Newly Built Upgraded
For Sale
$539,900
Pending
4609/4611 Leonard Blvd S, Lehigh Acres, FL 33973
Two three-bedroom residences feature upgraded finishes, private living areas, and move-in-ready interiors.
Property Size2,392 SF
Days on Market592
Property Features for 4609/4611 Leonard Blvd S
General Information
Standard status
Pending
Size
2,392 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Listing Agency:
MGR Realty Services, Inc.
(239) 289-4312
Listed By:
Katia Pazo · License #258023860
Source:
Naplespropertyguide
Added: Jan 17, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:41PM
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 MGR Realty Services, Inc.
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex includes two residences, each with three bedrooms, two bathrooms, 1,196 SF of living area, and 1,640 SF of total area. The property has 2,392 SF overall and is ready for occupancy with a certificate of occupancy issued 03/09/2025.
Interior finishes include porcelain tile flooring, stainless steel appliances, quartz countertops in the kitchens and bathrooms, wood cabinetry, dual sinks in each primary bathroom, and walk-in primary closets. Tray ceilings accent the living rooms, dining rooms, and primary bedrooms, while the floor plans are designed around spacious living areas.
The property is located at 4609/4611 Leonard Blvd S in Lehigh Acres, with access to Fort Myers. It is not located in a flood zone.
Interior finishes include porcelain tile flooring, stainless steel appliances, quartz countertops in the kitchens and bathrooms, wood cabinetry, dual sinks in each primary bathroom, and walk-in primary closets. Tray ceilings accent the living rooms, dining rooms, and primary bedrooms, while the floor plans are designed around spacious living areas.
The property is located at 4609/4611 Leonard Blvd S in Lehigh Acres, with access to Fort Myers. It is not located in a flood zone.
Key Highlights
- Duplex completed in 2025 with 2,392 SF overall
- Each side offers 3 bedrooms, 2 bathrooms, 1,196 SF of living area, and 1,640 SF of total area
- Porcelain tile flooring, stainless steel appliances, quartz countertops, and wood cabinetry
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
$31,661
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
5.86%
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%
$633,220
$633.2K
Cap Rate 7%
$452,300
$452.3K
Cap Rate 9%
$351,789
$351.8K
Market Conditions
NOI Build-Up for 2,392 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
$47.4K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.2K $18.91/SF
− OpEx
−$13.6K −$5.67/SF
NOI
$31.7K $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%
$633,220
Cap Rate 7%
$452,300
Cap Rate 9%
$351,789
Alternative Uses
Best Use
Multifamily LT 5
$452.3K
$395.8K – $527.7K
NOI $31,661 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$419.2K
$366.8K – $489.0K
NOI $29,341 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$752.9K
$658.8K – $878.4K
NOI $52,701 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
101
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 three-bedroom residences feature upgraded finishes, private living areas, and move-in-ready interiors.
Where is this duplex located?
The property is located at 4609/4611 Leonard Blvd S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: Duplex completed in 2025 with 2,392 SF overall; Each side offers 3 bedrooms, 2 bathrooms, 1,196 SF of living area, and 1,640 SF of total area; Porcelain tile flooring, stainless steel appliances, quartz countertops, and wood cabinetry
