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Rebecca Colburn

rebecca.colburn@exprealty.com +1(802) 760-7475

$ 3,799,000

Est. payment -/mo

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588/590 Palermo CIR Fort Myers Beach, FL 33931

11 Beds

8 Baths

4,080 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 4,080 sqft

Price per Sqft $931

Subdivision Venetian Gardens

MLS Listing ID 226040294

Style Resale Property

Bedrooms 11

Full Baths 7

Half Baths 1

Year Built 1937

Annual Tax Amount $6,284

Tax Year 2025

Lot Size 0.270 Acres

Acres 0.27

Property Sub-Type Quadruplex

Source Bonita Springs

Property Description

6.77% CAP RATE AT THE LIST PRICE! 7 TURNKEY ISLAND RENTALS. ONE COMPELLING, CASH-FLOWING INVESTMENT. WELCOME TO PALERMO PARADISE! AN ESTABLISHED SHORT-TERM RENTAL OPERATION WITH DOCUMENTED INCOME AND FUTURE RESERVATIONS ALREADY IN PLACE—INVEST YOUR MONEY WHERE THE BOOKINGS ARE! BEAUTIFULLY AND FULLY UPDATED ACCOMMODATIONS WITH 11 BEDROOMS AND 7½ BATHS! YOUR GUESTS CAN UNPACK, UNWIND, AND WALK TO THE BEACH, RESTAURANTS, SHOPPING, NIGHTLIFE, THE PIER AREA, AND ICONIC FORT MYERS BEACH ATTRACTIONS! AMPLE PRIVATE OFF-STREET PARKING MAKES ARRIVAL EASY—AND THIS WALKABLE ISLAND LOCATION MAKES LEAVING THE CAR BEHIND EVEN EASIER! Buy the business behind the beach days. Seven beautifully updated island rentals. Documented rental income. Cash flow already underway. Palermo Paradise is a turnkey, operating investment offering a 6.77% CAP rate at the list price—and a compelling reason to take a closer look. Guests walk to the beach, The Whale, Margaritaville, shopping, nightlife, and the pier area. Back at the property, a shared heated pool, lounge seating, and outdoor dining keep the vacation going. Ample private off-street parking makes arrival easy. Located at 584/586 AND 588/590 Palermo Circle, this assemblage includes four buildings on approximately one-quarter acre. Three one-bedroom cottages and four two-bedroom rentals provide 11 bedrooms and 7½ baths. Remodeled between 2024 and 2026, the turnkey interiors feature contemporary coastal décor, updated kitchens and kitchenettes, and inviting bedrooms. Stylish accommodations, a walkable location, and an established rental operation make this a solid island investment opportunity. Future reservations are already in place. Buying ahead of the coming season positions the next owner to participate in the income from those stays. Before buying elsewhere on the island, compare the rental history, condition, location, and CAP rate. Review the financials. Check the booking calendar. Tour Palermo Paradise—and see what your next investment could look like.

Location

State FL

County Lee

Community No Subdivision, Non-Gated

Area Venetian Gardens

Zoning RS-1

Interior

Heating Other

Flooring Tile

Fireplace No

Heat Source Other

Exterior

Exterior Feature Courtyard

Pool Below Ground, Concrete, Electric Heat, Salt Water

Amenities Available Beach Access

Waterfront Description None

Roof Type Metal,Shingle

Street Surface Paved

Garage No

Private Pool Yes

Building

Lot Description Irregular Lot

Water Central

Architectural Style Ranch, Two Story, Quadraplex

Structure Type Concrete Block,Wood Frame,Stucco,Wood Siding

New Construction No

Others

Pets Allowed No

Senior Community No

Tax ID 19-46-24-W4-0060F.0050

Listed by Realty One Group MVP • Dennis Wagaman

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Rebecca Colburn

+1(802) 760-7475

rebecca.colburn@exprealty.com

Rebecca Colburn

588/590 Palermo CIR Fort Myers Beach, FL 33931

Key Details

Location

Interior

Exterior

Building

Others

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588/590 Palermo CIR