New Construction Duplex with
For Sale
$519,900
2421-2423 Milton Avenue South, Lehigh Acres, FL 33973
Two residential units offer open layouts, private outdoor areas, and attached garages in a quiet setting.
Property Size1,200 SF
Price / SF$433.25
Days on Market161
Property Features for 2421-2423 Milton Avenue South
General Information
Standard status
Active
Size
1,200 SF
Total Parking Spaces
2
Property subtype
Multi-Family Income / Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$765
Amenities
granite countertops
sleek cabinetry
full appliance package
tile flooring
walk-in closets
private bathrooms with walk-in showers
washer and dryer hookups
front open lanai
private backyard
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Mato Realty, LLC
(239) 259-6286
Listed By:
Becky Mato PA · License #3169171
(239) 259-6286
Source:
Compass
Added: Mar 25
Changed: Aug 31
Last Checked: Aug 30 at 10:49AM
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 Mato Realty, LLC
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two residential units, each arranged with 3 bedrooms and 2 bathrooms. Both residences include an attached 1-car garage, an open-concept living plan, tile flooring in the main areas, and a front open lanai with private backyard space. Kitchens feature granite countertops, contemporary cabinetry, an electric range, microwave, dishwasher, and refrigerator. Primary bedrooms provide walk-in closets and private bathrooms with walk-in showers, while washer and dryer hookups are included. The property measures 1,200 square feet and is located at 2421-2423 Milton Avenue South in Lehigh Acres, Florida 33973. Access to SR-82, Fort Myers, shopping, dining, and major roadways adds convenient connectivity to the surrounding area.
Key Highlights
- 2025‑built duplex with two 3‑bedroom, 2‑bathroom units
- Each unit includes an attached 1‑car garage
- Kitchens feature granite countertops and a full appliance package
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
$15,884
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
3.06%
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%
$317,680
$317.7K
Cap Rate 7%
$226,914
$226.9K
Cap Rate 9%
$176,489
$176.5K
Market Conditions
NOI Build-Up for 1,200 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
$23.8K $19.80/SF
− Vacancy
−$1.1K −$0.89/SF
EGI
$22.7K $18.91/SF
− OpEx
−$6.8K −$5.67/SF
NOI
$15.9K $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%
$317,680
Cap Rate 7%
$226,914
Cap Rate 9%
$176,489
Alternative Uses
Best Use
Multifamily LT 5
$226.9K
$198.6K – $264.7K
NOI $15,884 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$210.3K
$184.0K – $245.3K
NOI $14,719 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 5.09%
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 - Two residential units offer open layouts, private outdoor areas, and attached garages in a quiet setting.
Where is this duplex located?
The property is located at 2421-2423 Milton Avenue South Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: 2025‑built duplex with two 3‑bedroom, 2‑bathroom units; Each unit includes an attached 1‑car garage; Kitchens feature granite countertops and a full appliance package
