Lake-View Residential Income
For Sale
$335,000
Pending
12760 Devonshire Lakes Circle, Fort Myers, FL 33913
Two-bedroom villa with a den, screened lanai, attached garage, and split-bedroom floor plan.
Property Size1,512 SF
Days on Market490
Property Features for 12760 Devonshire Lakes Circle
General Information
Standard status
Pending
Size
1,512 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR+den/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,067
Building Details
Year Built
1995
Buildings
1
Listing Agency:
Keller Williams Elite Realty 2
(239) 949-8338
Listed By:
Lindsey Springsteen · License #258025124
(262) 492-3178
Source:
Exitrealty
Added: May 4, 2025
Changed: Sep 2
Last Checked: Sep 4 at 12:45PM
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 Keller Williams Elite Realty 2
Investment Insights
Based on property information with market context.
This 1,512-square-foot villa, built in 1995, combines a two-bedroom layout with a den, two bathrooms, and an open living area. The den provides additional interior space, while the split-bedroom arrangement separates the primary suite from the guest bedroom. The home also includes laminate wood flooring in the main living areas, a screened lanai overlooking the lake, in-home laundry, and a two-car attached garage. The primary suite offers a walk-in closet and an en-suite bathroom with a double-sink vanity.
Located in Devonshire Lakes within the Gateway community, the property is near dining, parks, a golf course, and shopping. Access to I-75, RSW Airport, and area beaches is also noted. The property is outside a flood zone, and no flood insurance is required.
Located in Devonshire Lakes within the Gateway community, the property is near dining, parks, a golf course, and shopping. Access to I-75, RSW Airport, and area beaches is also noted. The property is outside a flood zone, and no flood insurance is required.
Key Highlights
- 1,512‑square‑foot villa built in 1995
- Two bedrooms, two bathrooms, and a den
- Screened lanai with lake views
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
$18,547
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
5.54%
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%
$370,940
$370.9K
Cap Rate 7%
$264,957
$265.0K
Cap Rate 9%
$206,078
$206.1K
Market Conditions
NOI Build-Up for 1,512 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
$35.2K $23.28/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$33.7K $22.30/SF
− OpEx
−$15.2K −$10.04/SF
NOI
$18.5K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$370,940
Cap Rate 7%
$264,957
Cap Rate 9%
$206,078
Alternative Uses
Best Use
Apartment 5plus
$265.0K
$231.8K – $309.1K
NOI $18,547 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$475.9K
$416.4K – $555.2K
NOI $33,312 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 33913, FL
28,216
Population
16,026
Households
1.8
Avg Household Size
54
Median Age
47%
College-Educated
95%
High-School Grad
101.0 sq mi
ZIP Area
279
Density / Sq Mi
$106,925
Median Household Income
$54,341
Median Earnings
$1,914
Median Rent
$439,200
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom villa with a den, screened lanai, attached garage, and split-bedroom floor plan.
Where is this residential income property located?
The property is located at 12760 Devonshire Lakes Circle Fort Myers, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,512‑square‑foot villa built in 1995; Two bedrooms, two bathrooms, and a den; Screened lanai with lake views
