Income-Producing Duplex with Screened
For Sale
$369,000
17364/366 Dowling Dr Unit 366, Fort Myers, FL 33967
Occupied two-unit property with flexible month-to-month tenancy and no HOA or rental restrictions.
Property Size1,792 SF
Price / SF$205.92
Days on Market73
Property Features for 17364/366 Dowling Dr Unit 366
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,400
Highway Access
Yes
Amenities
screened lanai
Building Details
Year Built
1984
Buildings
1
Tenancy
Multi
Listing Agency:
Smart Realty of Florida PA
(941) 375-2456
Listed By:
Estrella Ruiz
Source:
Naplespropertyguide
Added: Jun 20
Changed: Aug 28
Last Checked: Aug 30 at 5:53PM
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 Smart Realty of Florida PA
Investment Insights
Based on property information with market context.
This 1,792-square-foot duplex, built in 1984, contains two separate residences with matching layouts of two bedrooms and 1.5 bathrooms per unit. Both sides are occupied under month-to-month leases. Interior features include tile flooring throughout, individual wall-mounted A/C units, and private screened lanais. A new roof was installed in June 2026.
The property is located at 17364/366 Dowling Dr in Fort Myers’ San Carlos Park area, with access to nearby Florida Gulf Coast University, Gulf Coast Town Center, Miromar Outlets, Coconut Point Mall, Hertz Arena, Southwest Florida International Airport, I-75, and US-41. The property has no HOA and no rental restrictions, while the existing lease structure provides flexibility for continued occupancy or future owner use.
The property is located at 17364/366 Dowling Dr in Fort Myers’ San Carlos Park area, with access to nearby Florida Gulf Coast University, Gulf Coast Town Center, Miromar Outlets, Coconut Point Mall, Hertz Arena, Southwest Florida International Airport, I-75, and US-41. The property has no HOA and no rental restrictions, while the existing lease structure provides flexibility for continued occupancy or future owner use.
Key Highlights
- Two‑unit duplex with 1,792 SF of building area
- Each residence includes 2 bedrooms and 1.5 bathrooms
- Both units occupied with month‑to‑month leases
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
$23,719
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
6.43%
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%
$474,380
$474.4K
Cap Rate 7%
$338,843
$338.8K
Cap Rate 9%
$263,544
$263.5K
Market Conditions
NOI Build-Up for 1,792 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
$35.5K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.9K $18.91/SF
− OpEx
−$10.2K −$5.67/SF
NOI
$23.7K $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%
$474,380
Cap Rate 7%
$338,843
Cap Rate 9%
$263,544
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.5K – $395.3K
NOI $23,719 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$314.0K
$274.8K – $366.4K
NOI $21,981 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$564.0K
$493.5K – $658.0K
NOI $39,481 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Explore this area
Business Placement
Demographics for 33967, FL
28,174
Population
11,685
Households
2.4
Avg Household Size
35
Median Age
36%
College-Educated
92%
High-School Grad
7.6 sq mi
ZIP Area
3,707
Density / Sq Mi
$84,787
Median Household Income
$48,792
Median Earnings
$1,695
Median Rent
$321,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Occupied two-unit property with flexible month-to-month tenancy and no HOA or rental restrictions.
Where is this duplex located?
The property is located at 17364/366 Dowling Dr Unit 366 Fort Myers, FL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,792 SF of building area; Each residence includes 2 bedrooms and 1.5 bathrooms; Both units occupied with month‑to‑month leases
