Two-Unit Duplex with
For Sale
$459,000
110 Pullman St, Lehigh Acres, FL 33974
Each residence offers three bedrooms, two bathrooms, a den, tile flooring, and a private single-car garage.
Property Size2,246 SF
Price / SF$204.36
Days on Market8
Property Features for 110 Pullman St
General Information
Standard status
Active
Size
2,246 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA with den
Multifamily Units
2
Building Details
Year Built
2006
Listing Agency:
Douglas Realty & Development
Listed By:
Debra Dupree · License #258003330
(239) 834-7115
Source:
Naplesmarcolistings
Added: Aug 31
Changed: Sep 5
Last Checked: Sep 6 at 9:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Douglas Realty & Development
Investment Insights
Based on property information with market context.
This duplex contains 2,246 square feet and was built in 2006. Each side provides three bedrooms, two bathrooms, a den, and a single garage, creating matching residential layouts within the two-unit property. Tile flooring extends throughout both residences, and the roof was replaced in 2022.
The property is located at 110 Pullman St in Lehigh Acres, near SR 82 and Fort Myers. Dining and shopping are also nearby, adding convenient access to everyday services.
The property is located at 110 Pullman St in Lehigh Acres, near SR 82 and Fort Myers. Dining and shopping are also nearby, adding convenient access to everyday services.
Key Highlights
- 2,246‑square‑foot duplex built in 2006
- Each side has 3 bedrooms, 2 bathrooms, and a den
- Single garage serving each unit
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
$23,898
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
5.21%
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%
$477,960
$478.0K
Cap Rate 7%
$341,400
$341.4K
Cap Rate 9%
$265,533
$265.5K
Market Conditions
NOI Build-Up for 2,246 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
$36.4K $16.20/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$34.1K $15.20/SF
− OpEx
−$10.2K −$4.56/SF
NOI
$23.9K $10.64/SF
Area
ZIP 33974
Vacancy
6.17%
Lease Rate
$16.20 /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%
$477,960
Cap Rate 7%
$341,400
Cap Rate 9%
$265,533
Alternative Uses
Best Use
Multifamily LT 5
$341.4K
$298.7K – $398.3K
NOI $23,898 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$297.0K
$259.9K – $346.5K
NOI $20,790 @ 7.0% cap · market cap 4.53%
Theoretical Best
Specialty Retail
$864.6K
$756.6K – $1.01M
NOI $60,525 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 33974, FL
17,233
Population
5,771
Households
3
Avg Household Size
33
Median Age
16%
College-Educated
84%
High-School Grad
22.4 sq mi
ZIP Area
769
Density / Sq Mi
$65,809
Median Household Income
$33,982
Median Earnings
$1,698
Median Rent
$272,800
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 - Each residence offers three bedrooms, two bathrooms, a den, tile flooring, and a private single-car garage.
Where is this duplex located?
The property is located at 110 Pullman St Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 2,246‑square‑foot duplex built in 2006; Each side has 3 bedrooms, 2 bathrooms, and a den; Single garage serving each unit
