Updated Duplex Near Boat
For Sale
$399,000
924 Se 24th Ave Unit A & B, Cape Coral, FL 33990
Two-unit property with refreshed electrical service, separate air-conditioning updates, and a fenced backyard for Side-A.
Property Size2,472 SF
Price / SF$161.41
Days on Market401
Property Features for 924 Se 24th Ave Unit A & B
General Information
Standard status
Active
Size
2,472 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1978
Listing Agency:
Gulf Coast Living Real Estate, Inc
(239) 645-2563
Listed By:
Maria Repetti · License #258022673
Source:
Napleshomesearcher
Added: Jul 28, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:46PM
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 Gulf Coast Living Real Estate, Inc
Investment Insights
Based on property information with market context.
This 1978 duplex contains 2,472 square feet across two separate residential sides. Recent property improvements include a roof installed in 2017, air-conditioning replacements for Side-B in 12/2018 and Side-A in 9/2024, and new electrical systems serving both sides completed in 10/2025. Side-A has also been repainted and includes a fenced backyard.
The property is located at 924 SE 24th Ave Unit A & B in Cape Coral, FL 33990. Rosen Park is approximately 2 minutes away and features a saltwater boat launch. The two-unit configuration supports occupancy of one side while leasing the other, or leasing both sides, subject to applicable requirements.
The property is located at 924 SE 24th Ave Unit A & B in Cape Coral, FL 33990. Rosen Park is approximately 2 minutes away and features a saltwater boat launch. The two-unit configuration supports occupancy of one side while leasing the other, or leasing both sides, subject to applicable requirements.
Key Highlights
- Duplex with 2,472 square feet built in 1978
- Roof installed in 2017
- A/C updates: Side‑B 12/2018 and Side‑A 9/2024
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
$32,720
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
8.20%
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%
$654,400
$654.4K
Cap Rate 7%
$467,429
$467.4K
Cap Rate 9%
$363,556
$363.6K
Market Conditions
NOI Build-Up for 2,472 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
$48.9K $19.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$46.7K $18.91/SF
− OpEx
−$14.0K −$5.67/SF
NOI
$32.7K $13.24/SF
Area
Cape Coral, 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%
$654,400
Cap Rate 7%
$467,429
Cap Rate 9%
$363,556
Alternative Uses
Best Use
Multifamily LT 5
$467.4K
$409.0K – $545.3K
NOI $32,720 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$433.2K
$379.0K – $505.4K
NOI $30,322 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$641.4K
$561.2K – $748.3K
NOI $44,899 @ 7.0% cap · market cap 11.25%
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
142
Businesses Nearby
Explore this area
Business Placement
Demographics for 33990, FL
32,717
Population
15,483
Households
2.1
Avg Household Size
47
Median Age
24%
College-Educated
89%
High-School Grad
9.3 sq mi
ZIP Area
3,518
Density / Sq Mi
$70,278
Median Household Income
$38,588
Median Earnings
$1,643
Median Rent
$330,500
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 with refreshed electrical service, separate air-conditioning updates, and a fenced backyard for Side-A.
Where is this duplex located?
The property is located at 924 Se 24th Ave Unit A & B Cape Coral, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Duplex with 2,472 square feet built in 1978; Roof installed in 2017; A/C updates: Side‑B 12/2018 and Side‑A 9/2024
