Residential Income
28024 CLEVELAND AVENUE Punta Gorda, FL 33982
For Sale
$350,000
Triplex income property with three two-bedroom, one-bath homes plus a two-car garage generating monthly rental income.
Property Size2,500 SF
Price / SF$140
Days on Market707
Property Features for 28024 CLEVELAND AVENUE
General Information
- Standard status
- Active
- Size
- 2,500 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1974
Listing Agency:
RE/MAX HARBOR REALTY
(941) 628-6197
Listed By:
Chad McCrory · License #3180842
(941) 628-6197
Source:
Exitrealty
Added: Aug 16, 2024
Changed: Jul 22
Last Checked: Jul 23 at 5:09AM
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 RE/MAX HARBOR REALTY
Investment Insights
Based on property information with market context.
This residential income property includes three two-bedroom, one-bath homes and an attached two-car garage. The owner reports current gross rent of $1,000 per month per home plus $200 per month for the garage, with rents increasing to $1,200 per month for each house. The property is described as just over one acre and is noted as having no HOA or deed restrictions.
The seller indicates the property carries no flood insurance. The property is offered for sale with cash-only terms, and financing contingent offers will not be considered. EXTERIOR SHOWINGS ONLY.
For investors or income-oriented buyers, the current and stated rent levels provide a clear view of the property’s gross annual rental potential based on the seller’s information.
The seller indicates the property carries no flood insurance. The property is offered for sale with cash-only terms, and financing contingent offers will not be considered. EXTERIOR SHOWINGS ONLY.
For investors or income-oriented buyers, the current and stated rent levels provide a clear view of the property’s gross annual rental potential based on the seller’s information.
Key Highlights
- Year built 1974 triplex income property with three 2‑bedroom, 1‑bath homes plus a 2‑car garage
- Just over 1‑acre lot with no HOA or deed restrictions
- Rental income: $1,200 per month for each house (previously $1,000) plus $200 per month for the garage
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.6k | $17.04 |
| − Vacancy | −$8.1k | −$3.22 |
| EGI | $34.5k | $13.82 |
| − OpEx | −$10.4k | −$4.15 |
| NOI | $24.2k | $9.67 |
2,500 SF · lease $17.04/SF/yr · vacancy 18.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$345.5K
$302.3K – $403.1K
NOI $24,184 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$315.3K
$275.9K – $367.9K
NOI $22,072 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$818.6K
$716.3K – $955.0K
NOI $57,300 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Triplex income property with three two-bedroom, one-bath homes plus a two-car garage generating monthly rental income.
Where is this triplex located?
The property is located at 28024 CLEVELAND AVENUE Punta Gorda, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Year built 1974 triplex income property with three 2‑bedroom, 1‑bath homes plus a 2‑car garage; Just over 1‑acre lot with no HOA or deed restrictions; Rental income: $1,200 per month for each house (previously $1,000) plus $200 per month for the garage
