Well-Maintained Duplex With Metal
For Sale
$449,000
2306 2306-2308 Ne 16th Ter, Cape Coral, FL 33909
Resident-owned income property with two one-car garages, screened lanais, updated systems, and divided vinyl fencing.
Property Size2,385 SF
Price / SF$188.26
Days on Market10
Property Features for 2306 2306-2308 Ne 16th Ter
General Information
Standard status
Active
Size
2,385 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2003
Buildings
1
Listing Agency:
RE/MAX Realty Team
(239) 560-1423
Listed By:
Judith New · License #258009740
Source:
Swfloridarealestate
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 12:24PM
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 RE/MAX Realty Team
Investment Insights
Based on property information with market context.
This 2,385-square-foot duplex, built in 2003, offers a four-bedroom, four-bath configuration with two one-car garages and washer/dryer hookups. Each side includes a great room with sliding-door access to a 258-square-foot screened lanai under truss. The property also features tiled tub/shower baths, a 2022 metal roof, rain gutters, solar lighting, and divided vinyl fencing.
Recent improvements include 2024 front wind-impact replacement windows, a 2019 automatic irrigation system and vinyl fence installation, updated exterior paint, newer garage door openers, and refreshed entry, garage, and lanai surfaces. The 2306 side received new bedroom carpeting and interior repainting in 2025, while both sides received cleaned and deodorized A/C ductwork, air-handler UV lights, and ROI systems.
Recent improvements include 2024 front wind-impact replacement windows, a 2019 automatic irrigation system and vinyl fence installation, updated exterior paint, newer garage door openers, and refreshed entry, garage, and lanai surfaces. The 2306 side received new bedroom carpeting and interior repainting in 2025, while both sides received cleaned and deodorized A/C ductwork, air-handler UV lights, and ROI systems.
Key Highlights
- 2,385 sq ft duplex built in 2003
- 2022 metal roof with rain gutters, solar lighting, and lanai screening
- Four bedrooms and four tiled tub/shower baths
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
89
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Resident-owned income property with two one-car garages, screened lanais, updated systems, and divided vinyl fencing.
Where is this duplex located?
The property is located at 2306 2306-2308 Ne 16th Ter 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: 2,385 sq ft duplex built in 2003; 2022 metal roof with rain gutters, solar lighting, and lanai screening; Four bedrooms and four tiled tub/shower baths
