Four-Unit Quadplex with Screened
New
For Sale
$675,000
13401 Pine Needle Ln, Fort Myers, FL 33908
Individual residences include full appliance packages, screened outdoor space, and dedicated parking.
Property Size3,408 SF
Price / SF$198.06
Days on Market7
Property Features for 13401 Pine Needle Ln
General Information
Standard status
Active
Size
3,408 SF
Property subtype
Multi-Family
Building Details
Year Built
1980
Listing Agency:
KEYRENTER FORT MYERS
Listed By:
Francis Bourassa · License #258034482
(239) 922-1640
Source:
Swflhomesource
Added: Sep 7
Changed: Sep 11
Last Checked: Sep 13 at 11:29AM
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 KEYRENTER FORT MYERS
Investment Insights
Based on property information with market context.
Built in 1980, this Fort Myers quadplex contains four residential units, each with two bedrooms, one bathroom, and approximately 852 square feet of living space. Unit features include a refrigerator, stove, washer, dryer, dishwasher, and screened lanai. The property has seven dedicated parking spaces, and no major repairs are identified in the available property information.
Two units are currently occupied, and leases were recently renewed. The property is approximately 10 minutes from Fort Myers Beach and is near convenience stores and daily amenities. With 3,408 square feet across the four units, the asset offers an established residential configuration with existing occupancy and recently renewed leases.
Two units are currently occupied, and leases were recently renewed. The property is approximately 10 minutes from Fort Myers Beach and is near convenience stores and daily amenities. With 3,408 square feet across the four units, the asset offers an established residential configuration with existing occupancy and recently renewed leases.
Key Highlights
- Four‑unit quadplex with 3,408 square feet of property size
- Each unit includes 2 bedrooms, 1 bathroom, and approximately 852 sq ft
- Seven dedicated parking spaces
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
$45,109
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
6.68%
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%
$902,180
$902.2K
Cap Rate 7%
$644,414
$644.4K
Cap Rate 9%
$501,211
$501.2K
Market Conditions
NOI Build-Up for 3,408 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
$67.5K $19.80/SF
− Vacancy
−$3.0K −$0.89/SF
EGI
$64.4K $18.91/SF
− OpEx
−$19.3K −$5.67/SF
NOI
$45.1K $13.24/SF
Area
Lee County, 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%
$902,180
Cap Rate 7%
$644,414
Cap Rate 9%
$501,211
Alternative Uses
Best Use
Multifamily LT 5
$644.4K
$563.9K – $751.8K
NOI $45,109 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$597.2K
$522.5K – $696.7K
NOI $41,803 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$1.07M
$938.6K – $1.25M
NOI $75,085 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 33908, FL
43,110
Population
32,067
Households
1.3
Avg Household Size
63
Median Age
44%
College-Educated
96%
High-School Grad
34.2 sq mi
ZIP Area
1,261
Density / Sq Mi
$74,711
Median Household Income
$50,063
Median Earnings
$1,829
Median Rent
$346,200
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?
Quadplex - Individual residences include full appliance packages, screened outdoor space, and dedicated parking.
Where is this quadplex located?
The property is located at 13401 Pine Needle Ln Fort Myers, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,408 square feet of property size; Each unit includes 2 bedrooms, 1 bathroom, and approximately 852 sq ft; Seven dedicated parking spaces
