Remodeled Duplex with
For Sale
$315,000
2208/2210 Iris Way, Fort Myers, FL 33905
Updated two-unit property with current tenants and flexibility for an owner occupant.
Property Size1,474 SF
Price / SF$213.70
Days on Market147
Property Features for 2208/2210 Iris Way
General Information
Standard status
Active
Size
1,474 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1983
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Chris Blondin · License #251594418
(239) 877-3497
Source:
Napleshomesearcher
Added: Apr 10
Changed: Sep 2
Last Checked: Sep 2 at 6:44PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 1,474-square-foot duplex, built in 1983, has been remodeled with granite countertops, stainless steel appliances, shaker cabinetry, tile flooring, and refreshed bathrooms. One residence includes two bedrooms and one bathroom, a screened lanai, in-unit laundry closet, and backyard access with use of a storage shed. The second offers two bedrooms, two bathrooms, a one-car garage, and a back patio accessed through sliding doors.
Both units are occupied. The lease for 2210 extends through March 31, 2027, while 2208 is leased month-to-month. The property also provides flexibility for an owner occupant to use one unit. Located in Fort Myers near Downtown Fort Myers amenities, shopping, dining, and I-75, the duplex has no HOA.
Both units are occupied. The lease for 2210 extends through March 31, 2027, while 2208 is leased month-to-month. The property also provides flexibility for an owner occupant to use one unit. Located in Fort Myers near Downtown Fort Myers amenities, shopping, dining, and I-75, the duplex has no HOA.
Key Highlights
- 1,474‑square‑foot duplex in Fort Myers, built in 1983
- Two residences with 2‑bedroom layouts; one has 1 bathroom and the other has 2 bathrooms
- Remodeled interiors with granite counters, stainless appliances, shaker cabinetry, and tile flooring
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
$19,510
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
6.19%
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%
$390,200
$390.2K
Cap Rate 7%
$278,714
$278.7K
Cap Rate 9%
$216,778
$216.8K
Market Conditions
NOI Build-Up for 1,474 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
$29.2K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$27.9K $18.91/SF
− OpEx
−$8.4K −$5.67/SF
NOI
$19.5K $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%
$390,200
Cap Rate 7%
$278,714
Cap Rate 9%
$216,778
Alternative Uses
Best Use
Multifamily LT 5
$278.7K
$243.9K – $325.2K
NOI $19,510 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$258.3K
$226.0K – $301.3K
NOI $18,080 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$463.9K
$405.9K – $541.3K
NOI $32,475 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 33905, FL
37,692
Population
17,337
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
79%
High-School Grad
40.2 sq mi
ZIP Area
938
Density / Sq Mi
$70,009
Median Household Income
$36,923
Median Earnings
$1,509
Median Rent
$260,400
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 - Updated two-unit property with current tenants and flexibility for an owner occupant.
Where is this duplex located?
The property is located at 2208/2210 Iris Way Fort Myers, FL.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,474‑square‑foot duplex in Fort Myers, built in 1983; Two residences with 2‑bedroom layouts; one has 1 bathroom and the other has 2 bathrooms; Remodeled interiors with granite counters, stainless appliances, shaker cabinetry, and tile flooring
