Updated Two-Unit
For Sale
$400,000
17226/17228 Whitewater Ct, Fort Myers Beach, FL 33931
Recently updated interiors include new kitchen appliances, tile flooring, plumbing, and water heaters.
Property Size2,476 SF
Price / SF$161.55
Days on Market330
Property Features for 17226/17228 Whitewater Ct
General Information
Standard status
Active
Size
2,476 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1982
Buildings
1
Listing Agency:
Key to Florida Realty
Listed By:
Jeannie Blymyer · License #668000975
(419) 339-8515
Source:
Napleshomesearcher
Added: Oct 8, 2025
Changed: Sep 2
Last Checked: Sep 1 at 7:58PM
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 Key to Florida Realty
Investment Insights
Based on property information with market context.
Built in 1982, this duplex contains two 3-bedroom, 2-bath units totaling 2,476 square feet. Both residences have received interior updates, including new kitchen appliances, tile flooring, plumbing, water heaters, and fresh finishes. The roof is 2 years old, while unit 17226 also has new HVAC equipment.
The two units have different current rental arrangements: 17228 is leased, and 17226 is operated as a VRBO. The property is located at 17226/17228 Whitewater Ct in Fort Myers Beach, with proximity to Fort Myers Beach, Sanibel, Walmart, Publix, shopping, dining, and local attractions. This configuration combines established occupancy in one unit with short-term rental use in the other.
The two units have different current rental arrangements: 17228 is leased, and 17226 is operated as a VRBO. The property is located at 17226/17228 Whitewater Ct in Fort Myers Beach, with proximity to Fort Myers Beach, Sanibel, Walmart, Publix, shopping, dining, and local attractions. This configuration combines established occupancy in one unit with short-term rental use in the other.
Key Highlights
- Two 3‑bedroom, 2‑bath units totaling 2,476 square feet
- 17228 is currently leased; 17226 is used as a VRBO
- 2‑year‑old roof serving the duplex
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
$32,773
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
8.19%
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%
$655,460
$655.5K
Cap Rate 7%
$468,186
$468.2K
Cap Rate 9%
$364,144
$364.1K
Market Conditions
NOI Build-Up for 2,476 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
$49.0K $19.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$46.8K $18.91/SF
− OpEx
−$14.0K −$5.67/SF
NOI
$32.8K $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%
$655,460
Cap Rate 7%
$468,186
Cap Rate 9%
$364,144
Alternative Uses
Best Use
Multifamily LT 5
$468.2K
$409.7K – $546.2K
NOI $32,773 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$433.9K
$379.6K – $506.2K
NOI $30,371 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$779.3K
$681.9K – $909.2K
NOI $54,551 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
418
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 - Recently updated interiors include new kitchen appliances, tile flooring, plumbing, and water heaters.
Where is this duplex located?
The property is located at 17226/17228 Whitewater Ct Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units totaling 2,476 square feet; 17228 is currently leased; 17226 is used as a VRBO; 2‑year‑old roof serving the duplex
