Two-Unit Duplex with Impact
New
For Sale
$470,000
2420/2422 Richard Avenue S, Lehigh Acres, FL 33973
ResidentialIncome, Lehigh Acres, FL
Property Size3,178 SF
Lot Size0.29 Acres
Price / SF$147.89
Days on Market2
Property Features for 2420/2422 Richard 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 5, Bedroom 1, Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 6, Bedroom 4, Bathroom 3
Patio and Porch features
Patio
Pets allowed
Yes
Exterior features
Patio
Subdivision
LEHIGH ACRES
Lot features
Rectangular Lot
Directions
GPS
Standard status
Active
APN
32-44-26-L4-03018.0170
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 3 BLK.18 PB 15 PG 83 LOT 17
Tax Annual Amount
805
Legal Description
LEHIGH ESTATES UNIT 3 BLK.18 PB 15 PG 83 LOT 17
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Well
Building Details
Year built
2026
Number of units
2
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
KW Elevate Luxury · Keller Williams Realty
(239) 330-1217
Listed By:
Calli Goalder · License #258031042
(239) 785-8843
Added: Sep 24
Last Checked: Sep 25 at 7:06AM
MLS# 2026036076
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.
This two-unit duplex is under construction, with completion identified for 2026. Each residence has 1,589 square feet, three bedrooms, and two bathrooms, for a combined 3,178 square feet across both sides. Impact windows and doors, tile flooring, and a separate driveway serve each unit. The property also includes patios, block and stucco construction, a shingle roof, central air, and electric central heating.
The duplex sits on a 0.287-acre lot in Lehigh Acres. Water is provided by a well, and the property uses a septic tank. Shopping, dining, everyday services, and major roadways are described as accessible from the area.
The duplex sits on a 0.287-acre lot in Lehigh Acres. Water is provided by a well, and the property uses a septic tank. Shopping, dining, everyday services, and major roadways are described as accessible from the area.
Key Highlights
- Two‑unit duplex with 1,589 square feet per side and 3,178 square feet combined
- Each unit has 3 bedrooms and 2 bathrooms
- Impact windows and doors; tile flooring throughout
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
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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 - Each residence has three bedrooms, two bathrooms, tile flooring, and its own driveway.
Where is this duplex located?
The property is located at 2420/2422 Richard Avenue 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‑unit duplex with 1,589 square feet per side and 3,178 square feet combined; Each unit has 3 bedrooms and 2 bathrooms; Impact windows and doors; tile flooring throughout
