Remodeled Two-Unit
New
For Sale
$289,000
1512/1514 Oak Drive, Fort Myers, FL 33907
ResidentialIncome, Fort Myers, FL
Property Size2,048 SF
Lot Size0.15 Acres
Price / SF$141.11
Days on Market2
Property Features for 1512/1514 Oak Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
TFC-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Pets allowed
Yes
Subdivision
FORT MYERS
Lot features
Rectangular Lot
Directions
From US-41, turn onto Oak Dr. Continue to 1514 Oak Dr; the property will be on your right.
Standard status
Active
APN
11-45-24-06-00026.0490
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PINE MANOR UNIT 6 BLK 26 PB 12 PG 82 LOT 49
Tax Annual Amount
2971
Legal Description
PINE MANOR UNIT 6 BLK 26 PB 12 PG 82 LOT 49
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1973
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Compass Florida LLC
(239) 268-8976
Listed By:
Skirmantas Balciunas · License #258031523
(239) 244-5876
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 8:06PM
MLS# 2026041590
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains approximately 2,048 square feet across two residences, each with two bedrooms and one bathroom. Both interiors have been renovated, including updated kitchen cabinetry, countertops and appliances, as well as refreshed bathrooms with new vanities, flooring and showers. Flooring includes tile and vinyl, and the building has a shingle roof installed in 2026.
The property occupies 0.147 acres in Fort Myers and is identified as being in a non-flood zone. Public water and sewer serve the property. Construction is block and stucco, with central heating and air conditioning.
The property occupies 0.147 acres in Fort Myers and is identified as being in a non-flood zone. Public water and sewer serve the property. Construction is block and stucco, with central heating and air conditioning.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- Approximately 1,024 square feet of living area per unit
- Renovated kitchens and bathrooms in both units
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
$25,121
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
8.69%
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%
$502,420
$502.4K
Cap Rate 7%
$358,871
$358.9K
Cap Rate 9%
$279,122
$279.1K
Market Conditions
NOI Build-Up for 2,048 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
$47.7K $23.28/SF
− Vacancy
−$2.0K −$0.98/SF
EGI
$45.7K $22.30/SF
− OpEx
−$20.6K −$10.04/SF
NOI
$25.1K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$502,420
Cap Rate 7%
$358,871
Cap Rate 9%
$279,122
Alternative Uses
Best Use
Multifamily LT 5
$387.3K
$338.9K – $451.8K
NOI $27,108 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$358.9K
$314.0K – $418.7K
NOI $25,121 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$644.6K
$564.0K – $752.0K
NOI $45,122 @ 7.0% cap · market cap 15.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
842
Businesses Nearby
Explore this area
Business Placement
Demographics for 33907, FL
24,980
Population
14,125
Households
1.8
Avg Household Size
43
Median Age
26%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
3,422
Density / Sq Mi
$49,826
Median Household Income
$33,442
Median Earnings
$1,502
Median Rent
$236,700
Median Home Value
Check the figures for this property
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?
Duplex - Each residence offers two bedrooms and one bathroom, with updated kitchens and baths.
Where is this duplex located?
The property is located at 1512/1514 Oak Drive Fort Myers, FL.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; Approximately 1,024 square feet of living area per unit; Renovated kitchens and bathrooms in both units
