588/590 Palermo CIR
Fort Myers Beach, FL 33931
$3,799,000
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 ...
+ Read More| Listing ID: | 226040294 |
|---|---|
| List Price: | $3,799,000 |
| Property Type: | Residential Income |
| Property Sub Type: | Quadruplex |
| Status: | Active |
| Bedrooms Total: | 11 |
| Bathrooms Full: | 7 |
| Bathrooms Half: | 1 |
| Living Area: | 4,080 |
| Tax Annual Amount: | $6,285 |
| Lot Size Square Feet: | 11,761 |
| Lot Size Acres: | 0.27 |
| Architectural Style: | Ranch, Two Story, Quadraplex |
| Waterfront?: | No |
| City: | Fort Myers Beach |
| County Or Parish: | Lee |
| Subdivision Name: | Venetian Gardens |
| Postal Code: | 33931 |
| Year Built: | 1937 |
| Number Of Units Total: | 7 |
| Cooling: | Other |
| Flooring: | Tile |
| Heating: | Other |
| Lot Features: | Irregular Lot |
| Pool Features: | Below Ground, Concrete, Electric Heat, Salt Water |
| Status: | Active |
| State Or Province: | FL |
| Water Source: | Central |
| Pool Private?: | Yes |
| Roof: | Metal, Shingle |
| Foundation Details: | Concrete Block |
| Construction Materials: | Concrete Block, Wood Frame, Stucco, Wood Siding |
| Cooling?: | Yes |
| Fireplace?: | No |
| Garage?: | No |
| Heating?: | Yes |
| Lot Size Area: | 0.27 |
| Association Amenities: | Beach Access |
| Attached Garage?: | No |
| Carport?: | No |
| Exterior Features: | Courtyard |
| Living Area Units: | Square Feet |
| Lot Size Units: | Acres |
| MLS Area Major: | VENETIAN GARDENS |
| New Construction?: | No |
| Waterfront Features: | None |
| Horse?: | No |
| Number Of Buildings: | 4 |
| Parcel Number: | 19-46-24-W4-0060F.0050 |
| Pets Allowed: | No |
| Structure Type: | Quadruplex |
| Zoning: | RS-1 |
| Bathrooms Total Integer: | 8 |
| Lease Term: | Buyer Finance/Cash |
| Original List Price: | $3,799,000 |
| Road Surface Type: | Paved |
| Senior Community?: | No |
| Spa?: | No |
| Building Area Units: | Square Feet |
| Irrigation Source: | None |
| Listing Contract Date: | 2026-11-12 |
| Boat Access: | None |
| Building Desc: | 1 Story/Ranch, 2 Story, Other, See Remarks |
| Building Number: | 4 |
| Canal Width: | None |
| Community Type: | No Subdivision, Non-Gated |
| Elevator: | None |
| Foreclosed REO: | No |
| Gulf Access Yn: | No |
| Last Change Timestamp: | 2026-11-12T21:35:15.263Z |
| List Price: | $3,799,000.00 |
| Lot Back: | 100 |
| Lot Frontage: | 110 |
| Lot Left: | 112 |
| Lot Right: | 125 |
| Mls Area Major: | Fb02 - Crescent Street To Gulf B |
| Owner Name: | Relaax Llc |
| Potential Short Sale Yn: | No |
| Status Type: | Resale Property |
| Table: | Residential Income |
| Unit Count: | 1 |
| Road Responsibility: | Public Maintained Road |
| Tax Year: | 2025 |
| Park Name: | VENETIAN GARDENS |
| Full Baths 1: | 7 |
| Half Baths 1: | 1 |
| Living Area 1: | 4080 |
| Parking 1: | Open |
| Rooms 1: | Laundry Common |
| Actual Rent 1: | 42000 |
| Baths Total 1: | 8 |
| Beds Total 1: | 4 |
| Furnished 1: | Turnkey |
| Garage Spaces 1: | 0 |
Listing Courtesy of: Realty One Group MVP
(239) 940-7749
Mortgage Calculator
The data relating to real estate for sale displayed on this Website comes in part from the Broker Reciprocity Program (BR Program) of Naples Area Board of REALTORS®, under License No. NPLSMLS-100139. Properties listed with brokerage firms other than North 2 South Realty International Inc are marked with the "BR House" logo. Detailed information about such properties includes the name of the brokerage firm with which the seller has listed the property. The properties displayed may not be all the properties listed with brokerage firms participating in the Naples Area Board of REALTORS®. BR Program, or contained in the database compilation of the Naples Area Board of REALTORS®.
Naples Area Board of REALTORS® data last updated on November 13, 2026 03:02 AM - ET
Property Last Updated: November 13, 2026 03:02 AM - ET
