Four-Unit Duplex
For Sale
$1,250,000
2264 Washington Ave, Naples, FL 34112
MULTI_FAMILY - Ranch - NAPLES, FL
Property Size3,000 SF
Lot Size0.33 Acres
Price / SF$416.67
Days on Market269
Property Features for 2264 Washington Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RMF-6
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 7, Bedroom 5, Bedroom 8, Bathroom 3
Pets allowed
Yes
Subdivision
INOMAH
Lot features
Oversize, Oversize
Standard status
Active
APN
51692000001
Size
3,000 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
INOMAH BLK G LOTS 2 + 3 OR 213 PG 377
Tax Annual Amount
7748
Legal Description
INOMAH BLK G LOTS 2 + 3 OR 213 PG 377
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Amenities
storage room
washer/dryer hook-ups
Building Details
Year built
1972
Number of units
4
Flooring type
Tile
Building materials
Concrete Block, Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Berkshire Hathaway FL Realty
(239) 659-2400
Listed By:
Rick Fioretti · License #NAPLES-463502976
(239) 370-3200
Added: Nov 21, 2025
Changed: Aug 13
Last Checked: Aug 17 at 12:06AM
MLS# 225080867
Copyright © 2026 Naples Area Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,000-square-foot residential income property comprises four units arranged as two duplexes on a 0.33-acre lot. Each residence offers two bedrooms and one bathroom, along with a dedicated storage room that includes washer and dryer hookups. Tile flooring, concrete block and stucco construction, central heating, central air, and shingle roofing are among the property’s physical features. Renovations were completed in 2022, and the buildings are ranch-style construction dating to 1972.
Located at 2264 Washington Ave in Naples, the property is described as walkable to shopping, employment, and beaches. Parking is provided for all four units. Three residences have annual leases in place, while the remaining unit is available for occupancy or showing. RMF-6 zoning applies to the property.
Located at 2264 Washington Ave in Naples, the property is described as walkable to shopping, employment, and beaches. Parking is provided for all four units. Three residences have annual leases in place, while the remaining unit is available for occupancy or showing. RMF-6 zoning applies to the property.
Key Highlights
- Four units configured as two duplexes on a 0.33‑acre lot
- 3,000 square feet with four 2‑bedroom, 1‑bath units
- Renovations completed in 2022
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
$44,317
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
3.55%
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%
$886,340
$886.3K
Cap Rate 7%
$633,100
$633.1K
Cap Rate 9%
$492,411
$492.4K
Market Conditions
NOI Build-Up for 3,000 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
$66.6K $22.20/SF
− Vacancy
−$3.3K −$1.10/SF
EGI
$63.3K $21.10/SF
− OpEx
−$19.0K −$6.33/SF
NOI
$44.3K $14.77/SF
Area
Collier County, FL
Vacancy
4.94%
Lease Rate
$22.20 /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%
$886,340
Cap Rate 7%
$633,100
Cap Rate 9%
$492,411
Alternative Uses
Best Use
Multifamily LT 5
$633.1K
$554.0K – $738.6K
NOI $44,317 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$581.9K
$509.2K – $678.9K
NOI $40,732 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,283 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,357
Businesses Nearby
Explore this area
Business Placement
Demographics for 34112, FL
26,625
Population
20,626
Households
1.3
Avg Household Size
60
Median Age
35%
College-Educated
91%
High-School Grad
14.8 sq mi
ZIP Area
1,799
Density / Sq Mi
$68,838
Median Household Income
$34,300
Median Earnings
$1,529
Median Rent
$293,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplexes share one lot, with private storage rooms and washer/dryer hookups serving each unit.
Where is this duplex located?
The property is located at 2264 Washington Ave Naples, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four units configured as two duplexes on a 0.33‑acre lot; 3,000 square feet with four 2‑bedroom, 1‑bath units; Renovations completed in 2022
