Leased Duplex
For Sale
$535,000
129-131 Ivan Ave S, Lehigh Acres, FL 33973
Both residences are leased, supporting continued rental operation in Lehigh Acres.
Property Size2,536 SF
Price / SF$210.96
Days on Market236
Property Features for 129-131 Ivan Ave S
General Information
Standard status
Active
Size
2,536 SF
Property subtype
Multi-Family
Building Details
Year Built
2021
Listing Agency:
Coldwell Banker Realty
(239) 888-3737
Listed By:
Jimmy Saintil
Source:
Naplespropertyguide
Added: Jan 8
Changed: Aug 31
Last Checked: Aug 31 at 5:33PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 129-131 Ivan Ave S in Lehigh Acres, this duplex contains two residential units within a 2,536-square-foot property. Both sides are currently rented, providing an established rental arrangement for continued operation.
Completed in 2021, the property offers two separate residences with functional layouts suited to long-term occupancy. The configuration also supports an owner-occupant arrangement, with one unit available for personal use while the other remains rented, subject to applicable occupancy and lease terms.
Completed in 2021, the property offers two separate residences with functional layouts suited to long-term occupancy. The configuration also supports an owner-occupant arrangement, with one unit available for personal use while the other remains rented, subject to applicable occupancy and lease terms.
Key Highlights
- Two‑unit duplex with both residences currently rented
- 2,536‑square‑foot property
- Built in 2021
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
$33,567
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
6.27%
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%
$671,340
$671.3K
Cap Rate 7%
$479,529
$479.5K
Cap Rate 9%
$372,967
$373.0K
Market Conditions
NOI Build-Up for 2,536 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
$50.2K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$48.0K $18.91/SF
− OpEx
−$14.4K −$5.67/SF
NOI
$33.6K $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%
$671,340
Cap Rate 7%
$479,529
Cap Rate 9%
$372,967
Alternative Uses
Best Use
Multifamily LT 5
$479.5K
$419.6K – $559.5K
NOI $33,567 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$444.4K
$388.8K – $518.5K
NOI $31,107 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$798.2K
$698.4K – $931.2K
NOI $55,873 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Both residences are leased, supporting continued rental operation in Lehigh Acres.
Where is this duplex located?
The property is located at 129-131 Ivan Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently rented; 2,536‑square‑foot property; Built in 2021
