Triplex with Two-Bedroom Corner
For Sale
$699,000
Pending
2642 Santa Barbara BLVD, Naples, FL 34116
Triplex featuring two 2-bedroom, 1-bath corner units plus a 2-bedroom, 2-bath unit with updated major components.
Property Size2,700 SF
Lot Size0.34 Acres
Days on Market105
Property Features for 2642 Santa Barbara BLVD
General Information
Standard status
Pending
Size
2,700 SF
Lot size
0.34 Acres
Property subtype
Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,839
Building Details
Building Size
2,700 SF
Year Built
1982
Year Renovated
2010
Listing Agency:
Premiere Plus Realty Company
Listed By:
Sandra Carano · License #NAPLES-249520695
(239) 200-0531
Source:
Kwelevate
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 14 at 10:37AM
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 Premiere Plus Realty Company
Investment Insights
Based on property information with market context.
This income-producing triplex includes three residential units: two 2-bedroom, 1-bath corner units and one 2-bedroom, 2-bath unit. Each unit is described as having tile flooring throughout, an open lanai, and a loft that can provide additional storage space. The property also includes storm protection with hurricane panels installed on all windows. Major building components have been addressed over time, including window replacements in 2010 and a roof replacement in 2018.
The property is situated on a 0.34-acre lot along Santa Barbara Blvd in Naples, with access to shopping, dining, and major roadways noted in the remarks. The location is described as centrally situated for convenience to East Naples, North Naples, and Downtown Naples.
For buyers seeking a small multifamily asset, the unit mix provides a balance of layouts across two corner units and a separate 2-bedroom, 2-bath residence. The triplex is currently generating $4,600 per month in rental income. With multiple dwelling spaces on one lot and documented updates to windows and the roof, it may fit investors and owner-operators looking for a straightforward residential income property. Please do not disturb tenants; verify details independently.
The property is situated on a 0.34-acre lot along Santa Barbara Blvd in Naples, with access to shopping, dining, and major roadways noted in the remarks. The location is described as centrally situated for convenience to East Naples, North Naples, and Downtown Naples.
For buyers seeking a small multifamily asset, the unit mix provides a balance of layouts across two corner units and a separate 2-bedroom, 2-bath residence. The triplex is currently generating $4,600 per month in rental income. With multiple dwelling spaces on one lot and documented updates to windows and the roof, it may fit investors and owner-operators looking for a straightforward residential income property. Please do not disturb tenants; verify details independently.
Key Highlights
- Income‑producing triplex (built 1982) on a 0.34‑acre lot along Santa Barbara Blvd
- Unit mix: two 2‑bedroom, 1‑bath corner units and one 2‑bedroom, 2‑bath unit
- Each unit includes tile flooring, an open lanai, and a loft for additional storage
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
$39,885
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
5.71%
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%
$797,700
$797.7K
Cap Rate 7%
$569,786
$569.8K
Cap Rate 9%
$443,167
$443.2K
Market Conditions
NOI Build-Up for 2,700 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
$59.9K $22.20/SF
− Vacancy
−$3.0K −$1.10/SF
EGI
$57.0K $21.10/SF
− OpEx
−$17.1K −$6.33/SF
NOI
$39.9K $14.77/SF
Area
Collier County, FL
Vacancy
4.94%
Lease Rate
$22.20 /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%
$797,700
Cap Rate 7%
$569,786
Cap Rate 9%
$443,167
Alternative Uses
Best Use
Multifamily LT 5
$569.8K
$498.6K – $664.8K
NOI $39,885 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$523.7K
$458.2K – $611.0K
NOI $36,659 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$1.08M
$948.2K – $1.26M
NOI $75,854 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 34116, FL
31,538
Population
11,081
Households
2.8
Avg Household Size
37
Median Age
17%
College-Educated
81%
High-School Grad
9.3 sq mi
ZIP Area
3,391
Density / Sq Mi
$69,204
Median Household Income
$35,573
Median Earnings
$1,663
Median Rent
$392,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex featuring two 2-bedroom, 1-bath corner units plus a 2-bedroom, 2-bath unit with updated major components.
Where is this triplex located?
The property is located at 2642 Santa Barbara BLVD Naples, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Income‑producing triplex (built 1982) on a 0.34‑acre lot along Santa Barbara Blvd; Unit mix: two 2‑bedroom, 1‑bath corner units and one 2‑bedroom, 2‑bath unit; Each unit includes tile flooring, an open lanai, and a loft for additional storage
