Renovated Duplex with Private
For Sale
$415,000
115 Se 24th Ave, Cape Coral, FL 33990
Two updated residences provide flexible occupancy, modern finishes, refreshed systems, and a two-car garage.
Property Size2,217 SF
Price / SF$187.19
Days on Market23
Property Features for 115 Se 24th Ave
General Information
Standard status
Active
Size
2,217 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1972
Listing Agency:
Dong Realty LLC
(225) 933-7838
Listed By:
Kevin Dong · License #258027156
Source:
Swflhomesource
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 29 at 10:35AM
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 Dong Realty LLC
Investment Insights
Based on property information with market context.
This legal duplex contains 2,217 square feet with a two-bedroom, two-bath unit and a three-bedroom, two-bath unit. Unit B includes a two-car garage, while the property also offers a private backyard. Both residences have undergone extensive renovation, including new water heaters, AC units, electrical panel and riser, LED lighting, bathrooms, flooring, kitchens, cabinetry, quartz countertops, and stainless-steel appliances. The roof was replaced in 2024.
Interior improvements include wood plank tile flooring, five-inch baseboards, tiled shower surrounds, updated vanities, and open kitchen views into the living areas. The property was built in 1972 and is located in Cape Coral within an X flood zone.
Interior improvements include wood plank tile flooring, five-inch baseboards, tiled shower surrounds, updated vanities, and open kitchen views into the living areas. The property was built in 1972 and is located in Cape Coral within an X flood zone.
Key Highlights
- Legal duplex with 2,217 square feet
- Unit A: 2 bedrooms and 2 bathrooms
- Unit B: 3 bedrooms, 2 bathrooms, and a 2‑car garage
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
$29,345
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
7.07%
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%
$586,900
$586.9K
Cap Rate 7%
$419,214
$419.2K
Cap Rate 9%
$326,056
$326.1K
Market Conditions
NOI Build-Up for 2,217 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
$43.9K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$41.9K $18.91/SF
− OpEx
−$12.6K −$5.67/SF
NOI
$29.3K $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%
$586,900
Cap Rate 7%
$419,214
Cap Rate 9%
$326,056
Alternative Uses
Best Use
Multifamily LT 5
$419.2K
$366.8K – $489.1K
NOI $29,345 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$388.5K
$339.9K – $453.2K
NOI $27,194 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$575.3K
$503.4K – $671.1K
NOI $40,268 @ 7.0% cap · market cap 9.70%
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
463
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 - Two updated residences provide flexible occupancy, modern finishes, refreshed systems, and a two-car garage.
Where is this duplex located?
The property is located at 115 Se 24th Ave Cape Coral, FL.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Legal duplex with 2,217 square feet; Unit A: 2 bedrooms and 2 bathrooms; Unit B: 3 bedrooms, 2 bathrooms, and a 2‑car garage
