Duplex with Metal
For Sale
$449,000
2306-2308 NE 16th Terrace, Cape Coral, FL 33909
ResidentialIncome, Cape Coral, FL
Property Size2,385 SF
Lot Size0.24 Acres
Price / SF$188.26
Days on Market100
Property Features for 2306-2308 NE 16th Terrace
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RML
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 3
Patio and Porch features
Patio
Pets allowed
Call
Exterior features
Fence, SprinklerIrrigation, Patio, PrivacyWall, Storage
Fencing
Privacy, Fenced
Appliances
WaterSoftener
Subdivision
CAPE CORAL
Lot features
Oversized Lot, Sprinklers Automatic
Directions
NE 16th Ter, CC FL 33909
Standard status
Active
APN
32-43-24-C3-02221.0030
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CAPE CORAL UNIT 33 BLK 2221 PB 16 PG 44 LOTS 3 + 4
Tax Annual Amount
5416
Legal Description
CAPE CORAL UNIT 33 BLK 2221 PB 16 PG 44 LOTS 3 + 4
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Electric, Ceiling Fan(s), Central Air
Water source
Well
Amenities
lanai
screened lanai
solar lighting
automatic irrigation system
Building Details
Year built
2003
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet
Building materials
Block, Concrete, Stucco
Roof type
Metal
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
RE/MAX Realty Team · RE/MAX International
(239) 242-2000
Listed By:
Judith New · License #258009740
(239) 560-1423
Added: May 24
Changed: Aug 27
Last Checked: Aug 31 at 6:06PM
MLS# 2026023272
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2003 ranch-style duplex at 2306-2308 NE 16th Terrace contains 2,385 square feet with four bedrooms, four tiled bathrooms, two one-car garages, and screened lanais under truss. The property includes central air conditioning, electric heating, ceiling fans, block and stucco construction, tile and carpet flooring, a well, and a septic tank. Both units have washer and dryer hookups, while one side includes an almond kitchen appliance package and newer bedroom carpeting.
Recent improvements include a 2022 metal roof with gutters, lanai screening, and solar lighting; 2024 wind-impact front windows; and 2025 interior repainting and bedroom carpeting on the 2306 side. Additional features include white vinyl fencing with a divider, automatic irrigation installed in 2018, garage door openers with keypads, exterior repainting, a water-treatment pad with storage canopy, and steel mailbox and trash-receptacle pads. The property sits on a 0.244-acre lot in Cape Coral, Lee County.
Recent improvements include a 2022 metal roof with gutters, lanai screening, and solar lighting; 2024 wind-impact front windows; and 2025 interior repainting and bedroom carpeting on the 2306 side. Additional features include white vinyl fencing with a divider, automatic irrigation installed in 2018, garage door openers with keypads, exterior repainting, a water-treatment pad with storage canopy, and steel mailbox and trash-receptacle pads. The property sits on a 0.244-acre lot in Cape Coral, Lee County.
Key Highlights
- Duplex contains 2,385 square feet, four bedrooms, four bathrooms, and two one‑car garages
- 2022 metal roof with rain gutters, solar lighting, and new lanai screening
- 2024 front wind‑impact replacement windows; manual shutters remain for other windows
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
$31,569
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
7.03%
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%
$631,380
$631.4K
Cap Rate 7%
$450,986
$451.0K
Cap Rate 9%
$350,767
$350.8K
Market Conditions
NOI Build-Up for 2,385 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
$47.2K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.1K $18.91/SF
− OpEx
−$13.5K −$5.67/SF
NOI
$31.6K $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%
$631,380
Cap Rate 7%
$450,986
Cap Rate 9%
$350,767
Alternative Uses
Best Use
Multifamily LT 5
$451.0K
$394.6K – $526.2K
NOI $31,569 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$417.9K
$365.7K – $487.6K
NOI $29,255 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$618.8K
$541.5K – $722.0K
NOI $43,319 @ 7.0% cap · market cap 9.65%
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
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 33909, FL
33,063
Population
14,051
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
94%
High-School Grad
37.8 sq mi
ZIP Area
875
Density / Sq Mi
$79,096
Median Household Income
$39,912
Median Earnings
$1,773
Median Rent
$292,800
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 - Income-producing residential property with fenced outdoor areas, screened lanais, private garages, and recent mechanical and exterior updates.
Where is this duplex located?
The property is located at 2306-2308 NE 16th Terrace Cape Coral, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Duplex contains 2,385 square feet, four bedrooms, four bathrooms, and two one‑car garages; 2022 metal roof with rain gutters, solar lighting, and new lanai screening; 2024 front wind‑impact replacement windows; manual shutters remain for other windows
