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    51-55 Lake Street North Fort Myers, FL 33903

    View on Map
    For Sale
    $350,000

    MULTI_FAMILY - Other - North Fort Myers, FL

    Lot size:
    0.24 Acres
    Added:
    Jun 3, 2025
    Days on Market:
    303
    Last Refresh:
    Apr 1 at 6:06 pm

    Property Features for 51-55 Lake Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 5, Bedroom 4
    Patio and Porch features
    Patio
    Pets allowed
    Yes
    Exterior features
    Fence, Patio, Storage
    Fencing
    Fenced
    Standard status
    Active
    APN
    11-44-24-01-000N0.0430
    Lot size
    0.24 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    CABANA CITY PB 8/61 BLKS N + M LTS 43 THRU 50 + VAC CCMBS 10/258 + 14/168
    TaxAnnualAmount
    2890

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Electric, Ceiling Fan(s), Central Air
    Water source
    Public

    Building Details

    Year built
    1979
    Number of units
    2
    Flooring type
    Laminate, Tile
    Building materials
    WoodSiding, WoodFrame
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Storage, Outbuilding

    We can help!

    Listing Contact
    Laurel ONeill
    Laurel ONeill

    Listing agent Laurel ONeill License #258028312

    Listing office Barclays Real Estate Group 1 3444 Marinatown Ln #11, Fort Myers, FL

    Listing date Jun 3, 2025

    MLS# 225052872 Listing URL

    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.

    Overview

    Updated Duplex in North Fort Myers

    This updated duplex in North Fort Myers presents an investment opportunity or multi-generational living option. Located minutes from downtown and the Caloosahatchee Bridge, the property offers versatility and value. Each unit features a private screened lanai and a shared front entry area. The larger unit has a 3-bedroom, 2-bathroom layout, while the second unit offers 2 bedrooms and 1 bathroom. Major updates include two new AC units, modern kitchens with granite countertops, stylish lighting, and updated bathrooms. The property features a 2014 metal roof, two walk-in laundry rooms, and a fully fenced separate backyard for each unit. A detached two-car metal garage and storage shed provide extra functionality and space. An additional driveway is also available. Situated on a 0.235-acre lot, this move-in ready property is suitable for multi-generational living, short- or long-term rental income, or a combination of both.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.88205
    Latitude
    26.665815

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    FAQs

    What type of property is this?
    Duplex - Updated duplex ideal for investment or multi-generational living.
    Where is this duplex located?
    The property is located at 51-55 Lake Street North Fort Myers, FL.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Updated duplex ideal for investment, multi‑generational living, or a combination.; Two separate units: a larger 3 bed/2 bath and a 2 bed/1 bath, each with private screened lanai and separate fenced backyard.; Recent major updates include modern kitchens with granite countertops, stylish lighting, and updated bathrooms. New AC units installed.
    (239) 672-1699
    We can help!
    Listing Contact
    Laurel ONeill
    Laurel ONeill
    Real Estate License ID: 258028312
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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