Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Cape Coral Multifamily Investment Opportunity Title is generated by Realmo AI

    513 SE 24th Ave, Cape Coral, FL 33990

    View on Map
    Claim this Listing
    For Sale
    $860,000

    MULTI_FAMILY - Other - CAPE CORAL, FL

    Property size:
    4,660 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $184/SF
    Added:
    Apr 16, 2026
    Days on Market:
    33
    Last Refresh:
    May 18 at 6:06 am

    Property Features for 513 SE 24th Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RML
    Bedrooms
    8
    Bathrooms
    8
    Rooms
    Bedroom 1, Bedroom 2, Bathroom 7, Bathroom 5, Bedroom 6, Bedroom 5, Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 8, Bedroom 8, Bathroom 4, Bedroom 3, Bedroom 4, Bathroom 6, Bedroom 7
    Pets allowed
    Yes
    Pool private
    1
    Exterior features
    Storage
    Standard status
    Active
    APN
    17-44-24-C3-01364.0230
    Size
    4,660 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    10839

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Electric, Ceiling Fan(s), Central Air

    Building Details

    Year built
    1978
    Number of units
    4
    Flooring type
    Tile
    Building materials
    Concrete Block, Wood Frame, Stucco
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Lora Merrill

    Listing agent Lora Merrill License #NAPLES-244521496

    Listing office William Raveis Real Estate 800 Seagate Drive, Suite 101, Naples, FL

    Listing date Apr 16, 2026

    MLS# 226015823 Listing URL

    Copyright © 2026 Naples Area Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strong income potential with flexibility for long‑term, seasonal, or short‑term/Airbnb rentals.
    • Desirable location with convenient access to major routes, the Caloosahatchee River Bridge, parks, beaches, shopping, and restaurants.
    • Refurbished (2025) in‑ground pool and fully screened pool enclosure creating a private outdoor space.
    • Significant recent upgrades including new metal roofs and gutters (2025), exterior paint (2025), new HVAC systems in two units (2023/2024), and new water heaters in two units (2024).
    • Each unit has its own private patio area.
    • Well‑maintained 4‑unit property offering an exceptional investment opportunity.

    Overview

    This well-maintained four-unit property presents an investment opportunity with income potential and flexibility for long-term tenants, seasonal rentals, or short-term use. The property is situated off the Hancock Bridge Parkway on SE 24th Ave, providing access to major routes and local amenities. Each unit includes a patio area. The property features a shared outdoor space with a refurbished (2025) fully screened pool enclosure and in-ground pool. Recent upgrades include a professionally painted exterior (2025), new metal roofs and gutters on both buildings (2025), refurbished pool cage and screening (2025), new HVAC systems in two units (2023/2024), new water heaters in two units (2024), and a new pool pump (2023). The location offers access to the Caloosahatchee River Bridge for commuting to downtown Fort Myers. The property is located near parks, Gulf beaches, shopping centers, and restaurants. The property is zoned RML and has a lot size of 0.361 acres with a property size of 4660 square feet.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $685.3K
    NOI $61,681 @ 9.00% cap · cautious / downside scenario
    Moderate
    $881.2K
    NOI $61,681 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.23M
    NOI $61,681 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $92.3k $19.80
    − Vacancy −$4.2k −$0.89
    EGI $88.1k $18.91
    − OpEx −$26.4k −$5.67
    NOI $61.7k $13.24
    4,660 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $881.2K
    $771.0K – $1.03M (±1% cap)
    NOI $61,681 @ 7.0% cap · market cap 7.17%
    Second Best
    Apartment 5plus
    $816.6K
    $714.5K – $952.7K (±1% cap)
    NOI $57,161 @ 7.0% cap · market cap 6.65%
    Theoretical Best
    Office A
    $1.21M
    $1.06M – $1.41M (±1% cap)
    NOI $84,641 @ 7.0% cap · market cap 9.84%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cape Coral
    County
    Lee
    State
    Florida
    Longitude
    -81.9238069
    Latitude
    26.6430032

    Nearby Similar for Sale

    • $650,000

      Medical Office Condo Opportunity

      Medical office condo in grey shell condition with impact fees paid.
      217 Del Prado Boulevard S, Cape Coral, FL 33990
      View Details
    • $899,000

      Cape Coral Investment Opportunity

      Prime commercial building in Downtown Cape location with immediate income.
      820 Cape Coral Parkway E, Cape Coral, FL 33904
      View Details
    • $12,495,000

      Historic Cape Coral Shopping Center

      Long-established shopping center with diverse tenants and redevelopment potential.
      1201-1317 Cape Coral Parkway E, Cape Coral, FL 33904
      View Details
    • $1,050,000
      4,000 SF

      Flex Office Warehouse Space Available

      Flex office warehouse space for sale or lease in Cape Coral.
      326 NE 3rd Avenue, Cape Coral, FL 33909
      View Details
    • $1,200,000

      Cape Coral Commercial Opportunity

      Well-maintained commercial property in a desirable Cape Coral location.
      434 SE 47th Terrace, Cape Coral, FL 33904
      View Details
    • $1,100,000

      Equipped Industrial Warehouse with Business

      Turnkey industrial warehouse with offices and established business setup.
      912 SE 8th Place, Cape Coral, FL 33990
      View Details
    • $529,900
      2,416 SF

      Cape Coral Income-Producing Duplex

      Income-producing duplex near Skyline Blvd with city water and sewer.
      4137/4139 SW 8th Place, Cape Coral, FL 33914
      View Details
    • $1,072,000

      Cape Coral Two-Unit Building For Sale

      Two-unit building in Cape Coral's CRA district with flexible zoning.
      1615 SE 47th Terrace, Cape Coral, FL 33904
      View Details
    • $1,700,000

      Established Restaurant with Upside Potential

      Successful Cape Coral restaurant with two bars and real estate.
      1303 Del Prado Boulevard S, Cape Coral, FL 33990
      View Details
    • $579,000
      2,400 SF

      Modern Duplex in Cape Coral

      Newer construction duplex in desirable SW Cape Coral neighborhood.
      3814/3816 SW 15th Place, Cape Coral, FL 33914
      View Details
    • $595,000
      2,500 SF

      Cape Coral Duplex: Modern Living

      Modern duplex in Cape Coral, ideal for investors or owner-occupants.
      2530/2532 NW 31st Avenue, Cape Coral, FL 33993
      View Details
    • $950,000
      4,240 SF

      Well-Maintained Cape Coral Quadruplex

      Income-producing multifamily property with upside potential in Southeast Cape Coral.
      4015 SE 19TH AVENUE, CAPE CORAL, FL 33904
      View Details

    FAQs

    What type of property is this?
    Quadplex - Well-maintained four-unit property with income potential and recent upgrades.
    Where is this quadplex located?
    The property is located at 513 SE 24th Ave Cape Coral, FL.
    What is the asking price?
    The asking price for this property is $860,000.
    What are key features of this property?
    This property features: Strong income potential with flexibility for long‑term, seasonal, or short‑term/Airbnb rentals.; Desirable location with convenient access to major routes, the Caloosahatchee River Bridge, parks, beaches, shopping, and restaurants.; Refurbished (2025) in‑ground pool and fully screened pool enclosure creating a private outdoor space.
    (239) 290-9151
    We can help!
    Listing Contact
    Lora Merrill
    Real Estate License ID: NAPLES-244521496
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    513 SE 24th Ave, CAPE CORAL, FL 33990
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!