Oversized Brand-New
For Sale
$550,000
4429-4431 28th St SW, Lehigh Acres, FL 33973
MULTI_FAMILY - Other - LEHIGH ACRES, FL
Property Size3,360 SF
Lot Size0.29 Acres
Price / SF$163.69
Days on Market152
Property Features for 4429-4431 28th St SW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
RM-2
Bedrooms
4
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Regular, Regular
Standard status
Active
APN
04-45-26-L3-05021.0220
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 5 BLK 21 PB 15 PG 85 LOT 22
Tax Annual Amount
805
Legal Description
LEHIGH ESTATES UNIT 5 BLK 21 PB 15 PG 85 LOT 22
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:
Reinier Perez · License #NAPLES-249528682
(239) 571-9057
Added: Mar 19
Changed: Aug 13
Last Checked: Aug 17 at 7:06PM
MLS# 226011849
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.
A brand-new oversized duplex under construction at 4429-4431 28th St SW in Lehigh Acres, FL. The design totals 3,360 SqFt, with each unit planned for 2 bedrooms plus a den/office, 2 bathrooms, and additional storage. Construction materials include concrete block and stucco, with tile flooring throughout. The home is slated for YearBuilt 2026 with a shingle roof, central electric heating, and central air conditioning.
Planned exterior and comfort features include impact-resistant windows and 4 independent A/C systems, which allow each unit full control and are intended to reduce long-term maintenance concerns. Water service is from a well, and wastewater is handled by a septic tank.
The property sits on a 0.2899-acre lot and is zoned RM-2, supporting a multifamily residential use.
Planned exterior and comfort features include impact-resistant windows and 4 independent A/C systems, which allow each unit full control and are intended to reduce long-term maintenance concerns. Water service is from a well, and wastewater is handled by a septic tank.
The property sits on a 0.2899-acre lot and is zoned RM-2, supporting a multifamily residential use.
Key Highlights
- Oversized duplex under construction totaling 3,360 SqFt
- Each unit planned with 2 bedrooms plus den/office, 2 bathrooms, and additional storage
- Impact‑resistant windows plus 4 independent A/C systems for unit‑level control
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
$44,474
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
8.09%
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%
$889,480
$889.5K
Cap Rate 7%
$635,343
$635.3K
Cap Rate 9%
$494,156
$494.2K
Market Conditions
NOI Build-Up for 3,360 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
$66.5K $19.80/SF
− Vacancy
−$3.0K −$0.89/SF
EGI
$63.5K $18.91/SF
− OpEx
−$19.1K −$5.67/SF
NOI
$44.5K $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%
$889,480
Cap Rate 7%
$635,343
Cap Rate 9%
$494,156
Alternative Uses
Best Use
Multifamily LT 5
$635.3K
$555.9K – $741.2K
NOI $44,474 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$588.8K
$515.2K – $686.9K
NOI $41,215 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$1.06M
$925.4K – $1.23M
NOI $74,028 @ 7.0% cap · market cap 13.46%
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
88
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - New construction duplex under development in RM-2 zoning with impact-resistant windows and well/septic utilities.
Where is this duplex located?
The property is located at 4429-4431 28th St SW Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Oversized duplex under construction totaling 3,360 SqFt; Each unit planned with 2 bedrooms plus den/office, 2 bathrooms, and additional storage; Impact‑resistant windows plus 4 independent A/C systems for unit‑level control
