Updated Duplex with Stilt
For Sale
$489,000
1480/1482 Lura Ave, Fort Myers, FL 33916
Two separately metered residences include individual laundry areas, shared outdoor space, and city-sewer service.
Property Size1,760 SF
Price / SF$277.84
Days on Market33
Property Features for 1480/1482 Lura Ave
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
shared deck
separate laundry rooms
Building Details
Year Built
1981
Buildings
2
Listing Agency:
Corkscrew Real Estate
Listed By:
Gabriel Jorge · License #3484151
(239) 351-4872
Source:
Napleshomesearches
Added: Aug 2
Changed: Sep 2
Last Checked: Sep 2 at 6:40PM
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 Corkscrew Real Estate
Investment Insights
Based on property information with market context.
Located in Fort Myers, this duplex contains two detached 880-square-foot stilt residences, totaling 1,760 square feet. Each home offers two bedrooms and one bathroom, with separate laundry areas beneath the buildings and access to a shared deck. Individual electric and water meters serve the units, which are connected to city sewer.
Property improvements include replacement of the stilt beams, impact windows, and new siding in 2020, followed by an HVAC replacement in 2021. The front residence received a bathroom update in 2021. A permitted reroof was completed in 2022, with additional storm-related roof work performed in 2023. Vinyl plank flooring, updated split storage-laundry areas, and a 2026 kitchen renovation add to the recent improvements. Built in 1981, the property is located at 1480/1482 Lura Ave, Fort Myers, FL 33916.
Property improvements include replacement of the stilt beams, impact windows, and new siding in 2020, followed by an HVAC replacement in 2021. The front residence received a bathroom update in 2021. A permitted reroof was completed in 2022, with additional storm-related roof work performed in 2023. Vinyl plank flooring, updated split storage-laundry areas, and a 2026 kitchen renovation add to the recent improvements. Built in 1981, the property is located at 1480/1482 Lura Ave, Fort Myers, FL 33916.
Key Highlights
- Two detached 880‑sq‑ft stilt homes with 2‑bed/1‑bath layouts
- 1,760 SF total property size
- Separate electric and water meters for 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
$23,296
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
4.76%
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%
$465,920
$465.9K
Cap Rate 7%
$332,800
$332.8K
Cap Rate 9%
$258,844
$258.8K
Market Conditions
NOI Build-Up for 1,760 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
$34.8K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.3K $18.91/SF
− OpEx
−$10.0K −$5.67/SF
NOI
$23.3K $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%
$465,920
Cap Rate 7%
$332,800
Cap Rate 9%
$258,844
Alternative Uses
Best Use
Multifamily LT 5
$332.8K
$291.2K – $388.3K
NOI $23,296 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$308.4K
$269.9K – $359.8K
NOI $21,589 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$553.9K
$484.7K – $646.3K
NOI $38,776 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
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 separately metered residences include individual laundry areas, shared outdoor space, and city-sewer service.
Where is this duplex located?
The property is located at 1480/1482 Lura Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Two detached 880‑sq‑ft stilt homes with 2‑bed/1‑bath layouts; 1,760 SF total property size; Separate electric and water meters for each unit
