Duplex with New
For Sale
$290,000
5635-5637 10th Ave, Fort Myers, FL 33907
Two-unit residential income property with well-maintained interiors and an owner-occupancy option.
Property Size780 SF
Price / SF$371.79
Days on Market27
Property Features for 5635-5637 10th Ave
General Information
Standard status
Active
Size
780 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1973
Listing Agency:
MAFF Realty Services LLC
Listed By:
Mario Franchini · License #279505499
(239) 274-9222
Source:
Naplesareahomesearch
Added: Aug 15
Changed: Sep 7
Last Checked: Sep 10 at 9:59AM
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 MAFF Realty Services LLC
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1973, offers a residential income property configuration with both units described as well maintained. The roof was replaced in 2024, and the occupants pay water and electric expenses. An owner-occupancy option adds flexibility for a purchaser seeking to live in one unit while retaining the second as an income-producing residence.
The property is located at 5635-5637 10th Ave in Fort Myers, with shopping, dining, and public transit described as minutes away. The asset is identified by PID 11-45-24-06-00028.0290.
The property is located at 5635-5637 10th Ave in Fort Myers, with shopping, dining, and public transit described as minutes away. The asset is identified by PID 11-45-24-06-00028.0290.
Key Highlights
- Two‑unit duplex built in 1973
- New roof installed in 2024
- Both units described as well maintained
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
$10,324
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
3.56%
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%
$206,480
$206.5K
Cap Rate 7%
$147,486
$147.5K
Cap Rate 9%
$114,711
$114.7K
Market Conditions
NOI Build-Up for 780 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
$15.4K $19.80/SF
− Vacancy
−$695 −$0.89/SF
EGI
$14.7K $18.91/SF
− OpEx
−$4.4K −$5.67/SF
NOI
$10.3K $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%
$206,480
Cap Rate 7%
$147,486
Cap Rate 9%
$114,711
Alternative Uses
Best Use
Multifamily LT 5
$147.5K
$129.1K – $172.1K
NOI $10,324 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$136.7K
$119.6K – $159.5K
NOI $9,568 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$245.5K
$214.8K – $286.4K
NOI $17,185 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open 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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential income property with well-maintained interiors and an owner-occupancy option.
Where is this duplex located?
The property is located at 5635-5637 10th Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1973; New roof installed in 2024; Both units described as well maintained
