Duplex
For Sale
$343,900
1116/1118 Ichabod Ave, Lehigh Acres, FL 33973
The property includes six bedrooms, four baths, and two garages across its two-unit configuration.
Property Size2,228 SF
Price / SF$154.35
Days on Market244
Property Features for 1116/1118 Ichabod Ave
General Information
Standard status
Active
Size
2,228 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2006
Listing Agency:
EXP Realty LLC
(239) 405-2537
Listed By:
David A Irwin · License #3023416
Source:
Naplespropertyguide
Added: Dec 30, 2025
Changed: Aug 31
Last Checked: Aug 30 at 6:09PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This two-unit residential property at 1116/1118 Ichabod Ave in Lehigh Acres, Florida, contains 2,228 square feet. Built in 2006, the duplex includes six bedrooms, four baths, and two garages.
The property is located in Lehigh Acres, FL 33973. Its configuration provides two residential units within one duplex structure, with garage parking serving the property.
The property is located in Lehigh Acres, FL 33973. Its configuration provides two residential units within one duplex structure, with garage parking serving the property.
Key Highlights
- 2,228‑square‑foot duplex property
- Built in 2006
- Six bedrooms and four baths
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
$29,490
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
8.58%
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%
$589,800
$589.8K
Cap Rate 7%
$421,286
$421.3K
Cap Rate 9%
$327,667
$327.7K
Market Conditions
NOI Build-Up for 2,228 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
$44.1K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$42.1K $18.91/SF
− OpEx
−$12.6K −$5.67/SF
NOI
$29.5K $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%
$589,800
Cap Rate 7%
$421,286
Cap Rate 9%
$327,667
Alternative Uses
Best Use
Multifamily LT 5
$421.3K
$368.6K – $491.5K
NOI $29,490 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$390.4K
$341.6K – $455.5K
NOI $27,329 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$701.2K
$613.6K – $818.1K
NOI $49,087 @ 7.0% cap · market cap 14.27%
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 - The property includes six bedrooms, four baths, and two garages across its two-unit configuration.
Where is this duplex located?
The property is located at 1116/1118 Ichabod Ave Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $343,900.
What are key features of this property?
This property features: 2,228‑square‑foot duplex property; Built in 2006; Six bedrooms and four baths
