Updated Duplex with Attached
For Sale
$619,000
17383 17395 Cleveland Dr, Fort Myers, FL 33967
Two-unit property with renovated interiors, private outdoor space, and current occupancy on both sides.
Property Size2,360 SF
Price / SF$262.29
Days on Market231
Property Features for 17383 17395 Cleveland Dr
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$43,800
Highway Access
Yes
Amenities
attached garage
terrace deck
Building Details
Year Built
2005
Buildings
1
Construction
concrete block
Tenancy
Multi
Listing Agency:
24Florida
Listed By:
Brigitte Kratzat
(239) 297-4523
Source:
Napleshomesearches
Added: Jan 15
Changed: Sep 2
Last Checked: Sep 2 at 6:26PM
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 24Florida
Investment Insights
Based on property information with market context.
This concrete block duplex was built in 2005 and contains 2,360 square feet. Each residence provides three bedrooms, two bathrooms, an island kitchen, porcelain tile or waterproof laminate flooring, and an attached garage with laundry connections and a powered door opener. Interior improvements include updated cabinetry and appliances, while one unit has renovated bathrooms with a walk-in shower, rain shower, and new bathtub. Both sides are currently rented.
Recent property work includes a roof replacement and exterior painting in 2024, newer air-conditioning systems installed in 2020 and 2023, updated water equipment in 2024, and a new drain field completed in 2025. The oversized lot includes a private rear yard and large terrace deck. The property is in San Carlos Park near shopping and restaurants, with connections to US41, I-75, and Southwest Florida International Airport.
Recent property work includes a roof replacement and exterior painting in 2024, newer air-conditioning systems installed in 2020 and 2023, updated water equipment in 2024, and a new drain field completed in 2025. The oversized lot includes a private rear yard and large terrace deck. The property is in San Carlos Park near shopping and restaurants, with connections to US41, I-75, and Southwest Florida International Airport.
Key Highlights
- 2,360‑square‑foot concrete block duplex built in 2005
- Each side has 3 bedrooms and 2 bathrooms
- Both units are currently rented
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
$31,238
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
5.05%
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%
$624,760
$624.8K
Cap Rate 7%
$446,257
$446.3K
Cap Rate 9%
$347,089
$347.1K
Market Conditions
NOI Build-Up for 2,360 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
$46.7K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$44.6K $18.91/SF
− OpEx
−$13.4K −$5.67/SF
NOI
$31.2K $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%
$624,760
Cap Rate 7%
$446,257
Cap Rate 9%
$347,089
Alternative Uses
Best Use
Multifamily LT 5
$446.3K
$390.5K – $520.6K
NOI $31,238 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$413.5K
$361.9K – $482.5K
NOI $28,948 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$742.8K
$650.0K – $866.6K
NOI $51,996 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with renovated interiors, private outdoor space, and current occupancy on both sides.
Where is this duplex located?
The property is located at 17383 17395 Cleveland Dr Fort Myers, FL.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: 2,360‑square‑foot concrete block duplex built in 2005; Each side has 3 bedrooms and 2 bathrooms; Both units are currently rented
