Fully Leased
For Sale
$449,000
1208/1210 Se 24th Ave, Cape Coral, FL 33990
Two tenant-occupied residences offer established occupancy in Southeast Cape Coral near shopping, dining, schools, and major roadways.
Property Size2,382 SF
Price / SF$188.50
Days on Market236
Property Features for 1208/1210 Se 24th Ave
General Information
Standard status
Active
Size
2,382 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
2003
Listing Agency:
KW Florida Living
Listed By:
Jessica Nolan · License #3223347
(239) 236-4350
Source:
Naplesareapropertysearch
Added: Jan 18
Changed: Sep 9
Last Checked: Sep 10 at 10:14AM
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 KW Florida Living
Investment Insights
Based on property information with market context.
Built in 2003, this duplex contains 2,382 square feet across two tenant-occupied residences. Each unit provides a practical arrangement with a living area, kitchen, private bedrooms, and a full bathroom. Both sides are currently leased, providing an established occupancy profile for the property.
The asset is located in Southeast Cape Coral, with shopping, dining, schools, and major roadways nearby. Its two-unit configuration and existing tenancy make it a straightforward multifamily property for buyers seeking a leased residential asset.
The asset is located in Southeast Cape Coral, with shopping, dining, schools, and major roadways nearby. Its two-unit configuration and existing tenancy make it a straightforward multifamily property for buyers seeking a leased residential asset.
Key Highlights
- 2,382‑square‑foot duplex built in 2003
- Both units are currently tenant occupied
- Each residence includes living space, a kitchen, private bedrooms, and a full bath
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
$31,529
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
7.02%
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%
$630,580
$630.6K
Cap Rate 7%
$450,414
$450.4K
Cap Rate 9%
$350,322
$350.3K
Market Conditions
NOI Build-Up for 2,382 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
$47.2K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.0K $18.91/SF
− OpEx
−$13.5K −$5.67/SF
NOI
$31.5K $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%
$630,580
Cap Rate 7%
$450,414
Cap Rate 9%
$350,322
Alternative Uses
Best Use
Multifamily LT 5
$450.4K
$394.1K – $525.5K
NOI $31,529 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$417.4K
$365.2K – $487.0K
NOI $29,218 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$618.1K
$540.8K – $721.1K
NOI $43,265 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
141
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two tenant-occupied residences offer established occupancy in Southeast Cape Coral near shopping, dining, schools, and major roadways.
Where is this duplex located?
The property is located at 1208/1210 Se 24th Ave Cape Coral, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,382‑square‑foot duplex built in 2003; Both units are currently tenant occupied; Each residence includes living space, a kitchen, private bedrooms, and a full bath
