Updated Waterfront
For Sale
$549,900
14963 Wise Way, Fort Myers, FL 33905
Income-producing duplex with matching residences, private outdoor areas, and direct boating access through a Gulf-access canal.
Property Size1,764 SF
Price / SF$311.73
Days on Market151
Property Features for 14963 Wise Way
General Information
Standard status
Active
Size
1,764 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Parking per Unit
1
Amenities
electric fireplace
coffee bar
smart lock entry
Ring security cameras
kayaks
bicycles
patio
Building Details
Year Built
1976
Listing Agency:
SWFL Choice Realty
(239) 980-3685
Listed By:
Jessica Gerz · License #258033313
Source:
Naplespropertyguide
Added: Apr 1
Changed: Aug 28
Last Checked: Aug 29 at 10:35AM
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 SWFL Choice Realty
Investment Insights
Based on property information with market context.
This 1,764-square-foot duplex, built in 1976, contains two matching residences. Each unit offers 2 bedrooms, 2 bathrooms, a 1-car garage, a private entrance, and its own outdoor living area. Interior improvements include updated electrical and plumbing, newer appliances, refreshed fixtures and hardware, an electric fireplace, coffee bar, modernized bathrooms, and contemporary accent-wall details. Both units are furnished and equipped with smart-lock entry systems and Ring security cameras.
Positioned along a Gulf-access canal, the property provides direct boating access and water views from the patios. Kayaks and bicycles are included for owner or guest use. Exterior updates include fresh paint, landscaped grounds, and epoxy-coated patios. Major improvements include a new roof in 2025, new A/C systems in 2022, and a new water heater in 2022.
The duplex has a 5-star rental history and supports short-term rental operation or long-term leasing. The layout also allows an owner to occupy one residence while renting the other.
Positioned along a Gulf-access canal, the property provides direct boating access and water views from the patios. Kayaks and bicycles are included for owner or guest use. Exterior updates include fresh paint, landscaped grounds, and epoxy-coated patios. Major improvements include a new roof in 2025, new A/C systems in 2022, and a new water heater in 2022.
The duplex has a 5-star rental history and supports short-term rental operation or long-term leasing. The layout also allows an owner to occupy one residence while renting the other.
Key Highlights
- Two matching units, each with 2 bedrooms, 2 bathrooms, and a 1‑car garage
- 1,764 SF duplex built in 1976
- Gulf‑access canal with direct boating access and water views
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
$23,349
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
4.25%
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%
$466,980
$467.0K
Cap Rate 7%
$333,557
$333.6K
Cap Rate 9%
$259,433
$259.4K
Market Conditions
NOI Build-Up for 1,764 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
$34.9K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.4K $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%
$466,980
Cap Rate 7%
$333,557
Cap Rate 9%
$259,433
Alternative Uses
Best Use
Multifamily LT 5
$333.6K
$291.9K – $389.2K
NOI $23,349 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$309.1K
$270.5K – $360.6K
NOI $21,638 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$555.2K
$485.8K – $647.7K
NOI $38,864 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Explore this area
Business Placement
Demographics for 33905, FL
37,692
Population
17,337
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
79%
High-School Grad
40.2 sq mi
ZIP Area
938
Density / Sq Mi
$70,009
Median Household Income
$36,923
Median Earnings
$1,509
Median Rent
$260,400
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 - Income-producing duplex with matching residences, private outdoor areas, and direct boating access through a Gulf-access canal.
Where is this duplex located?
The property is located at 14963 Wise Way Fort Myers, FL.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two matching units, each with 2 bedrooms, 2 bathrooms, and a 1‑car garage; 1,764 SF duplex built in 1976; Gulf‑access canal with direct boating access and water views
