Modern Two-Unit
For Sale
$479,000
1018-1020 Se 24th Ave, Cape Coral, FL 33990
Each unit provides three bedrooms, two bathrooms, and open-concept living with contemporary finishes.
Property Size2,410 SF
Price / SF$198.76
Days on Market181
Property Features for 1018-1020 Se 24th Ave
General Information
Standard status
Active
Size
2,410 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2018
Listing Agency:
First Step Realty Group
(239) 595-3819
Listed By:
Benjamin Ruiz · License #258032746
Source:
Napleshomesearches
Added: Mar 3
Changed: Aug 28
Last Checked: Aug 30 at 5:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of First Step Realty Group
Investment Insights
Based on property information with market context.
Built in 2018, this 2,410-square-foot duplex contains two units, each with three bedrooms, two bathrooms, open-concept living areas, and contemporary finishes. The property was constructed to Miami hurricane building code standards, and tenants are already in place.
The property is within a 5-minute drive of local schools, Cape Coral Hospital, Publix, Walmart, shopping, and everyday services. Restaurants, parks, and outdoor recreation are nearby, while Fort Myers, Sanibel, and Captiva beaches are a short drive away. The configuration provides a clearly defined two-unit residential income property in Cape Coral.
The property is within a 5-minute drive of local schools, Cape Coral Hospital, Publix, Walmart, shopping, and everyday services. Restaurants, parks, and outdoor recreation are nearby, while Fort Myers, Sanibel, and Captiva beaches are a short drive away. The configuration provides a clearly defined two-unit residential income property in Cape Coral.
Key Highlights
- Two‑unit duplex totaling 2,410 square feet
- Each unit includes 3 bedrooms and 2 bathrooms
- Built in 2018 to Miami hurricane building code standards
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
$31,899
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
6.66%
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%
$637,980
$638.0K
Cap Rate 7%
$455,700
$455.7K
Cap Rate 9%
$354,433
$354.4K
Market Conditions
NOI Build-Up for 2,410 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
$47.7K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.6K $18.91/SF
− OpEx
−$13.7K −$5.67/SF
NOI
$31.9K $13.24/SF
Area
Cape Coral, 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%
$637,980
Cap Rate 7%
$455,700
Cap Rate 9%
$354,433
Alternative Uses
Best Use
Multifamily LT 5
$455.7K
$398.7K – $531.7K
NOI $31,899 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$422.3K
$369.5K – $492.7K
NOI $29,562 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$625.3K
$547.2K – $729.6K
NOI $43,773 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Explore this area
Business Placement
Demographics for 33990, FL
32,717
Population
15,483
Households
2.1
Avg Household Size
47
Median Age
24%
College-Educated
89%
High-School Grad
9.3 sq mi
ZIP Area
3,518
Density / Sq Mi
$70,278
Median Household Income
$38,588
Median Earnings
$1,643
Median Rent
$330,500
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 - Each unit provides three bedrooms, two bathrooms, and open-concept living with contemporary finishes.
Where is this duplex located?
The property is located at 1018-1020 Se 24th Ave Cape Coral, FL.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,410 square feet; Each unit includes 3 bedrooms and 2 bathrooms; Built in 2018 to Miami hurricane building code standards
