Contemporary Duplex with Impact
For Sale
$449,999
2401-2403 Joe Avenue S, Lehigh Acres, FL 33973
MULTI_FAMILY - Contemporary - Lehigh Acres, FL
Property Size2,400 SF
Lot Size0.30 Acres
Price / SF$187.50
Days on Market221
Property Features for 2401-2403 Joe Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
RM-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 6, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 2
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Corner Lot, Oversized Lot
Directions
USE GPS
Standard status
Active
APN
32-44-26-L4-03010.0010
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 3 BLK.10 PB 15 PG 83 LOT 1
Tax Annual Amount
4857
Legal Description
LEHIGH ESTATES UNIT 3 BLK.10 PB 15 PG 83 LOT 1
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Central Air, Electric
Water source
Well
Building Details
Year built
2024
Number of units
2
Flooring type
Tile
Building materials
MetalFrame, Stucco
Roof type
Built-Up, Rolled Hot Mop, Metal, Flat
Architectural style
Contemporary
Listing Agency:
Century 21 Sunbelt Realty · Century 21 Real Estate
(239) 542-8611
Listed By:
A.D. Diaz · License #252012736
(239) 872-7936
Added: Jan 9
Changed: Aug 2
Last Checked: Aug 18 at 8:06AM
MLS# 2026000711
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Newly constructed duplex property currently under construction, built in a contemporary architectural style with metal framing and stucco exterior materials. Each side is designed as a separate, comfortable living space with 2 bedrooms plus a den, 2 bathrooms, and a 1-car garage. Interior finishes include tile flooring, with central electric heating and central air conditioning.
The home is built with durability and low-maintenance in mind, featuring impact windows and doors, and a structural approach using engineered metal containers and sturdy metal framing. The roof is described as built-up/rolled hot mop with metal and flat roof components. For utilities, the property uses a well for water supply and a septic tank for wastewater.
Constructed in 2024, this duplex is positioned as a brand-new option with completed systems and features intended to support long-term ease of ownership and maintenance.
The home is built with durability and low-maintenance in mind, featuring impact windows and doors, and a structural approach using engineered metal containers and sturdy metal framing. The roof is described as built-up/rolled hot mop with metal and flat roof components. For utilities, the property uses a well for water supply and a septic tank for wastewater.
Constructed in 2024, this duplex is positioned as a brand-new option with completed systems and features intended to support long-term ease of ownership and maintenance.
Key Highlights
- Duplex under construction, year built 2024
- Each side offers 2 bedrooms plus a den, 2 baths, and a 1‑car garage
- Each side includes 1,200 SF of living space
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
$31,767
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
7.06%
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%
$635,340
$635.3K
Cap Rate 7%
$453,814
$453.8K
Cap Rate 9%
$352,967
$353.0K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.4K $18.91/SF
− OpEx
−$13.6K −$5.67/SF
NOI
$31.8K $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%
$635,340
Cap Rate 7%
$453,814
Cap Rate 9%
$352,967
Alternative Uses
Best Use
Multifamily LT 5
$453.8K
$397.1K – $529.5K
NOI $31,767 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$420.6K
$368.0K – $490.7K
NOI $29,439 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$755.4K
$661.0K – $881.3K
NOI $52,877 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
84
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 - New duplex under construction with impact windows and doors, offering two-bedroom layouts plus den and attached one-car garages.
Where is this duplex located?
The property is located at 2401-2403 Joe Avenue S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $449,999.
What are key features of this property?
This property features: Duplex under construction, year built 2024; Each side offers 2 bedrooms plus a den, 2 baths, and a 1‑car garage; Each side includes 1,200 SF of living space
