Duplex with Tile
For Sale
$440,000
116/118 Gordon Ave S, Lehigh Acres, FL 33973
Two residential units feature kitchens, tiled floors, a large yard, and ample parking.
Property Size3,240 SF
Price / SF$135.80
Days on Market513
Property Features for 116/118 Gordon Ave S
General Information
Standard status
Active
Size
3,240 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2004
Buildings
1
Listing Agency:
Mamba Realty LLC
(786) 217-4935
Listed By:
Carmen Ramos · License #279663153
Source:
Swflhousesforsale
Added: Apr 7, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:29PM
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 Mamba Realty LLC
Investment Insights
Based on property information with market context.
Built in 2004, this 3,240-square-foot duplex contains two residential units, each with three bedrooms, two bathrooms, and a kitchen. Tile flooring is featured throughout the units, and the property also includes a newer roof, a large yard, and ample parking.
The property is located at 116/118 Gordon Ave S in Lehigh Acres, Florida, near shopping, dining, schools, and major roadways. Its two-unit configuration provides flexibility for an owner seeking residential space alongside rental use or for operating both sides as income-producing units.
The property is located at 116/118 Gordon Ave S in Lehigh Acres, Florida, near shopping, dining, schools, and major roadways. Its two-unit configuration provides flexibility for an owner seeking residential space alongside rental use or for operating both sides as income-producing units.
Key Highlights
- 3,240‑square‑foot duplex built in 2004
- Each unit includes 3 bedrooms and 2 bathrooms
- Kitchens and tile flooring in both units
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
$39,743
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
9.03%
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%
$794,860
$794.9K
Cap Rate 7%
$567,757
$567.8K
Cap Rate 9%
$441,589
$441.6K
Market Conditions
NOI Build-Up for 3,240 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
$75.4K $23.28/SF
− Vacancy
−$3.2K −$0.98/SF
EGI
$72.3K $22.30/SF
− OpEx
−$32.5K −$10.04/SF
NOI
$39.7K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$794,860
Cap Rate 7%
$567,757
Cap Rate 9%
$441,589
Alternative Uses
Best Use
Multifamily LT 5
$612.7K
$536.1K – $714.8K
NOI $42,886 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$567.8K
$496.8K – $662.4K
NOI $39,743 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$1.02M
$892.3K – $1.19M
NOI $71,384 @ 7.0% cap · market cap 16.22%
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
201
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature kitchens, tiled floors, a large yard, and ample parking.
Where is this duplex located?
The property is located at 116/118 Gordon Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 3,240‑square‑foot duplex built in 2004; Each unit includes 3 bedrooms and 2 bathrooms; Kitchens and tile flooring in both units
