Freshly Painted
For Sale
$275,000
5620/5622 Eighth Ave, Fort Myers, FL 33907
Each side offers two bedrooms, 1.5 baths, ceramic tile flooring, and functioning air-conditioning systems.
Property Size1,500 SF
Price / SF$183.33
Days on Market228
Property Features for 5620/5622 Eighth Ave
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1973
Listing Agency:
Flatfee.com
Listed By:
Cliff Glansen · License #707077
(954) 965-3990
Source:
Naplesareapropertysearch
Added: Jan 18
Changed: Sep 2
Last Checked: Sep 2 at 6:42PM
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 Flatfee.com
Investment Insights
Based on property information with market context.
This duplex includes two separate residential sides, with two bedrooms and 1.5 baths on each side. Kitchens are well maintained, while ceramic tile flooring extends throughout the interiors. Multiple air-conditioning systems and the water heater are described as operating properly. Fresh paint has been applied to both the interior and exterior.
Built in 1973, the property is located at 5620/5622 Eighth Ave in Fort Myers, Florida. Its two-unit layout provides a defined residential income property configuration, with the same bedroom, bath, flooring, and kitchen features carried across both sides.
Built in 1973, the property is located at 5620/5622 Eighth Ave in Fort Myers, Florida. Its two-unit layout provides a defined residential income property configuration, with the same bedroom, bath, flooring, and kitchen features carried across both sides.
Key Highlights
- Two bedrooms and 1.5 baths on each side
- Ceramic tile flooring throughout
- Fresh interior and exterior paint
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
$19,854
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
7.22%
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%
$397,080
$397.1K
Cap Rate 7%
$283,629
$283.6K
Cap Rate 9%
$220,600
$220.6K
Market Conditions
NOI Build-Up for 1,500 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
$29.7K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$28.4K $18.91/SF
− OpEx
−$8.5K −$5.67/SF
NOI
$19.9K $13.24/SF
Area
Lee County, 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%
$397,080
Cap Rate 7%
$283,629
Cap Rate 9%
$220,600
Alternative Uses
Best Use
Multifamily LT 5
$283.6K
$248.2K – $330.9K
NOI $19,854 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$262.8K
$230.0K – $306.7K
NOI $18,399 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$472.1K
$413.1K – $550.8K
NOI $33,048 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 33907, FL
24,980
Population
14,125
Households
1.8
Avg Household Size
43
Median Age
26%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
3,422
Density / Sq Mi
$49,826
Median Household Income
$33,442
Median Earnings
$1,502
Median Rent
$236,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each side offers two bedrooms, 1.5 baths, ceramic tile flooring, and functioning air-conditioning systems.
Where is this duplex located?
The property is located at 5620/5622 Eighth Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two bedrooms and 1.5 baths on each side; Ceramic tile flooring throughout; Fresh interior and exterior paint
