Neighborhood Commercial Duplex
New
For Sale
$696,000
2243 /2245 Altamont Ave, Fort Myers, FL 33901
Four-parcel offering combines an existing duplex with vacant NC-zoned lots near major Fort Myers institutions and amenities.
Property Size3,048 SF
Price / SF$228.35
Days on Market2
Property Features for 2243 /2245 Altamont Ave
General Information
Standard status
Active
Size
3,048 SF
Property subtype
Multi-Family
Building Details
Year Built
1954
Listing Agency:
Royal Shell Real Estate, Inc.
Listed By:
Melissa Smith · License #258028492
(239) 887-2699
Source:
Swfloridarealestate
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:33AM
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 Royal Shell Real Estate, Inc.
Investment Insights
Based on property information with market context.
This four-parcel offering includes a duplex at 2243/2245 Altamont Ave and three vacant lots on Clifford St. The duplex was built in 1954 and includes attached garages, an oversized concrete driveway, mature trees, and a roof installed in 2022-2023. The property size is 3048, while the duplex parcel covers approximately 0.26 acres and the three Clifford St lots total approximately .43 acres.
All parcels carry NC-Neighborhood Commercial zoning, supporting residential, professional office, retail, mixed-use, and neighborhood-serving commercial uses. The assemblage is located in Fort Myers near Lee Memorial Hospital, Downtown Fort Myers, Edison Mall, Legacy Harbor Marina, Publix, restaurants, shopping, and the Caloosahatchee River. The four parcels are offered together on an as-is basis.
All parcels carry NC-Neighborhood Commercial zoning, supporting residential, professional office, retail, mixed-use, and neighborhood-serving commercial uses. The assemblage is located in Fort Myers near Lee Memorial Hospital, Downtown Fort Myers, Edison Mall, Legacy Harbor Marina, Publix, restaurants, shopping, and the Caloosahatchee River. The four parcels are offered together on an as-is basis.
Key Highlights
- Four separately parceled properties offered together
- Duplex built in 1954 with attached garages and oversized concrete driveway
- Duplex parcel spans approximately 0.26 acres
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
$40,344
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
5.80%
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%
$806,880
$806.9K
Cap Rate 7%
$576,343
$576.3K
Cap Rate 9%
$448,267
$448.3K
Market Conditions
NOI Build-Up for 3,048 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
$60.4K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$57.6K $18.91/SF
− OpEx
−$17.3K −$5.67/SF
NOI
$40.3K $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%
$806,880
Cap Rate 7%
$576,343
Cap Rate 9%
$448,267
Alternative Uses
Best Use
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,344 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$534.1K
$467.3K – $623.1K
NOI $37,387 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$959.3K
$839.4K – $1.12M
NOI $67,154 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,152
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Four-parcel offering combines an existing duplex with vacant NC-zoned lots near major Fort Myers institutions and amenities.
Where is this duplex located?
The property is located at 2243 /2245 Altamont Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $696,000.
What are key features of this property?
This property features: Four separately parceled properties offered together; Duplex built in 1954 with attached garages and oversized concrete driveway; Duplex parcel spans approximately 0.26 acres
