Updated Duplex Near
For Sale
$639,000
974 Greenwood Court S, Sanibel, FL 33957
Residential, Sanibel, FL
Property Size1,421 SF
Lot Size0.19 Acres
Price / SF$449.68
Days on Market114
Property Features for 974 Greenwood Court S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 3, Family Room, Bathroom 2, Bedroom 1, Dining Room, Bedroom 2, Bathroom 3
Parking features
Open, Garage, Driveway, Covered
Security features
Security
Window features
Shutters
Patio and Porch features
Deck, Porch, Patio
Pets allowed
Yes
Interior features
BreakfastBar, DualSinks, KitchenIsland, LivingDiningRoom, MainLevelPrimary, Pantry, SittingAreaInPrimary, TubShower, CableTv, VaultedCeilings, SplitBedrooms
Exterior features
Deck, SecurityHighImpactDoors, OutdoorGrill, Patio, Storage
Appliances
Dryer, Dishwasher, Freezer, Disposal, Microwave, Range, Refrigerator, Washer
Subdivision
GREENWOOD VILLAGE
Lot features
Dead End, Rectangular Lot
Directions
USE GPS
Standard status
Active
APN
20-46-23-T1-01303.0050
Size
1,421 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GREENWOOD VIL AT THE DUNES PB 34 PG 40 LOT 3 AKA UNIT 5
Tax Annual Amount
7295
HOA Fee
$275 Annually
Legal Description
GREENWOOD VIL AT THE DUNES PB 34 PG 40 LOT 3 AKA UNIT 5
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Flooring type
Vinyl, Tile
Building materials
Stucco, WoodSiding, WoodFrame
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Pfeifer Realty Group LLC
(239) 472-0004
Listed By:
Kelly Huguenin · License #280596876
(423) 903-4684
Added: May 11
Changed: Aug 20
Last Checked: Sep 1 at 7:06AM
MLS# 2026020743
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,421-square-foot duplex at 974 Greenwood Court S features three bedrooms, vaulted ceilings, modern tile and vinyl flooring, and an updated interior with white shiplap accents and skylights. The kitchen includes craftsman-style cabinetry, granite countertops, stainless-steel appliances, a pantry, and a breakfast bar. Impact-rated windows and doors add storm protection, while the screened porch, deck, patio, storage, garage, driveway, and covered parking expand the property's functional appeal. The home was built in 1981 and is served by public water and public sewer.
Set on a 0.186-acre lot in Sanibel's Dunes neighborhood, the property sits on a quiet dead-end street surrounded by wooded views. The beach is described as a five-minute walk away, with restaurants, cafes, shops, and bike paths also accessible from the property.
Set on a 0.186-acre lot in Sanibel's Dunes neighborhood, the property sits on a quiet dead-end street surrounded by wooded views. The beach is described as a five-minute walk away, with restaurants, cafes, shops, and bike paths also accessible from the property.
Key Highlights
- 1,421‑square‑foot duplex with three bedrooms
- 0.186‑acre lot in Sanibel's Dunes neighborhood
- Updated kitchen with granite counters and stainless‑steel appliances
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
$18,809
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
2.94%
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%
$376,180
$376.2K
Cap Rate 7%
$268,700
$268.7K
Cap Rate 9%
$208,989
$209.0K
Market Conditions
NOI Build-Up for 1,421 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
$28.1K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$26.9K $18.91/SF
− OpEx
−$8.1K −$5.67/SF
NOI
$18.8K $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%
$376,180
Cap Rate 7%
$268,700
Cap Rate 9%
$208,989
Alternative Uses
Best Use
Multifamily LT 5
$268.7K
$235.1K – $313.5K
NOI $18,809 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$249.0K
$217.9K – $290.5K
NOI $17,430 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$447.2K
$391.3K – $521.8K
NOI $31,307 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
Explore this area
Business Placement
Demographics for 33957, FL
6,382
Population
8,525
Households
0.7
Avg Household Size
68
Median Age
62%
College-Educated
99%
High-School Grad
16.2 sq mi
ZIP Area
394
Density / Sq Mi
$122,730
Median Household Income
$44,840
Median Earnings
$747
Median Rent
$912,200
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 - Coastal duplex with a remodeled kitchen, screened porch, impact windows, and a wooded setting near island amenities.
Where is this duplex located?
The property is located at 974 Greenwood Court S Sanibel, FL.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: 1,421‑square‑foot duplex with three bedrooms; 0.186‑acre lot in Sanibel's Dunes neighborhood; Updated kitchen with granite counters and stainless‑steel appliances
