Updated Duplex with Metal
For Sale
$519,900
Pending
2197 46th Ter SW, Naples, FL 34116
Front and side fencing accompany a spacious area suitable for parking multiple vehicles.
Property Size1,550 SF
Days on Market218
Property Features for 2197 46th Ter SW
General Information
Standard status
Pending
Size
1,550 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1984
Listing Agency:
Xclusive Homes LLC
(239) 777-3643
Listed By:
Javier Canizares · License #NAPLES-249514596
Source:
Napleshomesearches
Added: Jan 23
Changed: Aug 28
Last Checked: Aug 28 at 3:22PM
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 Xclusive Homes LLC
Investment Insights
Based on property information with market context.
Built in 1984, this duplex has received interior and exterior paint updates along with a recently installed metal roof. The property also includes fencing along the front and side boundaries, while the rear fence line is maintained by the adjoining neighbor. A spacious front area provides room for parking multiple vehicles.
The property is located at 2197 46th Ter SW in Naples, Florida 34116. Its duplex configuration and recent exterior improvements provide a straightforward residential income property profile with clearly defined site features.
The property is located at 2197 46th Ter SW in Naples, Florida 34116. Its duplex configuration and recent exterior improvements provide a straightforward residential income property profile with clearly defined site features.
Key Highlights
- Duplex built in 1984
- Interior and exterior recently painted
- New metal roof
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
$22,897
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
4.40%
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%
$457,940
$457.9K
Cap Rate 7%
$327,100
$327.1K
Cap Rate 9%
$254,411
$254.4K
Market Conditions
NOI Build-Up for 1,550 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
$34.4K $22.20/SF
− Vacancy
−$1.7K −$1.10/SF
EGI
$32.7K $21.10/SF
− OpEx
−$9.8K −$6.33/SF
NOI
$22.9K $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%
$457,940
Cap Rate 7%
$327,100
Cap Rate 9%
$254,411
Alternative Uses
Best Use
Multifamily LT 5
$327.1K
$286.2K – $381.6K
NOI $22,897 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$300.6K
$263.1K – $350.8K
NOI $21,045 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$622.1K
$544.3K – $725.8K
NOI $43,546 @ 7.0% cap · market cap 8.38%
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
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 34116, FL
31,538
Population
11,081
Households
2.8
Avg Household Size
37
Median Age
17%
College-Educated
81%
High-School Grad
9.3 sq mi
ZIP Area
3,391
Density / Sq Mi
$69,204
Median Household Income
$35,573
Median Earnings
$1,663
Median Rent
$392,700
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 - Front and side fencing accompany a spacious area suitable for parking multiple vehicles.
Where is this duplex located?
The property is located at 2197 46th Ter SW Naples, FL.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: Duplex built in 1984; Interior and exterior recently painted; New metal roof
