In this study, an effective method to estimate the fundamental frequencies of co-axial cylinders immersed in fluid is proposed. The proposed method makes use of the equivalent mass or density that is derived from the added mass matrix caused by the fluid-structure interaction (FSI) phenomenon. The equivalent mass is defined from the added mass matrix based on a 2-D potential flow theory. The theory on two co-axial cylinders extended to the case of three cylinders. To prove the validity of the proposed method, the eigenvalue analyses upon coaxial cylinders coupled with fluid gaps are peformed using the equivalent mass. The analyses results upon various fluid gap is conditions reveal that the present method could provide accurate frequencies and be suitable for expecting the fundamental frequencies of fluid coupled cylinders in beam mode vibration.