Concrete-Block
For Sale
$475,000
7374 7376 Albany Rd, Fort Myers, FL 33967
Two-level income property with private entrances, patios, updated systems, and substantial off-street parking.
Property Size2,672 SF
Days on Market159
Property Features for 7374 7376 Albany Rd
General Information
Standard status
Active
Size
2,672 SF
Total Parking Spaces
12
Property subtype
Residential Income
Zoning
RM-2
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,598
Amenities
hurricane shutters
laundry hookups
patio
Building Details
Building Size
2,672 SF
Year Built
1984
Buildings
1
Stories
2
Units
2
Construction
concrete block
Listing Agency:
Ark Realty & Investment
(239) 940-5500
Listed By:
William Richards · License #258035008
(239) 940-5500
Source:
Bartleyrealty
Added: Mar 15
Changed: Aug 18
Last Checked: Aug 19 at 2:34PM
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 Ark Realty & Investment
Investment Insights
Based on property information with market context.
This concrete-block duplex contains 6 bedrooms and 4 full bathrooms, with each side arranged as a three-bedroom, two-bath residence. Tile flooring is installed throughout. The lower level includes a kitchen, two bedrooms, a bathroom, living room, and laundry hookups, while the upper residences feature private exterior entrances, patios, a bedroom, bathroom, and living room. Recent property improvements include a 2026 permitted roof, 2026 hot water heaters, and aluminum accordion hurricane shutters.
Situated on an oversized lot at 7374–7376 Albany Rd in Fort Myers, the property provides parking for up to 12 vehicles without placing cars on the grass. Two wells are also present, and the property has no history of hurricane flooding. RM-2 zoning is identified in the property information.
Situated on an oversized lot at 7374–7376 Albany Rd in Fort Myers, the property provides parking for up to 12 vehicles without placing cars on the grass. Two wells are also present, and the property has no history of hurricane flooding. RM-2 zoning is identified in the property information.
Key Highlights
- Duplex with 6 bedrooms and 4 full bathrooms
- Each side offers 3 bedrooms and 2 full bathrooms
- 2026 permitted roof and 2026 hot water heaters
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
$35,367
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
7.45%
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%
$707,340
$707.3K
Cap Rate 7%
$505,243
$505.2K
Cap Rate 9%
$392,967
$393.0K
Market Conditions
NOI Build-Up for 2,672 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
$52.9K $19.80/SF
− Vacancy
−$2.4K −$0.89/SF
EGI
$50.5K $18.91/SF
− OpEx
−$15.2K −$5.67/SF
NOI
$35.4K $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%
$707,340
Cap Rate 7%
$505,243
Cap Rate 9%
$392,967
Alternative Uses
Best Use
Multifamily LT 5
$505.2K
$442.1K – $589.5K
NOI $35,367 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$468.2K
$409.7K – $546.3K
NOI $32,775 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$841.0K
$735.9K – $981.2K
NOI $58,870 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 33967, FL
28,174
Population
11,685
Households
2.4
Avg Household Size
35
Median Age
36%
College-Educated
92%
High-School Grad
7.6 sq mi
ZIP Area
3,707
Density / Sq Mi
$84,787
Median Household Income
$48,792
Median Earnings
$1,695
Median Rent
$321,800
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 - Two-level income property with private entrances, patios, updated systems, and substantial off-street parking.
Where is this duplex located?
The property is located at 7374 7376 Albany Rd Fort Myers, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex with 6 bedrooms and 4 full bathrooms; Each side offers 3 bedrooms and 2 full bathrooms; 2026 permitted roof and 2026 hot water heaters
