Remodeled Duplex with Updated
For Sale
$310,000
2839/2841 Evans Ave, Fort Myers, FL 33901
Updated duplex with city utilities and two move-in-ready units near Edison Mall and central Fort Myers.
Property Size1,200 SF
Days on Market44
Property Features for 2839/2841 Evans Ave
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Residential Income
Zoning
CG
Taxes and HOA fees
Annual Taxes
$2,474
Building Details
Building Size
1,200 SF
Year Built
1967
Buildings
1
Units
2
Listing Agency:
Home Sold Realty LLC
(833) 700-2782
Listed By:
Camilo Perez · License #3467504
(833) 700-2782
Source:
Bartleyrealty
Added: Jul 7
Changed: Aug 15
Last Checked: Aug 18 at 12:15AM
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 Home Sold Realty LLC
Investment Insights
Based on property information with market context.
Located at 2839/2841 Evans Ave in Fort Myers, this duplex contains two residential units, each configured with 2 bedrooms and 1 bathroom. The property was built in 1967 and is zoned CG. Both units have been remodeled and are ready for occupancy, with city water and sewer serving the building.
Recent improvements include a new shingle roof, luxury vinyl flooring, new baseboards, shaker-cabinet kitchens with tiled backsplashes and oversized sinks, stainless steel appliances, new water heaters, new air conditioners, updated bathrooms, and impact-resistant front windows. The property is situated near Edison Mall and central Fort Myers, with access to major amenities.
Recent improvements include a new shingle roof, luxury vinyl flooring, new baseboards, shaker-cabinet kitchens with tiled backsplashes and oversized sinks, stainless steel appliances, new water heaters, new air conditioners, updated bathrooms, and impact-resistant front windows. The property is situated near Edison Mall and central Fort Myers, with access to major amenities.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- Remodeled interiors with new kitchens, bathrooms, flooring, and baseboards
- New shingle roof, water heaters, and air conditioners
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
$15,884
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
5.12%
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%
$317,680
$317.7K
Cap Rate 7%
$226,914
$226.9K
Cap Rate 9%
$176,489
$176.5K
Market Conditions
NOI Build-Up for 1,200 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
$23.8K $19.80/SF
− Vacancy
−$1.1K −$0.89/SF
EGI
$22.7K $18.91/SF
− OpEx
−$6.8K −$5.67/SF
NOI
$15.9K $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%
$317,680
Cap Rate 7%
$226,914
Cap Rate 9%
$176,489
Alternative Uses
Best Use
Multifamily LT 5
$226.9K
$198.6K – $264.7K
NOI $15,884 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$210.3K
$184.0K – $245.3K
NOI $14,719 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,023
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
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with city utilities and two move-in-ready units near Edison Mall and central Fort Myers.
Where is this duplex located?
The property is located at 2839/2841 Evans Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; Remodeled interiors with new kitchens, bathrooms, flooring, and baseboards; New shingle roof, water heaters, and air conditioners
