For Sale
$995,000
1450-1460 Court Place, Sanibel, FL 33957
MULTI_FAMILY - Other - Sanibel, FL
Property Size2,996 SF
Lot Size0.53 Acres
Price / SF$332.11
Days on Market322
Property Features for 1450-1460 Court Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Dining Room, Bathroom 2, Bathroom 3, Bathroom 5, Family Room, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Den, Bedroom 5, Bathroom 4, Bathroom 1
Patio and Porch features
Patio, Porch
Pets allowed
Yes
Pool private
1
Interior features
EatInKitchen, LivingDiningRoom, MultiplePrimarySuites, Pantry, TubShower, CableTv, WalkInClosets, Workshop
Exterior features
Fence, Patio, Storage, Awnings
Fencing
Fenced
Subdivision
SANIBEL CENTER
Lot features
Irregular Lot, Multiple Lots, Dead End
View
Lake
Directions
USE GPS
Standard status
Active
APN
19-46-23-T4-00907.0010
Size
2,996 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
SANIBEL CENTER BLK 7 PB 7 PG 62 LOTS 1 THRU 3
Tax Annual Amount
4527
Legal Description
SANIBEL CENTER BLK 7 PB 7 PG 62 LOTS 1 THRU 3
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Wall Unit(s), Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Flooring type
Carpet, Tile, Wood
Building materials
Brick, Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Additional Structures
Workshop, Storage
Listing Agency:
Pfeifer Realty Group LLC
(239) 472-0004
Listed By:
Bill LeJeune · License #280597155
(443) 994-9698
Added: Oct 2, 2025
Changed: Aug 14
Last Checked: Aug 19 at 11:06PM
MLS# 2025013186
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,656
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$793,120
$793.1K
Cap Rate 7%
$566,514
$566.5K
Cap Rate 9%
$440,622
$440.6K
Market Conditions
NOI Build-Up for 2,996 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$59.3K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$56.7K $18.91/SF
− OpEx
−$17.0K −$5.67/SF
NOI
$39.7K $13.24/SF
Area
Lee County, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$793,120
Cap Rate 7%
$566,514
Cap Rate 9%
$440,622
Alternative Uses
Best Use
Multifamily LT 5
$566.5K
$495.7K – $660.9K
NOI $39,656 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$525.0K
$459.4K – $612.5K
NOI $36,750 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$943.0K
$825.1K – $1.10M
NOI $66,008 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 33957, FL
6,382
Population
8,525
Households
0.7
Avg Household Size
68
Median Age
62%
College-Educated
99%
High-School Grad
16.2 sq mi
ZIP Area
394
Density / Sq Mi
$122,730
Median Household Income
$44,840
Median Earnings
$747
Median Rent
$912,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this duplex located?
The property is located at 1450-1460 Court Place Sanibel, FL.
What is the asking price?
The asking price for this property is $995,000.
