Side-by-Side Duplex with Granite
For Sale
$475,000
1223 / 1225 NE 15TH LANE #2, Cape Coral, FL 33909
Two attached residences offer open living areas, private bedrooms, and flexible owner-occupant or rental use.
Property Size2,218 SF
Price / SF$214.16
Days on Market13
Property Features for 1223 / 1225 NE 15TH LANE #2
General Information
Standard status
Active
Size
2,218 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
0.23 acres
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 06-44-24-C2-02095.0410, Public Survey Range: 24, Public Survey Section: 06, Annual Amount: $10,495, Tax Block: 2095, Tax Book Number: 14-164, Legal Description: CAPE CORAL UNIT 31 BLK 2095 PB 14 PG 164 LOTS 41 + 42, Lot: 41, Year: 2025, Zoning: RML
Ceramic Tile
2 spaces
Central Air
Central
In Garage
Listing ID: MFRS5156125, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-29, 1 day on market, Special Conditions: None
6 total bedrooms
Built in 2005, Living area: 2218, Living area units: Square Feet, Construction Materials: Block, Stucco
Subdivision: CAPE CORAL, MLS Area (Major): 33909 - Cape Coral, County/Parish: Lee
4 total bathrooms
Public, Water Source: Public
Slab
Allowed: Yes
Road Surface: Paved
Ceiling Fans(s)
Microwave, Range, Refrigerator
Building Details
Year Built
2005
Listing Agency:
AXEN REALTY, LLC
(480) 399-1218
Listed By:
William Benitez · License #3215082
(787) 630-8560
Source:
Miharaandassociates
Added: Aug 29
Changed: Sep 9
Last Checked: Sep 10 at 7:05AM
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 AXEN REALTY, LLC
Investment Insights
Based on property information with market context.
Built in 2005, this side-by-side duplex contains 2,218 square feet with two separate residences. Each unit provides 3 bedrooms, 2 bathrooms, a living area connected to dining space, and a large family room. The kitchens are designed with granite countertops and closet pantries, while the open-concept layout supports everyday residential use.
The property is located near supermarkets, gas stations, restaurants, pharmacies, schools, and medical offices. No HOA is associated with the property. The configuration supports an owner-occupant arrangement with one residence available for rental, or use of both units as a residential income property.
The property is located near supermarkets, gas stations, restaurants, pharmacies, schools, and medical offices. No HOA is associated with the property. The configuration supports an owner-occupant arrangement with one residence available for rental, or use of both units as a residential income property.
Key Highlights
- Side‑by‑side duplex with 2,218 square feet
- Each unit includes 3 bedrooms and 2 bathrooms
- Open‑concept living, dining, and family room layout in both units
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
$29,358
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
6.18%
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%
$587,160
$587.2K
Cap Rate 7%
$419,400
$419.4K
Cap Rate 9%
$326,200
$326.2K
Market Conditions
NOI Build-Up for 2,218 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
$29.4K $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%
$587,160
Cap Rate 7%
$419,400
Cap Rate 9%
$326,200
Alternative Uses
Best Use
Multifamily LT 5
$419.4K
$367.0K – $489.3K
NOI $29,358 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$388.7K
$340.1K – $453.5K
NOI $27,207 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$575.5K
$503.6K – $671.4K
NOI $40,286 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 33909, FL
33,063
Population
14,051
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
94%
High-School Grad
37.8 sq mi
ZIP Area
875
Density / Sq Mi
$79,096
Median Household Income
$39,912
Median Earnings
$1,773
Median Rent
$292,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two attached residences offer open living areas, private bedrooms, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 1223 / 1225 NE 15TH LANE #2 Cape Coral, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2,218 square feet; Each unit includes 3 bedrooms and 2 bathrooms; Open‑concept living, dining, and family room layout in both units
