Renovated Duplex with Fenced
New
For Sale
$789,000
1781 Smugglers Cv, Naples, FL 34112
Updated two-unit property with private outdoor space, off-street parking, and flexible leasing options.
Property Size1,620 SF
Price / SF$487.04
Days on Market6
Property Features for 1781 Smugglers Cv
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Multi-Family
Additional Details
Furnished
Yes
Multifamily Units
2
Building Details
Year Built
1969
Buildings
1
Listing Agency:
Sun Realty
Listed By:
Ernesto Sampedro · License #NAPLES-277015506
(239) 465-6747
Source:
Naplespropertyguide
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 2:37PM
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 Sun Realty
Investment Insights
Based on property information with market context.
This 1,620-square-foot duplex in Naples was built in 1969 and recently renovated. Improvements include a 2021 roof and new mini-split systems. The property is partially furnished, with each unit offering a private, fully fenced backyard. Off-street parking is also available.
Located at 1781 Smugglers Cv in the Royal Harbor area, the duplex sits at the end of a cul-de-sac. Downtown Naples, 5th Avenue South, Naples Bay, Gordon River, restaurants, shops, and entertainment are within walking distance, while the beach is 1.5 miles away. The property is not subject to an HOA and is presented for use as two vacation or seasonal rentals, annual leases, or an owner-occupied arrangement with the other unit leased.
Located at 1781 Smugglers Cv in the Royal Harbor area, the duplex sits at the end of a cul-de-sac. Downtown Naples, 5th Avenue South, Naples Bay, Gordon River, restaurants, shops, and entertainment are within walking distance, while the beach is 1.5 miles away. The property is not subject to an HOA and is presented for use as two vacation or seasonal rentals, annual leases, or an owner-occupied arrangement with the other unit leased.
Key Highlights
- 1,620‑square‑foot duplex in Naples
- Recently renovated with a 2021 roof
- New mini‑split systems 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
$23,931
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
3.03%
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%
$478,620
$478.6K
Cap Rate 7%
$341,871
$341.9K
Cap Rate 9%
$265,900
$265.9K
Market Conditions
NOI Build-Up for 1,620 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
$36.0K $22.20/SF
− Vacancy
−$1.8K −$1.10/SF
EGI
$34.2K $21.10/SF
− OpEx
−$10.3K −$6.33/SF
NOI
$23.9K $14.77/SF
Area
Collier County, FL
Vacancy
4.94%
Lease Rate
$22.20 /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%
$478,620
Cap Rate 7%
$341,871
Cap Rate 9%
$265,900
Alternative Uses
Best Use
Multifamily LT 5
$341.9K
$299.1K – $398.9K
NOI $23,931 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$314.2K
$274.9K – $366.6K
NOI $21,995 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$650.2K
$568.9K – $758.6K
NOI $45,513 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,237
Businesses Nearby
Explore this area
Business Placement
Demographics for 34112, FL
26,625
Population
20,626
Households
1.3
Avg Household Size
60
Median Age
35%
College-Educated
91%
High-School Grad
14.8 sq mi
ZIP Area
1,799
Density / Sq Mi
$68,838
Median Household Income
$34,300
Median Earnings
$1,529
Median Rent
$293,000
Median Home Value
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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 - Updated two-unit property with private outdoor space, off-street parking, and flexible leasing options.
Where is this duplex located?
The property is located at 1781 Smugglers Cv Naples, FL.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: 1,620‑square‑foot duplex in Naples; Recently renovated with a 2021 roof; New mini‑split systems in both units
