Duplex with River
For Sale
$439,000
1818/1822 Stevenson Road, North Fort Myers, FL 33917
Duplex offers two units with 3/2 main and 1/1 second unit, plus screened lanai and 1-car garage.
Property Size1,852 SF
Price / SF$237.04
Days on Market48
Property Features for 1818/1822 Stevenson Road
General Information
Standard status
Active
Size
1,852 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
TFC-2
Additional Details
Multifamily Units
2
Amenities
screened lanai
Building Details
Year Built
1982
Listing Agency:
THE KEYES COMPANY
Listed By:
Stacy Gebig · License #258008895
(239) 841-1998
Source:
Selldaytonacondos
Added: Jul 23
Changed: Aug 10
Last Checked: Sep 7 at 5:05AM
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 THE KEYES COMPANY
Investment Insights
Based on property information with market context.
This duplex includes a 3-bedroom, 2-bath main home and a 1-bedroom, 1-bath second unit, providing flexible living arrangements. The main home features a screened lanai and a 1-car garage, with spacious living areas ready for personal updates. Additional land area is noted as over half an acre, offering room for future plans under the property’s TFC-2 zoning designation.
The setting is described as tucked away on a quiet dead-end street, with views of the Caloosahatchee River. The remarks also note proximity to waterfront dining, shopping, entertainment, and marinas in Southwest Florida.
The property is offered as a for-sale investment and residence option, with an adjacent property at 1808 Stevenson Rd mentioned as available under a separate listing.
The setting is described as tucked away on a quiet dead-end street, with views of the Caloosahatchee River. The remarks also note proximity to waterfront dining, shopping, entertainment, and marinas in Southwest Florida.
The property is offered as a for-sale investment and residence option, with an adjacent property at 1808 Stevenson Rd mentioned as available under a separate listing.
Key Highlights
- 1982‑built property with two units: 3 bed/2 bath main home and 1 bed/1 bath second unit
- Over half an acre on a quiet dead‑end street with views of the Caloosahatchee River
- Main home includes a screened lanai and a 1‑car garage
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
$24,514
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
5.58%
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%
$490,280
$490.3K
Cap Rate 7%
$350,200
$350.2K
Cap Rate 9%
$272,378
$272.4K
Market Conditions
NOI Build-Up for 1,852 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
$36.7K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$35.0K $18.91/SF
− OpEx
−$10.5K −$5.67/SF
NOI
$24.5K $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%
$490,280
Cap Rate 7%
$350,200
Cap Rate 9%
$272,378
Alternative Uses
Best Use
Multifamily LT 5
$350.2K
$306.4K – $408.6K
NOI $24,514 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$582.9K
$510.0K – $680.1K
NOI $40,803 @ 7.0% cap · market cap 9.29%
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
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 33917, FL
30,702
Population
18,789
Households
1.6
Avg Household Size
61
Median Age
19%
College-Educated
89%
High-School Grad
65.5 sq mi
ZIP Area
469
Density / Sq Mi
$54,198
Median Household Income
$35,670
Median Earnings
$1,320
Median Rent
$170,100
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 - Duplex offers two units with 3/2 main and 1/1 second unit, plus screened lanai and 1-car garage.
Where is this duplex located?
The property is located at 1818/1822 Stevenson Road North Fort Myers, FL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 1982‑built property with two units: 3 bed/2 bath main home and 1 bed/1 bath second unit; Over half an acre on a quiet dead‑end street with views of the Caloosahatchee River; Main home includes a screened lanai and a 1‑car garage
