313 24Th Ave Cape Coral, FL 33990
- Apartment buildings
- 2,850 SF
Current Use by Public Records
- Apartment buildings
Property Details for 313 24Th Ave
- Year built
- 1981
- Property size
- 2,850 SF
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This meticulously renovated duplex in Cape Coral, FL, presents a compelling investment opportunity. Boasting a 2,850 square foot footprint on a 10,800 square foot lot, this property features two units, each with 2 bedrooms and 2 bathrooms. A complete 2023 renovation included a new roof, updated kitchens with stainless steel appliances and quartz/granite countertops, new bathrooms, tile flooring throughout, and new garage door openers. Each unit also enjoys an oversized laundry room and a Florida room. The property includes six parking spaces (two-car garage plus four additional spaces), two electrical meters, two water meters, and central air conditioning in each unit. The property is connected to the city sewer system. Currently operating at 100% occupancy with reliable tenants paying all utilities (NN lease), this stabilized investment offers a strong NOI of $40,800 (pro-forma NOI of $43,200), resulting in a 7.92% cap rate (pro-forma 8.39%). The asking price is $515,000, or $257,500 per unit. The property is zoned R3-D and was built in 1981. The large, divided backyard provides privacy for each unit. This turnkey investment is ready for immediate income generation.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cape Coral
- County
- Lee
- State
- Florida
- Longitude
- -81.9238
- Latitude
- 26.6465
