New Construction
For Sale
$515,000
123 Ichabod Ave, Lehigh Acres, FL 33973
Two separately metered residences feature contemporary finishes, private garages, and individual driveways in Lehigh Acres.
Property Size2,502 SF
Price / SF$205.84
Days on Market46
Property Features for 123 Ichabod Ave
General Information
Standard status
Active
Size
2,502 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Building Details
Year Built
2025
Buildings
1
Construction
concrete block
Listing Agency:
EXP Realty LLC
(239) 323-6862
Listed By:
Victor Persaud · License #488005353
Source:
Swfloridapropertiesforsale
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 10:28AM
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.
Completed in 2025, this duplex contains two residences with open-concept interiors and modern finishes. Each unit offers 3 bedrooms, 2 full bathrooms, a private 1-car garage, a separate driveway, luxury tile flooring, granite countertops, soft-close cabinetry, stainless steel appliances, impact-resistant windows and doors, and full laundry hookups. Concrete block construction and an architectural shingle roof provide durable building components, while individual electric and water meters serve each unit. New build warranties are included.
The property is located at 123 Ichabod Ave in Lehigh Acres, within the Westminster area. The surrounding residential setting provides access to I-75, SR 82, shopping, restaurants, schools, and Southwest Florida International Airport. Fort Myers and area beaches are also within a short drive, and the property has no HOA fees.
The property is located at 123 Ichabod Ave in Lehigh Acres, within the Westminster area. The surrounding residential setting provides access to I-75, SR 82, shopping, restaurants, schools, and Southwest Florida International Airport. Fort Myers and area beaches are also within a short drive, and the property has no HOA fees.
Key Highlights
- Two units, each with 3 bedrooms, 2 full bathrooms, and a private 1‑car garage
- Separate electric and water meters serve each unit
- Completed in 2025 with new build warranties included
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
$33,117
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
6.43%
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%
$662,340
$662.3K
Cap Rate 7%
$473,100
$473.1K
Cap Rate 9%
$367,967
$368.0K
Market Conditions
NOI Build-Up for 2,502 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
$49.5K $19.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$47.3K $18.91/SF
− OpEx
−$14.2K −$5.67/SF
NOI
$33.1K $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%
$662,340
Cap Rate 7%
$473,100
Cap Rate 9%
$367,967
Alternative Uses
Best Use
Multifamily LT 5
$473.1K
$414.0K – $552.0K
NOI $33,117 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$438.4K
$383.6K – $511.5K
NOI $30,690 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$787.5K
$689.1K – $918.7K
NOI $55,124 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
191
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 metered residences feature contemporary finishes, private garages, and individual driveways in Lehigh Acres.
Where is this duplex located?
The property is located at 123 Ichabod Ave Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms, 2 full bathrooms, and a private 1‑car garage; Separate electric and water meters serve each unit; Completed in 2025 with new build warranties included
