Updated Two-Unit
For Sale
$289,000
Pending
11231 Pendleton Ave Unit 2, Englewood, FL 34224
Updated two-bedroom, two-bath units each include interior laundry and a screened lanai overlooking the back yard.
Property Size2,016 SF
Days on Market28
Property Features for 11231 Pendleton Ave Unit 2
General Information
Standard status
Pending
Size
2,016 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
interior laundry
screened lanai
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
BRIGHT REALTY
(941) 539-3467
Listed By:
Halina Pilarska · License #0676892
Source:
Whitesandsfl
Added: Jul 21
Changed: Aug 12
Last Checked: Aug 17 at 5:12PM
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 BRIGHT REALTY
Investment Insights
Based on property information with market context.
This updated duplex offers two residential units, each featuring two bedrooms and two bathrooms. Each unit includes its own interior laundry. The layout combines a spacious dining and living room area, with tile and vinyl flooring throughout.
Both units also provide a screened lanai that overlooks the back yard. The property is described as conveniently located within minutes to shopping, schools, and beaches.
Unit interiors include separate two-bedroom, two-bath configurations, designed around an open dining and living room combo, with in-unit laundry and covered outdoor lanai space.
Both units also provide a screened lanai that overlooks the back yard. The property is described as conveniently located within minutes to shopping, schools, and beaches.
Unit interiors include separate two-bedroom, two-bath configurations, designed around an open dining and living room combo, with in-unit laundry and covered outdoor lanai space.
Key Highlights
- 1985‑built duplex with two updated 2‑bedroom, 2‑bath units
- Each unit includes interior laundry
- Spacious living and dining room combo in each unit
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
$19,502
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
6.75%
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%
$390,040
$390.0K
Cap Rate 7%
$278,600
$278.6K
Cap Rate 9%
$216,689
$216.7K
Market Conditions
NOI Build-Up for 2,016 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
$34.4K $17.04/SF
− Vacancy
−$6.5K −$3.22/SF
EGI
$27.9K $13.82/SF
− OpEx
−$8.4K −$4.15/SF
NOI
$19.5K $9.67/SF
Area
Charlotte County, FL
Vacancy
18.90%
Lease Rate
$17.04 /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%
$390,040
Cap Rate 7%
$278,600
Cap Rate 9%
$216,689
Alternative Uses
Best Use
Multifamily LT 5
$278.6K
$243.8K – $325.0K
NOI $19,502 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$254.3K
$222.5K – $296.7K
NOI $17,799 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 15.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 34224, FL
16,379
Population
11,333
Households
1.4
Avg Household Size
63
Median Age
21%
College-Educated
94%
High-School Grad
12.8 sq mi
ZIP Area
1,280
Density / Sq Mi
$56,862
Median Household Income
$34,450
Median Earnings
$1,219
Median Rent
$262,200
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 - Updated two-bedroom, two-bath units each include interior laundry and a screened lanai overlooking the back yard.
Where is this duplex located?
The property is located at 11231 Pendleton Ave Unit 2 Englewood, FL.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 1985‑built duplex with two updated 2‑bedroom, 2‑bath units; Each unit includes interior laundry; Spacious living and dining room combo in each unit
