315 24Th AveCape Coral, FL 33990

Property Details for 315 24Th Ave

Year built

1981

Property size (Sq ft)

2,850 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This Cape Coral duplex presents a compelling investment opportunity. Completely remodeled in 2022 and 2023, this property features two units, each with four bedrooms and four bathrooms, totaling 2,850 square feet on a 10,500 square foot lot. The renovation included new roofs, tile floors, kitchens, bathrooms, and appliances. Each unit boasts a two-car garage (four total parking spaces), central air conditioning, and a large, divided backyard. Upgrades also encompass new kitchen cabinets, stainless steel appliances, quartz and granite countertops, and updated bathrooms. Each unit has its own oversized laundry room and Florida room. Separate electric and water meters ensure tenants pay all utilities, excluding sewer service. Currently 100% occupied (as of August 31, 2023) with qualified tenants, this stabilized investment boasts a 7.77% cap rate and a $37,224 net operating income (NOI), projected to increase to $39,700. The property is zoned R3-D and was built in 1981. Annual rent increases are in place, minimizing future capital expenditures. This turnkey investment offers exceptional passive income potential with minimal management requirements. The asking price is $515,000, or $257,500 per unit. The property address is 315 SE 24th Ave, Cape Coral, FL 33990. Lee County APN: 17 44 24 C2 01364 0540.

Location Insight

City

Cape Coral

County

Lee

State

Florida

Latitude

26.6465

Longitude

-81.9238

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