Updated Duplex with
For Sale
$389,900
Pending
22/24 Nw 15th Pl, Cape Coral, FL 33993
Two refreshed residential units offer private garages, flexible occupancy options, and recent major improvements.
Property Size2,120 SF
Days on Market125
Property Features for 22/24 Nw 15th Pl
General Information
Standard status
Pending
Size
2,120 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Parking per Unit
1
Building Details
Year Built
1987
Buildings
1
Listing Agency:
Sellstate Priority Realty
(239) 896-8333
Listed By:
Chrissy Avila · License #3387567
Source:
Napleshomesearches
Added: Apr 30
Changed: Aug 31
Last Checked: Aug 31 at 5:33PM
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 Sellstate Priority Realty
Investment Insights
Based on property information with market context.
This duplex contains two two-bedroom, two-bath residences, each with a private one-car garage. One unit features luxury plank flooring, a remodeled kitchen with new appliances and cabinetry, and updated interior finishes. Both sides have been freshly painted, while one unit has also been replumbed.
Major property improvements include a roof installed in 2024 and impact windows added in 2025. The property sits on an oversized lot in a non-flood zone, with all city assessments paid. Both units are currently vacant, allowing the next owner to occupy one side, lease both units, or combine personal use with rental income.
The duplex is located near the Pine Island Corridor, with access to shopping, dining, schools, and everyday services. The property was built in 1987 and includes a 3D walkthrough for virtual review.
Major property improvements include a roof installed in 2024 and impact windows added in 2025. The property sits on an oversized lot in a non-flood zone, with all city assessments paid. Both units are currently vacant, allowing the next owner to occupy one side, lease both units, or combine personal use with rental income.
The duplex is located near the Pine Island Corridor, with access to shopping, dining, schools, and everyday services. The property was built in 1987 and includes a 3D walkthrough for virtual review.
Key Highlights
- Two‑bedroom, two‑bath duplex units with one‑car garages
- New roof installed in 2024
- Impact windows added in 2025
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
$28,061
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%
$561,220
$561.2K
Cap Rate 7%
$400,871
$400.9K
Cap Rate 9%
$311,789
$311.8K
Market Conditions
NOI Build-Up for 2,120 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
$42.0K $19.80/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$40.1K $18.91/SF
− OpEx
−$12.0K −$5.67/SF
NOI
$28.1K $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%
$561,220
Cap Rate 7%
$400,871
Cap Rate 9%
$311,789
Alternative Uses
Best Use
Multifamily LT 5
$400.9K
$350.8K – $467.7K
NOI $28,061 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$371.5K
$325.1K – $433.4K
NOI $26,004 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$550.1K
$481.3K – $641.8K
NOI $38,506 @ 7.0% cap · market cap 9.88%
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
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 33993, FL
29,848
Population
13,098
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
92%
High-School Grad
43.7 sq mi
ZIP Area
683
Density / Sq Mi
$89,220
Median Household Income
$41,871
Median Earnings
$2,057
Median Rent
$319,500
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 refreshed residential units offer private garages, flexible occupancy options, and recent major improvements.
Where is this duplex located?
The property is located at 22/24 Nw 15th Pl Cape Coral, FL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath duplex units with one‑car garages; New roof installed in 2024; Impact windows added in 2025
