Renovated Duplex with Covered
For Sale
$399,900
2615/2617 Michigan Ave, Fort Myers, FL 33916
Residential Income, Duplex, FORT MYERS, FL
Property Size1,392 SF
Lot Size0.17 Acres
Price / SF$287.28
Days on Market452
Property Features for 2615/2617 Michigan Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS-7
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Patio and Porch features
Patio, Deck
Pets allowed
Yes
Exterior features
Outdoor Shower
Lot features
Regular, Regular
Standard status
Active
APN
13-44-24-P2-00008.0000
Size
1,392 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PARL IN N E 1/4 OF S E 1/4 SEC 13 TWP 44 R 24 OC DESC IN OR 1882 PG 4099
Tax Annual Amount
1817
Legal Description
PARL IN N E 1/4 OF S E 1/4 SEC 13 TWP 44 R 24 OC DESC IN OR 1882 PG 4099
Utilities
Heating system
Heat Pump (Heating), Other (Heating)
Cooling system
Wall Unit(s), Zoned, Ceiling Fan(s)
Building Details
Year built
1955
Number of units
2
Flooring type
Tile
Building materials
Concrete Block, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Beycome of Florida LLC
(804) 656-5007
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Added: Jun 3, 2025
Changed: Aug 19
Last Checked: Aug 28 at 5:06AM
MLS# 225052643
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 duplex contains 1,392 square feet across two one-bedroom, one-bath residences. Both units have undergone interior and exterior renovation, including replacement roof, electrical, plumbing, sewer lines, and HVAC systems. Concrete block and stucco construction, tile flooring, shingle roofing, wall-unit cooling, and heat-pump heating are included. Each residence also has patio or deck space, while the property features landscaped grounds, sod, concrete driveways, and covered parking for both units.
The property is located within the Dean Park Historic District in Fort Myers, with downtown restaurants, shops, and the riverfront described as a short walk away. The 0.172-acre parcel is zoned RS-7 and was built in 1955. Additional exterior features include an outdoor shower, ceiling fans, and zoned cooling.
The property is located within the Dean Park Historic District in Fort Myers, with downtown restaurants, shops, and the riverfront described as a short walk away. The 0.172-acre parcel is zoned RS-7 and was built in 1955. Additional exterior features include an outdoor shower, ceiling fans, and zoned cooling.
Key Highlights
- Two 1 bed / 1 bath units totaling 1392 Square Feet
- Renovations include roof, electrical, plumbing, sewer lines, and HVAC systems
- 0.172‑acre parcel zoned RS‑7
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
$18,425
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
4.61%
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%
$368,500
$368.5K
Cap Rate 7%
$263,214
$263.2K
Cap Rate 9%
$204,722
$204.7K
Market Conditions
NOI Build-Up for 1,392 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
$27.6K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$26.3K $18.91/SF
− OpEx
−$7.9K −$5.67/SF
NOI
$18.4K $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%
$368,500
Cap Rate 7%
$263,214
Cap Rate 9%
$204,722
Alternative Uses
Best Use
Multifamily LT 5
$263.2K
$230.3K – $307.1K
NOI $18,425 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$243.9K
$213.4K – $284.6K
NOI $17,075 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$438.1K
$383.4K – $511.2K
NOI $30,669 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,742
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
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
What type of property is this?
Duplex - Two one-bedroom units offer upgraded systems, patios, landscaping, and dedicated covered parking.
Where is this duplex located?
The property is located at 2615/2617 Michigan Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two 1 bed / 1 bath units totaling 1392 Square Feet; Renovations include roof, electrical, plumbing, sewer lines, and HVAC systems; 0.172‑acre parcel zoned RS‑7
