New Two-Unit
For Sale
$489,000
2421/2423 Herb AVE S, Lehigh Acres, FL 33973
Modern residential income property with one unit leased and flexible owner-occupant or rental options.
Property Size2,990 SF
Days on Market8
Property Features for 2421/2423 Herb AVE S
General Information
Standard status
Active
Size
2,990 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA+den
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$577
Building Details
Building Size
2,990 SF
Year Built
2026
Buildings
1
Listing Agency:
Sellstate 5 Star Realty
Listed By:
Emelin Hernandez · License #279650941
(954) 544-6230
Source:
Kwelevate
Added: Sep 1
Changed: Sep 6
Last Checked: Sep 7 at 10:10AM
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 Sellstate 5 Star Realty
Investment Insights
Based on property information with market context.
Built in 2026, this duplex includes two separately configured residences, each with two bedrooms, two bathrooms, and a den. Interior features include high ceilings, recessed lighting, stainless steel appliances, contemporary finishes, and open living areas with abundant natural light. The property has a total reported size of 2,990.
Located at 2421/2423 S Herb Ave in Lehigh Acres, the asset offers an existing lease on one side. The second residence may be occupied by the owner or leased separately, while both units can also be rented for continued residential income use.
Located at 2421/2423 S Herb Ave in Lehigh Acres, the asset offers an existing lease on one side. The second residence may be occupied by the owner or leased separately, while both units can also be rented for continued residential income use.
Key Highlights
- Two‑unit duplex built in 2026
- Each unit offers 2 bedrooms, 2 bathrooms, and a den
- 2,990 total reported property size
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
$39,577
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
8.09%
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%
$791,540
$791.5K
Cap Rate 7%
$565,386
$565.4K
Cap Rate 9%
$439,744
$439.7K
Market Conditions
NOI Build-Up for 2,990 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
$59.2K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$56.5K $18.91/SF
− OpEx
−$17.0K −$5.67/SF
NOI
$39.6K $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%
$791,540
Cap Rate 7%
$565,386
Cap Rate 9%
$439,744
Alternative Uses
Best Use
Multifamily LT 5
$565.4K
$494.7K – $659.6K
NOI $39,577 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$523.9K
$458.5K – $611.3K
NOI $36,676 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$941.1K
$823.5K – $1.10M
NOI $65,876 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
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 - Modern residential income property with one unit leased and flexible owner-occupant or rental options.
Where is this duplex located?
The property is located at 2421/2423 Herb AVE S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2026; Each unit offers 2 bedrooms, 2 bathrooms, and a den; 2,990 total reported property size
