Two-Unit Duplex
For Sale
$274,900
1918 Grace Ave, Fort Myers, FL 33901
Separate three-bedroom and one-bedroom residences support owner-occupancy, family use, or leasing.
Property Size1,334 SF
Days on Market41
Property Features for 1918 Grace Ave
General Information
Standard status
Active
Size
1,334 SF
Property subtype
Residential Income
Zoning
RM-12
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,067
Building Details
Building Size
1,334 SF
Year Built
1953
Units
2
Listing Agency:
The Simonelli Real Estate Grp
(850) 259-2910
Listed By:
Stetson Miller · License #258028865
(850) 259-2910
Source:
Bartleyrealty
Added: Jul 10
Changed: Aug 17
Last Checked: Aug 17 at 11:49PM
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 Simonelli Real Estate Grp
Investment Insights
Based on property information with market context.
Built in 1953, this duplex at 1918 Grace Ave includes two distinct residences: a 3-bedroom, 1-bath main unit and a separate 1-bedroom, 1-bath unit. The configuration accommodates an owner seeking an adjacent residence, multigenerational living with greater privacy, or leasing of both spaces. Separate living areas provide flexibility for different occupancy arrangements.
The property is zoned RM-12 and located in Fort Myers, near shopping, dining, schools, downtown Fort Myers, and major roadways. Its two-unit layout offers a straightforward multifamily format with the ability to occupy one residence while leasing the other or operate both as rental units.
The property is zoned RM-12 and located in Fort Myers, near shopping, dining, schools, downtown Fort Myers, and major roadways. Its two-unit layout offers a straightforward multifamily format with the ability to occupy one residence while leasing the other or operate both as rental units.
Key Highlights
- Two separate residential units in one duplex
- 3‑bedroom, 1‑bath main residence
- Separate 1‑bedroom, 1‑bath unit
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
$17,657
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
6.42%
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%
$353,140
$353.1K
Cap Rate 7%
$252,243
$252.2K
Cap Rate 9%
$196,189
$196.2K
Market Conditions
NOI Build-Up for 1,334 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
$26.4K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$25.2K $18.91/SF
− OpEx
−$7.6K −$5.67/SF
NOI
$17.7K $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%
$353,140
Cap Rate 7%
$252,243
Cap Rate 9%
$196,189
Alternative Uses
Best Use
Multifamily LT 5
$252.2K
$220.7K – $294.3K
NOI $17,657 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$233.8K
$204.5K – $272.7K
NOI $16,363 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$419.9K
$367.4K – $489.9K
NOI $29,391 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
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 - Separate three-bedroom and one-bedroom residences support owner-occupancy, family use, or leasing.
Where is this duplex located?
The property is located at 1918 Grace Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two separate residential units in one duplex; 3‑bedroom, 1‑bath main residence; Separate 1‑bedroom, 1‑bath unit
