Duplex with Impact
For Sale
$400,000
Pending
215-217 Se 24th Ave, Cape Coral, FL 33990
Two separately configured units offer flexible occupancy options with garages, updated systems, and no leases carrying over at closing.
Property Size2,278 SF
Days on Market146
Property Features for 215-217 Se 24th Ave
General Information
Standard status
Pending
Size
2,278 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1981
Buildings
1
Listing Agency:
Florida Future Realty Inc
(239) 218-2229
Listed By:
Susan Milner · License #258006078
Source:
Napleshomesearches
Added: Apr 9
Changed: Aug 31
Last Checked: Aug 31 at 5:36PM
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 Florida Future Realty Inc
Investment Insights
Based on property information with market context.
This 1981 duplex contains two residential units, each with 2 bedrooms, 2 bathrooms, a 1-car garage, and approximately 1,139 square feet of living space. Combined living area totals 2,278 square feet. Improvements include a roof installed in 2023, newer HVAC systems, and impact windows. No leases are in place to assume at closing, allowing the next owner to determine the occupancy strategy.
The property is located in SE Cape Coral, near shopping, dining, schools, parks, and major roadways. Its configuration supports continued use as a two-unit income property or an owner-occupant arrangement with one unit rented, as described by the available property details.
The property is located in SE Cape Coral, near shopping, dining, schools, parks, and major roadways. Its configuration supports continued use as a two-unit income property or an owner-occupant arrangement with one unit rented, as described by the available property details.
Key Highlights
- Two‑unit duplex with 2,278 square feet of combined living area
- Each unit includes 2 bedrooms, 2 bathrooms, and a 1‑car garage
- New roof installed in 2023
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
$30,152
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
7.54%
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%
$603,040
$603.0K
Cap Rate 7%
$430,743
$430.7K
Cap Rate 9%
$335,022
$335.0K
Market Conditions
NOI Build-Up for 2,278 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
$45.1K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$43.1K $18.91/SF
− OpEx
−$12.9K −$5.67/SF
NOI
$30.2K $13.24/SF
Area
Cape Coral, 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%
$603,040
Cap Rate 7%
$430,743
Cap Rate 9%
$335,022
Alternative Uses
Best Use
Multifamily LT 5
$430.7K
$376.9K – $502.5K
NOI $30,152 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$399.2K
$349.3K – $465.7K
NOI $27,942 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$591.1K
$517.2K – $689.6K
NOI $41,376 @ 7.0% cap · market cap 10.34%
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
492
Businesses Nearby
Explore this area
Business Placement
Demographics for 33990, FL
32,717
Population
15,483
Households
2.1
Avg Household Size
47
Median Age
24%
College-Educated
89%
High-School Grad
9.3 sq mi
ZIP Area
3,518
Density / Sq Mi
$70,278
Median Household Income
$38,588
Median Earnings
$1,643
Median Rent
$330,500
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 separately configured units offer flexible occupancy options with garages, updated systems, and no leases carrying over at closing.
Where is this duplex located?
The property is located at 215-217 Se 24th Ave Cape Coral, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,278 square feet of combined living area; Each unit includes 2 bedrooms, 2 bathrooms, and a 1‑car garage; New roof installed in 2023
