Duplex with Washer and Dryer in
For Sale
$499,995
2224-2226 Kenneth Ave S, Lehigh Acres, FL 33973
MULTI_FAMILY - Other - LEHIGH ACRES, FL
Property Size2,370 SF
Lot Size0.29 Acres
Price / SF$210.97
Days on Market52
Property Features for 2224-2226 Kenneth Ave S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 4, Bedroom 5, Bathroom 4
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Regular, Regular
Standard status
Active
APN
32-44-26-L3-08033.0070
Size
2,370 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 8 BLK.33 PB 15 PG 88 LOT 7
Tax Annual Amount
5600
Legal Description
LEHIGH ESTATES UNIT 8 BLK.33 PB 15 PG 88 LOT 7
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air, Ceiling Fan(s)
Water source
Well
Amenities
granite countertops
stainless steel appliances
9 ft ceilings
waterproof vinyl plank flooring
tile in bathrooms
washer
dryer
water softener system
Building Details
Year built
2023
Number of units
2
Flooring type
Vinyl
Building materials
Concrete Block, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Realty One Group MVP
(800) 896-8790
Listed By:
Felycia Montes De Oca · License #3642499
(239) 821-6992
Added: Jul 9
Changed: Aug 13
Last Checked: Aug 29 at 4:06PM
MLS# 226025679
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 fully leased duplex in Lehigh Acres offers two identical-style units, each with three bedrooms and two bathrooms. Built in 2023, the property includes granite countertops, stainless steel appliances, and 9 ft ceilings. Flooring is waterproof vinyl plank throughout, with tile in the bathrooms. Each side has a washer, dryer, and a water softener system, along with an independent sprinkler system. Construction is concrete block with stucco, and the roof is shingle.
The duplex is set on a 0.287-acre lot (2,370 SF total property size). Utilities include a well for water service and a septic tank for sewer. The driveway has been expanded on both sides to provide additional parking space.
Zoned RM-2, the property is positioned near main roads, schools, and shopping.
The duplex is set on a 0.287-acre lot (2,370 SF total property size). Utilities include a well for water service and a septic tank for sewer. The driveway has been expanded on both sides to provide additional parking space.
Zoned RM-2, the property is positioned near main roads, schools, and shopping.
Key Highlights
- Fully leased duplex with long‑term tenants in place
- Built in 2023 with 3 bedrooms and 2 bathrooms per side
- In‑unit washer, dryer, and water softener; independent sprinkler system
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
$31,370
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
6.27%
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%
$627,400
$627.4K
Cap Rate 7%
$448,143
$448.1K
Cap Rate 9%
$348,556
$348.6K
Market Conditions
NOI Build-Up for 2,370 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
$46.9K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$44.8K $18.91/SF
− OpEx
−$13.4K −$5.67/SF
NOI
$31.4K $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%
$627,400
Cap Rate 7%
$448,143
Cap Rate 9%
$348,556
Alternative Uses
Best Use
Multifamily LT 5
$448.1K
$392.1K – $522.8K
NOI $31,370 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$415.3K
$363.4K – $484.5K
NOI $29,071 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$745.9K
$652.7K – $870.3K
NOI $52,216 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
78
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 - Fully leased Lehigh Acres duplex with three-bedroom, two-bath units and in-unit laundry amenities.
Where is this duplex located?
The property is located at 2224-2226 Kenneth Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $499,995.
What are key features of this property?
This property features: Fully leased duplex with long‑term tenants in place; Built in 2023 with 3 bedrooms and 2 bathrooms per side; In‑unit washer, dryer, and water softener; independent sprinkler system
