Remodeled Duplex Near Fort Myers
For Sale
$800,000
128 Gulfview Avenue, Fort Myers Beach, FL 33931
Two-level coastal property with separate living areas, bay views, and outdoor space near the beach.
Property Size1,996 SF
Price / SF$400.80
Days on Market837
Property Features for 128 Gulfview Avenue
General Information
Standard status
Active
Size
1,996 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,288
Building Details
Year Built
1974
Listing Agency:
Summit & Main Realty Group
(719) 792-9108
Listed By:
Kimberly Powers · License #100048191
(719) 429-8922
Source:
Exitrealty
Added: May 19, 2024
Changed: Sep 2
Last Checked: Sep 1 at 2:40PM
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 Summit & Main Realty Group
Investment Insights
Based on property information with market context.
This remodeled duplex-style property at 128 Gulfview Avenue offers 1,996 square feet across two levels. The upper residence features an open-concept layout, Back Bay views, a renovated kitchen with quartz countertops, island cooktop, stainless hood and appliances, plus a primary suite with walk-in closet and ensuite bath. A separate lower apartment has its own entrance and laundry, while an additional art studio includes a private entry and ductless A/C split system.
The oversized pie-shaped lot includes a large deck, landscaped grounds, tropical plantings, palm trees and a six-foot privacy wall along the rear boundary. The property is 226 steps from the beach and is near Fresh Catch Bistro, Junkanoo Below Deck, Publix, Snook Bight Marina and Newton Beach Park. Although zoned single family, the property has a Fort Myers Beach certificate authorizing separate rental of the upstairs and downstairs areas.
The oversized pie-shaped lot includes a large deck, landscaped grounds, tropical plantings, palm trees and a six-foot privacy wall along the rear boundary. The property is 226 steps from the beach and is near Fresh Catch Bistro, Junkanoo Below Deck, Publix, Snook Bight Marina and Newton Beach Park. Although zoned single family, the property has a Fort Myers Beach certificate authorizing separate rental of the upstairs and downstairs areas.
Key Highlights
- 1,996‑square‑foot remodeled duplex‑style property
- Two separate living areas with individual entries
- Fort Myers Beach certificate authorizes separate upstairs and downstairs rentals
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
$26,420
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
3.30%
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%
$528,400
$528.4K
Cap Rate 7%
$377,429
$377.4K
Cap Rate 9%
$293,556
$293.6K
Market Conditions
NOI Build-Up for 1,996 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
$39.5K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.7K $18.91/SF
− OpEx
−$11.3K −$5.67/SF
NOI
$26.4K $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%
$528,400
Cap Rate 7%
$377,429
Cap Rate 9%
$293,556
Alternative Uses
Best Use
Multifamily LT 5
$377.4K
$330.3K – $440.3K
NOI $26,420 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$349.8K
$306.0K – $408.1K
NOI $24,483 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$628.2K
$549.7K – $732.9K
NOI $43,976 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 33931, FL
9,389
Population
14,561
Households
0.6
Avg Household Size
68
Median Age
37%
College-Educated
97%
High-School Grad
10.3 sq mi
ZIP Area
912
Density / Sq Mi
$80,438
Median Household Income
$38,723
Median Earnings
$1,500
Median Rent
$475,100
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 - Two-level coastal property with separate living areas, bay views, and outdoor space near the beach.
Where is this duplex located?
The property is located at 128 Gulfview Avenue Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 1,996‑square‑foot remodeled duplex‑style property; Two separate living areas with individual entries; Fort Myers Beach certificate authorizes separate upstairs and downstairs rentals
