Two-Unit Duplex on Corner
For Sale
$430,000
1904/1906 French St, Fort Myers, FL 33916
Built in 2023 with block construction, stucco exteriors, updated systems, and a fenced site in a multifamily district.
Property Size2,340 SF
Price / SF$183.76
Days on Market17
Property Features for 1904/1906 French St
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-Family
Zoning
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2023
Buildings
1
Construction
block
Listing Agency:
LPT Realty, LLC
(239) 313-8020
Listed By:
Rebecca Giacobba · License #274500881
Source:
Napleshomesearches
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 10:37AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
Completed in 2023, this duplex contains two separate residential units within one building, with 2,340 square feet of heated and cooled living area combined. Each residence provides three bedrooms and two bathrooms. The structure features block construction, stucco exterior finishes, updated systems, and an additional A/C unit installed in 2023.
The property occupies a fenced corner lot in the Fairdale subdivision and carries Multi-Family zoning within the City of Fort Myers. Downtown Fort Myers, shopping, dining, and major roadways are accessible from the property, providing a convenient setting for residential occupancy or rental use.
The property occupies a fenced corner lot in the Fairdale subdivision and carries Multi-Family zoning within the City of Fort Myers. Downtown Fort Myers, shopping, dining, and major roadways are accessible from the property, providing a convenient setting for residential occupancy or rental use.
Key Highlights
- Two residential units with 3 bedrooms and 2 bathrooms per unit
- 2,340 square feet of heated/cooled living space across both units
- Built in 2023 with block construction and stucco exteriors
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
$30,973
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
7.20%
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%
$619,460
$619.5K
Cap Rate 7%
$442,471
$442.5K
Cap Rate 9%
$344,144
$344.1K
Market Conditions
NOI Build-Up for 2,340 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
$46.3K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$44.2K $18.91/SF
− OpEx
−$13.3K −$5.67/SF
NOI
$31.0K $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%
$619,460
Cap Rate 7%
$442,471
Cap Rate 9%
$344,144
Alternative Uses
Best Use
Multifamily LT 5
$442.5K
$387.2K – $516.2K
NOI $30,973 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$410.0K
$358.8K – $478.4K
NOI $28,703 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$736.5K
$644.4K – $859.3K
NOI $51,555 @ 7.0% cap · market cap 11.99%
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
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
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 - Built in 2023 with block construction, stucco exteriors, updated systems, and a fenced site in a multifamily district.
Where is this duplex located?
The property is located at 1904/1906 French St Fort Myers, FL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Two residential units with 3 bedrooms and 2 bathrooms per unit; 2,340 square feet of heated/cooled living space across both units; Built in 2023 with block construction and stucco exteriors
