New Construction
New
For Sale
$470,000
2420/2422 Richard AVE S, Lehigh Acres, FL 33973
Each residence has its own driveway, providing separate access to the two homes.
Property Size2,596 SF
Price / SF$147.89
Days on Market4
Property Features for 2420/2422 Richard AVE S
General Information
Standard status
Active
Size
2,596 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$805
Building Details
Building Size
2,596 SF
Year Built
2026
Buildings
1
Listing Agency:
KW Elevate Luxury
Listed By:
Calli Goalder · License #258031042
(239) 785-8843
Source:
Kwelevate
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:24PM
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 KW Elevate Luxury
Investment Insights
Based on property information with market context.
Built in 2026, this duplex contains two residences of 1,589 square feet each, for approximately 3,178 square feet combined. Each home has three bedrooms and two bathrooms. Tile flooring runs throughout, and both homes have impact-rated windows and doors along with separate driveways.
The property is in Lehigh Acres, with access to shopping, dining, everyday services, and major roadways in Southwest Florida.
The property is in Lehigh Acres, with access to shopping, dining, everyday services, and major roadways in Southwest Florida.
Key Highlights
- Two residences, each with 1,589 square feet; approximately 3,178 square feet combined
- Each side has 3 bedrooms and 2 bathrooms, for 6 bedrooms and 4 bathrooms total
- Built in 2026
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
$42,065
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
8.95%
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%
$841,300
$841.3K
Cap Rate 7%
$600,929
$600.9K
Cap Rate 9%
$467,389
$467.4K
Market Conditions
NOI Build-Up for 3,178 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
$62.9K $19.80/SF
− Vacancy
−$2.8K −$0.89/SF
EGI
$60.1K $18.91/SF
− OpEx
−$18.0K −$5.67/SF
NOI
$42.1K $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%
$841,300
Cap Rate 7%
$600,929
Cap Rate 9%
$467,389
Alternative Uses
Best Use
Multifamily LT 5
$600.9K
$525.8K – $701.1K
NOI $42,065 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$556.9K
$487.3K – $649.7K
NOI $38,982 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$1.00M
$875.2K – $1.17M
NOI $70,018 @ 7.0% cap · market cap 14.90%
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
83
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence has its own driveway, providing separate access to the two homes.
Where is this duplex located?
The property is located at 2420/2422 Richard AVE S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Two residences, each with 1,589 square feet; approximately 3,178 square feet combined; Each side has 3 bedrooms and 2 bathrooms, for 6 bedrooms and 4 bathrooms total; Built in 2026
