Duplex with Private
For Sale
$365,000
1132/1134 Ichabod Ave, Lehigh Acres, FL 33973
Two separately accessed units offer practical layouts, comfortable living areas, and natural light throughout.
Property Size2,242 SF
Price / SF$162.80
Days on Market166
Property Features for 1132/1134 Ichabod Ave
General Information
Standard status
Active
Size
2,242 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2006
Listing Agency:
RE/MAX Realty Team
(239) 201-6825
Listed By:
Jazmin Montas Sosa · License #258035272
Source:
Naplesareahomesearch
Added: Mar 19
Changed: Aug 31
Last Checked: Aug 31 at 5:22PM
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 RE/MAX Realty Team
Investment Insights
Based on property information with market context.
This 2242 SF duplex, built in 2006, includes two residential units with separate entrances, functional floor plans, comfortable living areas, and natural light. The configuration supports independent occupancy within one property and provides a straightforward residential income format.
Located at 1132/1134 Ichabod Ave in Lehigh Acres, the property sits on a spacious lot near main roads, shopping, and everyday amenities. Its two-unit arrangement and established construction provide a clear foundation for continued residential use or future improvements.
Located at 1132/1134 Ichabod Ave in Lehigh Acres, the property sits on a spacious lot near main roads, shopping, and everyday amenities. Its two-unit arrangement and established construction provide a clear foundation for continued residential use or future improvements.
Key Highlights
- 2242 SF duplex built in 2006
- Two units with separate private entrances
- Functional layouts with comfortable living areas
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
$29,676
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
8.13%
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%
$593,520
$593.5K
Cap Rate 7%
$423,943
$423.9K
Cap Rate 9%
$329,733
$329.7K
Market Conditions
NOI Build-Up for 2,242 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
$44.4K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$42.4K $18.91/SF
− OpEx
−$12.7K −$5.67/SF
NOI
$29.7K $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%
$593,520
Cap Rate 7%
$423,943
Cap Rate 9%
$329,733
Alternative Uses
Best Use
Multifamily LT 5
$423.9K
$371.0K – $494.6K
NOI $29,676 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$392.9K
$343.8K – $458.4K
NOI $27,501 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$705.7K
$617.5K – $823.3K
NOI $49,396 @ 7.0% cap · market cap 13.53%
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
95
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 separately accessed units offer practical layouts, comfortable living areas, and natural light throughout.
Where is this duplex located?
The property is located at 1132/1134 Ichabod Ave Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 2242 SF duplex built in 2006; Two units with separate private entrances; Functional layouts with comfortable living areas
