Duplex with Private
For Sale
$349,000
Pending
689 MICHIGAN Avenue, Englewood, FL 34223
MULTI_FAMILY - ENGLEWOOD, FL
Property Size2,188 SF
Lot Size0.39 Acres
Days on Market99
Property Features for 689 MICHIGAN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RMF1
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 3
Interior features
Ceiling Fans(s), Open Floorplan
Exterior features
Private Entrance, Sliding Doors
Subdivision
DEER CREEK WOODS
Directions
From 776, Go East on North St then left on Michigan Ave. Duplex is first on the right.
Standard status
Pending
APN
0854060007
Size
2,188 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 7 DEER CREEK WOODS
Tax Annual Amount
5480
Legal Description
LOT 7 DEER CREEK WOODS
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
screened-in lanai
storage closet
Building Details
Year built
1979
Building materials
Stucco
Roof type
Shingle
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Grier Crosby · License #3567243
(757) 714-1577
Added: May 11
Changed: Aug 17
Last Checked: Aug 17 at 7:06PM
MLS# D6147274
Copyright © 2026 Stellar MLS. 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 duplex features two separate units, each with its own private entrance, open layout elements, and a screened-in lanai. Each side is configured as two bedrooms and two bathrooms, and the property provides a total of 2,188 square feet under roof. The left unit is described as updated and sold turnkey furnished. Public remarks also describe an immediate-income arrangement with the right unit occupied by a tenant at closing.
The home was built in 1979 with stucco exterior construction and shingle roofing. Major updates noted include a newer roof in 2021 and HVAC and water heaters from 2022–23. The property is in an X flood zone and is described as having never flooded.
Utility services include public water and public sewer, with central heating and central air. Zoning is RMF1.
The home was built in 1979 with stucco exterior construction and shingle roofing. Major updates noted include a newer roof in 2021 and HVAC and water heaters from 2022–23. The property is in an X flood zone and is described as having never flooded.
Utility services include public water and public sewer, with central heating and central air. Zoning is RMF1.
Key Highlights
- Two‑unit duplex with private entrances and private screened‑in lanai
- Left unit described as updated and sold turnkey furnished
- 2,188 SF under roof with two bedrooms and two bathrooms per side
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
$21,166
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
6.06%
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%
$423,320
$423.3K
Cap Rate 7%
$302,371
$302.4K
Cap Rate 9%
$235,178
$235.2K
Market Conditions
NOI Build-Up for 2,188 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
$37.3K $17.04/SF
− Vacancy
−$7.0K −$3.22/SF
EGI
$30.2K $13.82/SF
− OpEx
−$9.1K −$4.15/SF
NOI
$21.2K $9.67/SF
Area
Charlotte County, FL
Vacancy
18.90%
Lease Rate
$17.04 /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%
$423,320
Cap Rate 7%
$302,371
Cap Rate 9%
$235,178
Alternative Uses
Best Use
Multifamily LT 5
$302.4K
$264.6K – $352.8K
NOI $21,166 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$276.0K
$241.5K – $322.0K
NOI $19,317 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$716.4K
$626.9K – $835.8K
NOI $50,149 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 34223, FL
19,118
Population
14,484
Households
1.3
Avg Household Size
66
Median Age
39%
College-Educated
96%
High-School Grad
41.9 sq mi
ZIP Area
456
Density / Sq Mi
$70,155
Median Household Income
$39,486
Median Earnings
$1,288
Median Rent
$358,000
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?
Duplex - Each side offers two bedrooms and two bathrooms with private screened lanai and two-car carport.
Where is this duplex located?
The property is located at 689 MICHIGAN Avenue Englewood, FL.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑unit duplex with private entrances and private screened‑in lanai; Left unit described as updated and sold turnkey furnished; 2,188 SF under roof with two bedrooms and two bathrooms per side
