed. If additional density is desired, the Conditional Use application process can be invoked to seek up to an additional 16 units per acre (for an overall density of 32 units per acre). The updated code allows for increased density for multifamily rentals, meaning by right a developer could build 36 1-bedroom units at 750 square feet. Preliminary site work has been completed including an approved site plan for 16 units - see document vault for details. This is a rare value-add opportunity for an investor to acquire waterfront residential land as the demand market for residential investment properties surges.

The Property is located in Fort Myers off Palm Beach Blvd and four miles west of I-75. Nearby economic drivers include Sanibel/Captiva Islands, Fort Myers Beaches, Naples, Bonita Springs, Pine Island, and Fort Myers International Airport. Fort Myers is located in north-central Lee County on the Caloosahatchee River and approximately 130 miles south of Tampa on the southwest coast of Florida within the Cape Coral-Fort Myers Metropolitan Statistical Area (Msa). The Property benefits from compelling demographics and in 2023, had approximately 125,628 individuals residing within a five-mile radius and average household income of ±$64,685. The abundance of tourism activities and warm winter climate attracts millions of visitors to Lee County each year.

Lamar P. Fisher

Fisher Auction Company Inc.

License: Au93