Two-Unit Duplex with
For Sale
$450,000
1120/1122 Homer Ave S, Lehigh Acres, FL 33973
Residential Income, Duplex, LEHIGH ACRES, FL
Property Size2,526 SF
Lot Size0.29 Acres
Price / SF$178.15
Days on Market61
Property Features for 1120/1122 Homer Ave S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
RM-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 3, Bathroom 2
Patio and Porch features
Patio
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Regular, Regular
Standard status
Active
APN
33-44-26-L4-08038.0170
Size
2,526 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESATES UNIT 8 BLK.38 PB 15 PG 88 LOT 17
Tax Annual Amount
744
Legal Description
LEHIGH ESATES UNIT 8 BLK.38 PB 15 PG 88 LOT 17
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
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:
Norma Fernandez, PA
(239) 687-0177
Added: Jul 25
Changed: Sep 15
Last Checked: Sep 23 at 7:06AM
MLS# 226027299
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 duplex is under construction and is scheduled for completion in 2026. The 2,526-square-foot property includes two residences, each with three bedrooms and two full bathrooms. Interior details include quartz countertops in the kitchens and bathrooms, contemporary cabinetry, tile flooring, and open-concept living areas. Each residence also includes a patio. Construction materials are concrete block and stucco, with shingle roofing, central electric heating, and central air conditioning.
The property is located at 1120/1122 Homer Ave S in Lehigh Acres, Florida, within RM-2 zoning. Water service is provided by a well, and wastewater is handled by a septic tank. The 0.287-acre site is in Lee County and carries a 33973 postal code.
The property is located at 1120/1122 Homer Ave S in Lehigh Acres, Florida, within RM-2 zoning. Water service is provided by a well, and wastewater is handled by a septic tank. The 0.287-acre site is in Lee County and carries a 33973 postal code.
Key Highlights
- 2,526‑square‑foot duplex on a 0.287‑acre site
- Two residences, each with 3 bedrooms and 2 full bathrooms
- Under construction with a 2026 year built
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
$33,435
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
7.43%
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%
$668,700
$668.7K
Cap Rate 7%
$477,643
$477.6K
Cap Rate 9%
$371,500
$371.5K
Market Conditions
NOI Build-Up for 2,526 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
$50.0K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$47.8K $18.91/SF
− OpEx
−$14.3K −$5.67/SF
NOI
$33.4K $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%
$668,700
Cap Rate 7%
$477,643
Cap Rate 9%
$371,500
Alternative Uses
Best Use
Multifamily LT 5
$477.6K
$417.9K – $557.3K
NOI $33,435 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$442.6K
$387.3K – $516.4K
NOI $30,985 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$795.0K
$695.7K – $927.6K
NOI $55,653 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Under construction with two three-bedroom residences, contemporary finishes, and central heating and cooling.
Where is this duplex located?
The property is located at 1120/1122 Homer Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,526‑square‑foot duplex on a 0.287‑acre site; Two residences, each with 3 bedrooms and 2 full bathrooms; Under construction with a 2026 year built
