Renovated Duplex with
For Sale
$424,900
817-819 Indiana Ave, Fort Myers, FL 33908
Two-unit property updated in 2024 with new appliances, furnishings, and an established short-term rental setup.
Property Size1,600 SF
Price / SF$265.56
Days on Market164
Property Features for 817-819 Indiana Ave
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$51,017
Multifamily Units
2
Building Details
Year Built
1983
Buildings
1
Listing Agency:
Premier Sotheby's Int'l Realty
Listed By:
Palmer Rosen · License #280597148
(239) 472-2735
Source:
Naplesareahomesearch
Added: Mar 23
Changed: Aug 31
Last Checked: Sep 1 at 7:43PM
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 Premier Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
This duplex contains two sides within a 1,600-square-foot property built in 1983. Renovation work completed in 2024 included new appliances and furnishings, providing an updated configuration for continued rental use. Both sides have been operated as short-term rentals.
The property is located at 817-819 Indiana Ave in Fort Myers, within the Whiskey Creek area. A management and rental agent is already in place and may remain involved for a purchaser who chooses that arrangement.
The property is located at 817-819 Indiana Ave in Fort Myers, within the Whiskey Creek area. A management and rental agent is already in place and may remain involved for a purchaser who chooses that arrangement.
Key Highlights
- Duplex with two rental sides
- 1,600‑square‑foot property built in 1983
- Renovated in 2024
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
$21,178
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
4.98%
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%
$423,560
$423.6K
Cap Rate 7%
$302,543
$302.5K
Cap Rate 9%
$235,311
$235.3K
Market Conditions
NOI Build-Up for 1,600 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
$31.7K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$30.3K $18.91/SF
− OpEx
−$9.1K −$5.67/SF
NOI
$21.2K $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%
$423,560
Cap Rate 7%
$302,543
Cap Rate 9%
$235,311
Alternative Uses
Best Use
Multifamily LT 5
$302.5K
$264.7K – $353.0K
NOI $21,178 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$280.4K
$245.3K – $327.1K
NOI $19,626 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$503.6K
$440.6K – $587.5K
NOI $35,251 @ 7.0% cap · market cap 8.30%
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
1,218
Businesses Nearby
Explore this area
Business Placement
Demographics for 33908, FL
43,110
Population
32,067
Households
1.3
Avg Household Size
63
Median Age
44%
College-Educated
96%
High-School Grad
34.2 sq mi
ZIP Area
1,261
Density / Sq Mi
$74,711
Median Household Income
$50,063
Median Earnings
$1,829
Median Rent
$346,200
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 - Two-unit property updated in 2024 with new appliances, furnishings, and an established short-term rental setup.
Where is this duplex located?
The property is located at 817-819 Indiana Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: Duplex with two rental sides; 1,600‑square‑foot property built in 1983; Renovated in 2024
