Leased Modern
For Sale
$499,995
2224-2226 Kenneth Ave S, Lehigh Acres, FL 33973
Two three-bedroom units offer updated finishes, appliances, laundry equipment, and expanded driveway parking.
Property Size2,370 SF
Price / SF$210.97
Days on Market59
Property Features for 2224-2226 Kenneth Ave S
General Information
Standard status
Active
Size
2,370 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Sprinkler System
Yes
Amenities
granite countertops
stainless steel appliances
9 ft ceilings
waterproof vinyl plank flooring
tile in bathrooms
washer
dryer
water softener system
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Realty One Group MVP
(239) 821-6992
Listed By:
Felycia Montes De Oca · License #3642499
Source:
Napleshomesearcher
Added: Jul 2
Changed: Aug 28
Last Checked: Aug 29 at 10:32AM
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 Realty One Group MVP
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains two three-bedroom, two-bathroom units with a combined property size of 2,370 square feet. Both sides are leased to long-term tenants, providing established rental occupancy and existing rental history. Each residence includes granite countertops, stainless steel appliances, nine-foot interior ceilings, waterproof vinyl plank flooring, and tiled bathrooms.
The units are equipped with individual washers and dryers, water softener systems, and separate sprinkler systems. Expanded driveways on both sides add parking capacity. The property is situated near main roads, schools, and shopping in Lehigh Acres, Florida.
The units are equipped with individual washers and dryers, water softener systems, and separate sprinkler systems. Expanded driveways on both sides add parking capacity. The property is situated near main roads, schools, and shopping in Lehigh Acres, Florida.
Key Highlights
- Built in 2023 with two 3‑bedroom, 2‑bathroom units
- Fully leased to long‑term tenants
- Combined property size of 2,370 square feet
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
$31,370
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%
$627,400
$627.4K
Cap Rate 7%
$448,143
$448.1K
Cap Rate 9%
$348,556
$348.6K
Market Conditions
NOI Build-Up for 2,370 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
$46.9K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$44.8K $18.91/SF
− OpEx
−$13.4K −$5.67/SF
NOI
$31.4K $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%
$627,400
Cap Rate 7%
$448,143
Cap Rate 9%
$348,556
Alternative Uses
Best Use
Multifamily LT 5
$448.1K
$392.1K – $522.8K
NOI $31,370 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$415.3K
$363.4K – $484.5K
NOI $29,071 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$745.9K
$652.7K – $870.3K
NOI $52,216 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
78
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 three-bedroom units offer updated finishes, appliances, laundry equipment, and expanded driveway parking.
Where is this duplex located?
The property is located at 2224-2226 Kenneth Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $499,995.
What are key features of this property?
This property features: Built in 2023 with two 3‑bedroom, 2‑bathroom units; Fully leased to long‑term tenants; Combined property size of 2,370 square feet
