Updated Quadplex with Screened
For Sale
$799,900
Pending
513 Se 24th Ave Unit 1-4, Cape Coral, FL 33990
Four-unit property with private patios, refreshed common-area amenities, and multiple rental-use options.
Property Size4,660 SF
Days on Market143
Property Features for 513 Se 24th Ave Unit 1-4
General Information
Standard status
Pending
Size
4,660 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
4
Amenities
pool
patio
Building Details
Year Built
1978
Buildings
2
Listing Agency:
William Raveis Real Estate
(239) 290-9151
Listed By:
Lora Merrill · License #3347289
Source:
Naplesareahomesearch
Added: Apr 9
Changed: Aug 28
Last Checked: Aug 29 at 10:28AM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
This 4,660-square-foot quadplex contains four units and was built in 1978. The property includes a shared outdoor area with an in-ground pool and a fully screened enclosure refurbished in 2025. Each unit has a separate patio, adding usable outdoor space for occupants or guests.
Recent property improvements include new metal roofs and gutters on both buildings in 2025, exterior painting completed in 2025, HVAC replacements in two units during 2023/2024, and two new water heaters installed in 2024. A new pool pump was added in 2023.
The property is located at 513 SE 24th Ave in Cape Coral, near Hancock Bridge Parkway. Access to the Caloosahatchee River Bridge provides a connection toward downtown Fort Myers, while nearby parks, beaches, shopping, restaurants, and area attractions support a range of long-term, seasonal, and short-term rental strategies.
Recent property improvements include new metal roofs and gutters on both buildings in 2025, exterior painting completed in 2025, HVAC replacements in two units during 2023/2024, and two new water heaters installed in 2024. A new pool pump was added in 2023.
The property is located at 513 SE 24th Ave in Cape Coral, near Hancock Bridge Parkway. Access to the Caloosahatchee River Bridge provides a connection toward downtown Fort Myers, while nearby parks, beaches, shopping, restaurants, and area attractions support a range of long-term, seasonal, and short-term rental strategies.
Key Highlights
- Four‑unit quadplex totaling 4,660 SF
- In‑ground pool with screened enclosure refurbished in 2025
- New metal roofs and gutters on both buildings 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 - Four-unit property with private patios, refreshed common-area amenities, and multiple rental-use options.
Where is this quadplex located?
The property is located at 513 Se 24th Ave Unit 1-4 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 quadplex totaling 4,660 SF; In‑ground pool with screened enclosure refurbished in 2025; New metal roofs and gutters on both buildings in 2025
