Brand-New Duplex Under
For Sale
$450,000
1120/1122 Homer Ave S, Lehigh Acres, FL 33973
MULTI_FAMILY - Other - LEHIGH ACRES, FL
Property Size2,526 SF
Lot Size0.29 Acres
Price / SF$178.15
Days on Market38
Property Features for 1120/1122 Homer Ave S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
RM-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4
Patio and Porch features
Patio
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Regular, Regular
Standard status
Active
APN
33-44-26-L4-08038.0170
Size
2,526 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESATES UNIT 8 BLK.38 PB 15 PG 88 LOT 17
Tax Annual Amount
744
Legal Description
LEHIGH ESATES UNIT 8 BLK.38 PB 15 PG 88 LOT 17
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Well
Building Details
Year built
2026
Number of units
2
Flooring type
Tile
Building materials
Concrete Block, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Xclusive Homes LLC
(239) 228-6242
Listed By:
Norma Fernandez, PA
(239) 687-0177
Added: Jul 25
Changed: Aug 13
Last Checked: Aug 31 at 3:06PM
MLS# 226027299
Copyright © 2026 Naples Area Board of REALTORS. 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 brand-new duplex at 1120/1122 Homer Ave S is under construction and planned with a modern, open-concept layout. Each unit is designed with three bedrooms and two full bathrooms, and the property includes a patio. Construction materials are concrete block and stucco, with tile flooring throughout. Comfort is supported by central electric HVAC, including central air and electric heat.
The duplex is on a 0.287-acre lot in Lehigh Acres, Lee County, Florida, zoned RM-2. The home will be served by a well for water and a septic tank for sewer. The roof is specified as shingle. The project is listed with a year built of 2026.
Plans and finish selections are described for the duplex as a whole, with photos noted as of a similar duplex for illustrative purposes. Actual features, finishes, colors, and appliances may vary.
The duplex is on a 0.287-acre lot in Lehigh Acres, Lee County, Florida, zoned RM-2. The home will be served by a well for water and a septic tank for sewer. The roof is specified as shingle. The project is listed with a year built of 2026.
Plans and finish selections are described for the duplex as a whole, with photos noted as of a similar duplex for illustrative purposes. Actual features, finishes, colors, and appliances may vary.
Key Highlights
- 0.287‑acre lot in RM‑2 zoning
- Under construction duplex planned for 2026 completion
- Each unit includes three bedrooms and two full bathrooms
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
$33,435
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
7.43%
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%
$668,700
$668.7K
Cap Rate 7%
$477,643
$477.6K
Cap Rate 9%
$371,500
$371.5K
Market Conditions
NOI Build-Up for 2,526 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
$50.0K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$47.8K $18.91/SF
− OpEx
−$14.3K −$5.67/SF
NOI
$33.4K $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%
$668,700
Cap Rate 7%
$477,643
Cap Rate 9%
$371,500
Alternative Uses
Best Use
Multifamily LT 5
$477.6K
$417.9K – $557.3K
NOI $33,435 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$442.6K
$387.3K – $516.4K
NOI $30,985 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$795.0K
$695.7K – $927.6K
NOI $55,653 @ 7.0% cap · market cap 12.37%
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
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 33973, FL
12,728
Population
4,286
Households
3
Avg Household Size
28
Median Age
11%
College-Educated
81%
High-School Grad
3.8 sq mi
ZIP Area
3,349
Density / Sq Mi
$57,216
Median Household Income
$34,676
Median Earnings
$1,432
Median Rent
$334,800
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 - Duplex under construction in RM-2 zoning with each unit offering three bedrooms and two full bathrooms.
Where is this duplex located?
The property is located at 1120/1122 Homer Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 0.287‑acre lot in RM‑2 zoning; Under construction duplex planned for 2026 completion; Each unit includes three bedrooms and two full bathrooms
