Four-Unit Residential Income
For Sale
$1,100,000
3365 Estey Ave, Naples, FL 34104
Two adjacent duplexes provide four 1-bedroom, 1-bath residences with on-site private parking and recent unit updates.
Property Size2,400 SF
Days on Market51
Property Features for 3365 Estey Ave
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,024
Amenities
private screened lanais
Building Details
Building Size
2,400 SF
Year Built
1972
Units
4
Listed By:
Mario Furillo
(239) 232-2499
Source:
Elliman
Added: Jul 24
Changed: Sep 5
Last Checked: Sep 11 at 9:30AM
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 Mario Furillo
Investment Insights
Based on property information with market context.
This property features two adjacent duplex buildings totaling four residences, each configured as a 1-bedroom, 1-bath home. Several units have been updated with herringbone-pattern tile flooring, quartz countertops, modern cabinetry, stainless steel appliances, renovated bathrooms, and new windows. The updates also include energy-efficient mini-split A/C systems and on-demand water heaters. Select units offer private screened lanais, and the buildings provide private on-site parking for residents.
The roofs were replaced in 2006 and are reported to be in good condition. The property is located in central Naples, just minutes from Downtown Naples, Fifth Avenue South, Naples’ beaches, Celebration Park, Publix, shopping, dining, and major conveniences.
As presented, the asset is positioned as a well-maintained, income-producing residential investment with continued room for further improvement to enhance long-term value.
The roofs were replaced in 2006 and are reported to be in good condition. The property is located in central Naples, just minutes from Downtown Naples, Fifth Avenue South, Naples’ beaches, Celebration Park, Publix, shopping, dining, and major conveniences.
As presented, the asset is positioned as a well-maintained, income-producing residential investment with continued room for further improvement to enhance long-term value.
Key Highlights
- Two adjacent duplexes with four 1‑bedroom, 1‑bath residences (total 4 units)
- Several units updated with herringbone‑pattern tile flooring, quartz countertops, modern cabinetry, and stainless steel appliances
- Renovated bathrooms, new windows, energy‑efficient mini‑split A/C, and on‑demand water heaters in select units
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
$35,454
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
3.22%
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%
$709,080
$709.1K
Cap Rate 7%
$506,486
$506.5K
Cap Rate 9%
$393,933
$393.9K
Market Conditions
NOI Build-Up for 2,400 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
$53.3K $22.20/SF
− Vacancy
−$2.6K −$1.10/SF
EGI
$50.6K $21.10/SF
− OpEx
−$15.2K −$6.33/SF
NOI
$35.5K $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%
$709,080
Cap Rate 7%
$506,486
Cap Rate 9%
$393,933
Alternative Uses
Best Use
Multifamily LT 5
$506.5K
$443.2K – $590.9K
NOI $35,454 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$465.5K
$407.3K – $543.1K
NOI $32,585 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$963.2K
$842.8K – $1.12M
NOI $67,426 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
838
Businesses Nearby
Explore this area
Business Placement
Demographics for 34104, FL
25,485
Population
16,062
Households
1.6
Avg Household Size
53
Median Age
33%
College-Educated
91%
High-School Grad
9.9 sq mi
ZIP Area
2,574
Density / Sq Mi
$70,301
Median Household Income
$40,680
Median Earnings
$1,742
Median Rent
$348,600
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?
Duplex - Two adjacent duplexes provide four 1-bedroom, 1-bath residences with on-site private parking and recent unit updates.
Where is this duplex located?
The property is located at 3365 Estey Ave Naples, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two adjacent duplexes with four 1‑bedroom, 1‑bath residences (total 4 units); Several units updated with herringbone‑pattern tile flooring, quartz countertops, modern cabinetry, and stainless steel appliances; Renovated bathrooms, new windows, energy‑efficient mini‑split A/C, and on‑demand water heaters in select units
