Updated Concrete Block
For Sale
$475,000
7376 Albany Rd 7374, Fort Myers, FL 33967
Six-bedroom income property with tile flooring, private exterior entrances, and parking for up to 12 vehicles.
Property Size2,672 SF
Price / SF$177.77
Days on Market201
Property Features for 7376 Albany Rd 7374
General Information
Standard status
Active
Size
2,672 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Amenities
laundry hookups
patio
hurricane shutters
two wells
private exterior entrance
Building Details
Year Built
1984
Buildings
1
Construction
concrete block
Listing Agency:
Ark Realty & Investment
Listed By:
William Richards · License #258035008
(239) 940-5500
Source:
Naplesareahomesearch
Added: Feb 14
Changed: Sep 2
Last Checked: Sep 2 at 6:28PM
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.
Built in 1984, this 2,672-square-foot concrete block duplex contains six bedrooms and four full bathrooms, with a three-bedroom, two-bathroom arrangement on each side. Tile flooring runs throughout the property. The lower level includes a full kitchen, two bedrooms, one bathroom, a living area, and laundry hookups. Upper-level living areas have separate exterior access and patios.
Recent improvements include a permitted roof installed in 2026, 2026 hot water heaters, and aluminum accordion hurricane shutters. The oversized lot accommodates parking for up to 12 vehicles without using grass areas. Two wells are also located on the property, which has no history of hurricane flooding.
Recent improvements include a permitted roof installed in 2026, 2026 hot water heaters, and aluminum accordion hurricane shutters. The oversized lot accommodates parking for up to 12 vehicles without using grass areas. Two wells are also located on the property, which has no history of hurricane flooding.
Key Highlights
- Duplex with 6 bedrooms and 4 full bathrooms
- 2,672 SF concrete block property built in 1984
- Each side provides 3 bedrooms and 2 full bathrooms
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
Current Use
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 - Six-bedroom income property with tile flooring, private exterior entrances, and parking for up to 12 vehicles.
Where is this duplex located?
The property is located at 7376 Albany Rd 7374 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; 2,672 SF concrete block property built in 1984; Each side provides 3 bedrooms and 2 full bathrooms
