Four-Unit Property with Private
For Sale
$799,900
Pending
513 SE 24th Ave, Cape Coral, FL 33990
Residential Income, CAPE CORAL, FL
Property Size4,660 SF
Lot Size0.36 Acres
Days on Market136
Property Features for 513 SE 24th Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RML
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 7, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 6, Bedroom 7, Bathroom 1, Bedroom 8, Bedroom 4, Bathroom 8, Bathroom 4, Bedroom 1, Bathroom 5
Pets allowed
Yes
Pool private
1
Exterior features
Storage
Subdivision
CAPE CORAL
Lot features
Oversize, Oversize
Standard status
Pending
APN
17-44-24-C3-01364.0230
Size
4,660 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CAPE CORAL UNIT 18 BLK 1364 PB 13 PG 114 LOTS 23 THRU 25
Tax Annual Amount
10839
Legal Description
CAPE CORAL UNIT 18 BLK 1364 PB 13 PG 114 LOTS 23 THRU 25
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Ceiling Fan(s), Central Air
Amenities
pool
screened pool enclosure
patio
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
Listing Agency:
William Raveis Real Estate
(239) 529-5451
Listed By:
Lora Merrill · License #3347289
(239) 290-9151
Added: Apr 16
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 226015823
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.
Investment Insights
Based on property information with market context.
This RML-zoned quadplex contains four residential units within a 4,660-square-foot property on 0.361 acres. The buildings feature concrete block, wood-frame, and stucco construction, tile flooring, central electric heating and cooling, ceiling fans, private patios for each unit, and storage. A private in-ground pool and fully screened enclosure serve the shared outdoor area.
Recent work includes metal roofs and gutters on both buildings, exterior painting, and pool-cage screening completed in 2025. Two units received new HVAC systems in 2023/2024, while two new water heaters were installed in 2024 and a pool pump was added in 2023. The property is located at 513 SE 24th Ave in Cape Coral, near Hancock Bridge Parkway, with access toward the Caloosahatchee River Bridge and downtown Fort Myers. The remarks identify long-term, seasonal, and short-term rental flexibility.
Recent work includes metal roofs and gutters on both buildings, exterior painting, and pool-cage screening completed in 2025. Two units received new HVAC systems in 2023/2024, while two new water heaters were installed in 2024 and a pool pump was added in 2023. The property is located at 513 SE 24th Ave in Cape Coral, near Hancock Bridge Parkway, with access toward the Caloosahatchee River Bridge and downtown Fort Myers. The remarks identify long-term, seasonal, and short-term rental flexibility.
Key Highlights
- Four‑unit property with 4,660 square feet on 0.361 acres
- RML zoning in Cape Coral at 513 SE 24th Ave
- Private in‑ground pool with refurbished screened enclosure completed in 2025
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
$61,681
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
7.71%
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%
$1,233,620
$1.2M
Cap Rate 7%
$881,157
$881.2K
Cap Rate 9%
$685,344
$685.3K
Market Conditions
NOI Build-Up for 4,660 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
$92.3K $19.80/SF
− Vacancy
−$4.2K −$0.89/SF
EGI
$88.1K $18.91/SF
− OpEx
−$26.4K −$5.67/SF
NOI
$61.7K $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%
$1,233,620
Cap Rate 7%
$881,157
Cap Rate 9%
$685,344
Alternative Uses
Best Use
Multifamily LT 5
$881.2K
$771.0K – $1.03M
NOI $61,681 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$816.6K
$714.5K – $952.7K
NOI $57,161 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,641 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 33990, FL
32,717
Population
15,483
Households
2.1
Avg Household Size
47
Median Age
24%
College-Educated
89%
High-School Grad
9.3 sq mi
ZIP Area
3,518
Density / Sq Mi
$70,278
Median Household Income
$38,588
Median Earnings
$1,643
Median Rent
$330,500
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?
Quadplex - RML-zoned income property with individual patios, shared outdoor space, and recent building and pool improvements.
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 $799,900.
What are key features of this property?
This property features: Four‑unit property with 4,660 square feet on 0.361 acres; RML zoning in Cape Coral at 513 SE 24th Ave; Private in‑ground pool with refurbished screened enclosure completed in 2025
