Updated Tenant-Occupied
For Sale
$465,000
405/407 NE 24TH AVENUE, Cape Coral, FL 33909
Two residences offer private garages, covered patios, and recent improvements for an income-producing residential asset.
Property Size2,414 SF
Price / SF$192.63
Days on Market9
Property Features for 405/407 NE 24TH AVENUE
General Information
Standard status
Active
Size
2,414 SF
Total Parking Spaces
2
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Amenities
storm shutters
irrigation system
covered patios
laundry room
Building Details
Year Built
2004
Buildings
1
Tenancy
Multi
Listing Agency:
MARINA PARK REALTY LLC
(941) 205-0888
Listed By:
Ryan Finnegan · License #3487634
(410) 543-2440
Source:
Dennisrealty
Added: Aug 29
Changed: Sep 5
Last Checked: Sep 5 at 7:38AM
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 MARINA PARK REALTY LLC
Investment Insights
Based on property information with market context.
This Bradford Homes-built duplex contains 2,414 square feet, with approximately 1,207 square feet of living area on each side. Constructed in 2004, the property includes two tenant-occupied residences, each with a private attached one-car garage, dedicated laundry room, open living, dining, and kitchen areas, newer tile flooring, and a covered patio accessed through sliding glass doors. Unit 405 is configured with 2 bedrooms and 2 bathrooms, while Unit 407 provides 3 bedrooms and 2 bathrooms following a conversion. Unit 407 also includes granite countertops and a rebuilt shower.
Recent property improvements include a shingle roof installed in 2023 and A/C systems installed in 2019. Storm shutters, hurricane-code garage doors, and an irrigation system are also in place. The property is located at 405/407 NE 24th Avenue in Cape Coral, with access to shopping, dining, schools, major roadways, and everyday services. Existing lease agreements must be honored by the buyer, and showings are by appointment only.
Recent property improvements include a shingle roof installed in 2023 and A/C systems installed in 2019. Storm shutters, hurricane-code garage doors, and an irrigation system are also in place. The property is located at 405/407 NE 24th Avenue in Cape Coral, with access to shopping, dining, schools, major roadways, and everyday services. Existing lease agreements must be honored by the buyer, and showings are by appointment only.
Key Highlights
- 2,414 square feet with approximately 1,207 square feet per residence
- Unit 405: 2 bedrooms and 2 bathrooms; Unit 407: 3 bedrooms and 2 bathrooms
- New shingle roof installed in 2023
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
$31,952
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
6.87%
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%
$639,040
$639.0K
Cap Rate 7%
$456,457
$456.5K
Cap Rate 9%
$355,022
$355.0K
Market Conditions
NOI Build-Up for 2,414 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
$47.8K $19.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$45.6K $18.91/SF
− OpEx
−$13.7K −$5.67/SF
NOI
$32.0K $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%
$639,040
Cap Rate 7%
$456,457
Cap Rate 9%
$355,022
Alternative Uses
Best Use
Multifamily LT 5
$456.5K
$399.4K – $532.5K
NOI $31,952 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$423.0K
$370.1K – $493.5K
NOI $29,611 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$626.4K
$548.1K – $730.8K
NOI $43,846 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
532
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer private garages, covered patios, and recent improvements for an income-producing residential asset.
Where is this duplex located?
The property is located at 405/407 NE 24TH AVENUE Cape Coral, FL.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 2,414 square feet with approximately 1,207 square feet per residence; Unit 405: 2 bedrooms and 2 bathrooms; Unit 407: 3 bedrooms and 2 bathrooms; New shingle roof installed in 2023
