Duplex with Updated
For Sale
$335,000
200 & 202 Homer Ave S, Lehigh Acres, FL 33973
Two-unit property with one rented side and a separate unit available for owner use.
Property Size2,362 SF
Price / SF$141.83
Days on Market8
Property Features for 200 & 202 Homer Ave S
General Information
Standard status
Active
Size
2,362 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2003
Listing Agency:
Marshall Reddick Real Estate
Listed By:
Maureen Mitchell · License #3444503
(239) 289-7533
Source:
Swflhomesource
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 24 at 11:01AM
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 Marshall Reddick Real Estate
Investment Insights
Based on property information with market context.
This 2,362-square-foot duplex, built in 2003, contains two three-bedroom, two-bathroom units. Both sides feature tile flooring throughout and ceiling fans in every room. The roof was replaced in 2025, the A/C units were replaced in 2020 and 2021, and the exterior has been recently painted.
One unit is currently rented, while the other is available for the owner. The property is located at 200 & 202 Homer Ave S in Lehigh Acres, Florida, and offers a two-unit configuration with separate residential spaces under one ownership.
One unit is currently rented, while the other is available for the owner. The property is located at 200 & 202 Homer Ave S in Lehigh Acres, Florida, and offers a two-unit configuration with separate residential spaces under one ownership.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units
- 2,362 SF duplex built in 2003
- New roof installed in 2025
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
$28,973
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
8.65%
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%
$579,460
$579.5K
Cap Rate 7%
$413,900
$413.9K
Cap Rate 9%
$321,922
$321.9K
Market Conditions
NOI Build-Up for 2,362 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
$55.0K $23.28/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$52.7K $22.30/SF
− OpEx
−$23.7K −$10.04/SF
NOI
$29.0K $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%
$579,460
Cap Rate 7%
$413,900
Cap Rate 9%
$321,922
Alternative Uses
Best Use
Multifamily LT 5
$446.6K
$390.8K – $521.1K
NOI $31,264 @ 7.0% cap · market cap 9.33%
Second Best
Apartment 5plus
$413.9K
$362.2K – $482.9K
NOI $28,973 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$743.4K
$650.5K – $867.3K
NOI $52,040 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with one rented side and a separate unit available for owner use.
Where is this duplex located?
The property is located at 200 & 202 Homer Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units; 2,362 SF duplex built in 2003; New roof installed in 2025
