Updated Two-Unit
For Sale
$390,000
17244/17246 Whitewater Ct, Fort Myers Beach, FL 33931
Leased duplex with refreshed interiors, newer appliances, and a recently replaced roof near Fort Myers Beach.
Property Size1,936 SF
Price / SF$201.45
Days on Market330
Property Features for 17244/17246 Whitewater Ct
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Multi-Family
Building Details
Year Built
1986
Listing Agency:
Key to Florida Realty
Listed By:
Jeannie Blymyer · License #668000975
(419) 339-8515
Source:
Naplesareapropertysearch
Added: Oct 8, 2025
Changed: Sep 2
Last Checked: Sep 1 at 7:52PM
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 1986, this 1,936-square-foot duplex contains two separate residences, each arranged with 2 bedrooms and 2 bathrooms. Both units have been recently refreshed with new kitchen appliances, updated finishes, and tile flooring. The roof is 2 years old, and unit 17244 has new HVAC equipment. Each side is currently leased, providing an occupied two-unit configuration for an income property buyer.
The property is located at 17244/17246 Whitewater Ct in Fort Myers, near Fort Myers Beach and within reach of Sanibel, Walmart, Publix, shopping, dining, and area attractions. Its proximity to coastal destinations and everyday retail supports the existing residential setting and provides access to both local services and recreation.
The property is located at 17244/17246 Whitewater Ct in Fort Myers, near Fort Myers Beach and within reach of Sanibel, Walmart, Publix, shopping, dining, and area attractions. Its proximity to coastal destinations and everyday retail supports the existing residential setting and provides access to both local services and recreation.
Key Highlights
- Two 2‑bedroom, 2‑bath units within a 1,936‑square‑foot duplex
- Both residences are currently leased
- Recently updated interiors with new kitchen appliances and tile floors
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
$25,625
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
6.57%
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%
$512,500
$512.5K
Cap Rate 7%
$366,071
$366.1K
Cap Rate 9%
$284,722
$284.7K
Market Conditions
NOI Build-Up for 1,936 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
$38.3K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$36.6K $18.91/SF
− OpEx
−$11.0K −$5.67/SF
NOI
$25.6K $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%
$512,500
Cap Rate 7%
$366,071
Cap Rate 9%
$284,722
Alternative Uses
Best Use
Multifamily LT 5
$366.1K
$320.3K – $427.1K
NOI $25,625 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$339.2K
$296.8K – $395.8K
NOI $23,747 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$609.3K
$533.2K – $710.9K
NOI $42,654 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Leased duplex with refreshed interiors, newer appliances, and a recently replaced roof near Fort Myers Beach.
Where is this duplex located?
The property is located at 17244/17246 Whitewater Ct Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bath units within a 1,936‑square‑foot duplex; Both residences are currently leased; Recently updated interiors with new kitchen appliances and tile floors
