Renovated Duplex with Private
For Sale
$369,000
2648 Michigan Ave, Fort Myers, FL 33916
Two updated residences feature separate laundry rooms, a central carport, and outdoor space near downtown Fort Myers.
Property Size1,340 SF
Lot Size0.33 Acres
Price / SF$275.37
Days on Market29
Property Features for 2648 Michigan Ave
General Information
Standard status
Active
Size
1,340 SF
Lot size
0.33 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
private laundry room
Building Details
Year Built
1957
Listing Agency:
Steves Property Group LLC
(239) 994-0855
Listed By:
Steve O'Brien · License #258016654
Source:
Swfloridarealestate
Added: Aug 5
Changed: Aug 31
Last Checked: Sep 1 at 9:58PM
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 Steves Property Group LLC
Investment Insights
Based on property information with market context.
This duplex contains 1,340 square feet arranged as two residences, each with 2 bedrooms and 1 bathroom. The interiors have been comprehensively renovated with new cabinetry, countertops, appliances, laminate flooring, electrical wiring, plumbing, and air-conditioning systems. A new roof, private laundry room for each unit, and a central carport separating the residences complete the improvements. The property was built in 1957 and renovations were fully permitted.
The building occupies an oversized 1/3-acre lot in the historic Fort Myers area. On-site parking and outdoor space support the two-unit configuration, while the Downtown River District is within walking distance, with restaurants, shopping, entertainment, and nightlife nearby.
The building occupies an oversized 1/3-acre lot in the historic Fort Myers area. On-site parking and outdoor space support the two-unit configuration, while the Downtown River District is within walking distance, with restaurants, shopping, entertainment, and nightlife nearby.
Key Highlights
- Two‑unit duplex with 1,340 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Renovated electrical, plumbing, air conditioning, flooring, cabinets, countertops, and appliances
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
$17,737
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
4.81%
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%
$354,740
$354.7K
Cap Rate 7%
$253,386
$253.4K
Cap Rate 9%
$197,078
$197.1K
Market Conditions
NOI Build-Up for 1,340 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
$26.5K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$25.3K $18.91/SF
− OpEx
−$7.6K −$5.67/SF
NOI
$17.7K $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%
$354,740
Cap Rate 7%
$253,386
Cap Rate 9%
$197,078
Alternative Uses
Best Use
Multifamily LT 5
$253.4K
$221.7K – $295.6K
NOI $17,737 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$234.8K
$205.5K – $274.0K
NOI $16,437 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$421.8K
$369.0K – $492.1K
NOI $29,523 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
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 - Two updated residences feature separate laundry rooms, a central carport, and outdoor space near downtown Fort Myers.
Where is this duplex located?
The property is located at 2648 Michigan Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,340 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Renovated electrical, plumbing, air conditioning, flooring, cabinets, countertops, and appliances
