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    513 SE 24th Ave Cape Coral, FL 33990

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    For Sale
    $860,000

    MULTI_FAMILY - Other - CAPE CORAL, FL

    Property size:
    4,660 SF
    Lot size:
    0.36 Acres
    Added:
    Apr 16, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 17 at 1:06 pm

    Property Features for 513 SE 24th Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RML
    Bedrooms
    8
    Bathrooms
    8
    Rooms
    Bedroom 1, Bathroom 8, Bedroom 4, Bedroom 5, Bathroom 6, Bathroom 4, Bedroom 3, Bedroom 8, Bathroom 5, Bedroom 6, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 7, Bedroom 2, Bathroom 7
    Pets allowed
    Yes
    Pool private
    1
    Exterior features
    Storage
    Standard status
    Active
    APN
    17-44-24-C3-01364.0230
    Size
    4,660 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    10839

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Electric

    Building Details

    Year built
    1978
    Number of units
    4
    Flooring type
    Tile
    Building materials
    Concrete Block, Wood Frame, Stucco
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Lora Merrill

    Listing agent Lora Merrill License #NAPLES-244521496

    Listing office William Raveis Real Estate 800 Seagate Drive, Suite 101, Naples, FL

    Listing date Apr 16, 2026

    MLS# 226015823 Listing URL

    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.

    Overview

    Cape Coral Four-Unit Investment Property

    This well-maintained four-unit property presents an investment opportunity with income potential and flexibility for long-term tenants, seasonal rentals, or short-term use. Situated off the Hancock Bridge Parkway on SE 24th Ave, the property benefits from a location with access to major routes and local amenities. The property includes a shared outdoor space featuring a refurbished fully screened pool enclosure and in-ground pool. Each unit has its own patio area. Recent upgrades include a professionally painted exterior, new metal roofs and gutters on both buildings (all in 2025), a refurbished pool cage and screening (2025), new HVAC systems in two units (2023 and 2024), new water heaters in two units (2024), and a new pool pump (2023). The location provides access to the Caloosahatchee River Bridge for commuting to downtown Fort Myers. The property is also near parks, Gulf beaches, shopping centers, and restaurants. The property, zoned RML, is 4,660 square feet in size and sits on a 0.361-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Cape Coral
    County
    Lee
    State
    Florida
    Longitude
    -81.9238069
    Latitude
    26.6430032

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    FAQs

    What type of property is this?
    Quadplex - Well-maintained four-unit property with income potential and recent upgrades.
    Where is this quadplex located?
    The property is located at 513 SE 24th Ave Cape Coral, FL.
    What is the asking price?
    The asking price for this property is $860,000.
    What are key features of this property?
    This property features: Well‑maintained 4‑unit property offering a versatile income‑producing opportunity.; Strong income potential with flexibility for long‑term, seasonal, or short‑term/Airbnb rentals.; Desirable location with convenient access to major routes, local amenities, and downtown Fort Myers (via toll‑free bridge).
    (239) 290-9151
    We can help!
    Listing Contact
    Lora Merrill
    Real Estate License ID: NAPLES-244521496
    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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