Remodeled Duplex with
For Sale
$744,900
842 South St, Fort Myers Beach, FL 33931
The raised units have separate ground-level entries, garage access, storage space, and parking.
Property Size2,548 SF
Price / SF$292.35
Days on Market234
Property Features for 842 South St
General Information
Standard status
Active
Size
2,548 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$10,885
Listing Agency:
Fort Myers Beach Realty
(239) 849-5910
Listed By:
Carolyn Caney · License #258013069
(239) 849-5910
Source:
Exprealty
Added: Jan 8
Changed: Aug 30
Last Checked: Aug 30 at 11:17AM
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 Fort Myers Beach Realty
Investment Insights
Based on property information with market context.
This duplex contains 2,548 square feet with two raised units, each offering ground-level entry from the garage or exterior. Both units were remodeled within the last five years and are occupied by long-term tenants. A new air-conditioning system was installed after Ian, and the raised units sustained no damage. The oversized garage provides parking and additional storage space.
An unfinished two-bedroom, one-bath unit is located at the rear on the ground level. The property is on San Carlos Island at 842 South St, Fort Myers Beach, Florida, with access to Fort Myers Beach via a bridge that is described as less than a 10-minute walk away. Restaurants including Dixie Fish, Doc Ford’s, and the new Fish House are within short walking distance. A traffic light has been installed at the base of the beach to support safer crossing.
An unfinished two-bedroom, one-bath unit is located at the rear on the ground level. The property is on San Carlos Island at 842 South St, Fort Myers Beach, Florida, with access to Fort Myers Beach via a bridge that is described as less than a 10-minute walk away. Restaurants including Dixie Fish, Doc Ford’s, and the new Fish House are within short walking distance. A traffic light has been installed at the base of the beach to support safer crossing.
Key Highlights
- 2,548‑square‑foot duplex on San Carlos Island
- Two raised units remodeled within the last five years
- New air‑conditioning system installed after Ian
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
$33,726
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
4.53%
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%
$674,520
$674.5K
Cap Rate 7%
$481,800
$481.8K
Cap Rate 9%
$374,733
$374.7K
Market Conditions
NOI Build-Up for 2,548 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
$50.5K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$48.2K $18.91/SF
− OpEx
−$14.5K −$5.67/SF
NOI
$33.7K $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%
$674,520
Cap Rate 7%
$481,800
Cap Rate 9%
$374,733
Alternative Uses
Best Use
Multifamily LT 5
$481.8K
$421.6K – $562.1K
NOI $33,726 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$446.5K
$390.7K – $520.9K
NOI $31,254 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$802.0K
$701.7K – $935.6K
NOI $56,138 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Explore this area
Business Placement
Demographics for 33931, FL
9,389
Population
14,561
Households
0.6
Avg Household Size
68
Median Age
37%
College-Educated
97%
High-School Grad
10.3 sq mi
ZIP Area
912
Density / Sq Mi
$80,438
Median Household Income
$38,723
Median Earnings
$1,500
Median Rent
$475,100
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 - The raised units have separate ground-level entries, garage access, storage space, and parking.
Where is this duplex located?
The property is located at 842 South St Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $744,900.
What are key features of this property?
This property features: 2,548‑square‑foot duplex on San Carlos Island; Two raised units remodeled within the last five years; New air‑conditioning system installed after Ian
