New Construction Duplex with
New
For Sale
$509,900
4901/4903 Leonard Boulevard S, Lehigh Acres, FL 33973
ResidentialIncome, Lehigh Acres, FL
Property Size3,280 SF
Lot Size0.31 Acres
Price / SF$155.46
Days on Market2
Property Features for 4901/4903 Leonard Boulevard S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
RM-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 1
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Oversized Lot
Directions
GPS
Standard status
Active
APN
32-44-26-L4-03012.0120
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 3 BLK 12 PB 15 PG 83 LOT 12
Tax Annual Amount
673
Legal Description
LEHIGH ESTATES UNIT 3 BLK 12 PB 15 PG 83 LOT 12
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Well
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
MGR Realty Services, Inc.
(239) 491-6201
Listed By:
Katia Pazo · License #258023860
(239) 289-4312
Added: Sep 7
Last Checked: Sep 8 at 10:06PM
MLS# 2026037784
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. 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 under-construction duplex is designed with two residences, each offering 3 bedrooms, 2 bathrooms, 1,196 square feet of living area, and 1,640 square feet of total area. Interior specifications include porcelain tile flooring, stainless steel appliances, quartz countertops, wood cabinetry, dual sinks in the primary bathroom, a walk-in primary closet, and tray ceilings in selected rooms. Each side follows a spacious ranch-style floor plan.
The property occupies a 0.3146-acre corner lot in Lehigh Acres, with stated access to Fort Myers and no flood-zone location. Construction uses block, concrete, and stucco, with shingle roofing, central electric heating, central air conditioning, well water, and a septic tank. The projected year built is 2026.
The property occupies a 0.3146-acre corner lot in Lehigh Acres, with stated access to Fort Myers and no flood-zone location. Construction uses block, concrete, and stucco, with shingle roofing, central electric heating, central air conditioning, well water, and a septic tank. The projected year built is 2026.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 bathrooms per side
- 1,196 SF of living area and 1,640 SF of total area per side
- 0.3146‑acre corner lot in Lehigh Acres
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
$43,415
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
8.51%
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%
$868,300
$868.3K
Cap Rate 7%
$620,214
$620.2K
Cap Rate 9%
$482,389
$482.4K
Market Conditions
NOI Build-Up for 3,280 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
$64.9K $19.80/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$62.0K $18.91/SF
− OpEx
−$18.6K −$5.67/SF
NOI
$43.4K $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%
$868,300
Cap Rate 7%
$620,214
Cap Rate 9%
$482,389
Alternative Uses
Best Use
Multifamily LT 5
$620.2K
$542.7K – $723.6K
NOI $43,415 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$574.8K
$502.9K – $670.6K
NOI $40,233 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$1.03M
$903.3K – $1.20M
NOI $72,265 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
79
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 - Two-unit residential property with upgraded finishes, central HVAC, and a ranch-style layout on a corner lot.
Where is this duplex located?
The property is located at 4901/4903 Leonard Boulevard S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 bathrooms per side; 1,196 SF of living area and 1,640 SF of total area per side; 0.3146‑acre corner lot in Lehigh Acres
