Duplex with
For Sale
$285,000
Pending
2422 Joe Avenue S, Lehigh Acres, FL 33973
ResidentialIncome, Lehigh Acres, FL
Property Size1,240 SF
Lot Size0.29 Acres
Days on Market50
Property Features for 2422 Joe Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RM-2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 2
Patio and Porch features
Patio
Pets allowed
Yes
Exterior features
Patio
Subdivision
LEHIGH ACRES
Lot features
Rectangular Lot
Directions
2422 & 2420 Joe Ave S Lehigh Acres, FL
Standard status
Pending
APN
32-44-26-L4-03009.0170
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATE UNIT 3 BLK 9 PB 15 PG 83 LOT 17
Tax Annual Amount
4188
Legal Description
LEHIGH ESTATE UNIT 3 BLK 9 PB 15 PG 83 LOT 17
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Well
Building Details
Year built
2005
Number of units
2
Flooring type
Carpet, Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Sefair Investments, Inc
(800) 233-5334
Listed By:
Daniel Sefair · License #261523656
(813) 842-5615
Added: Jul 21
Changed: Sep 5
Last Checked: Sep 8 at 7:06AM
MLS# 2026031079
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 2005 duplex in Lehigh Acres, Florida, offers four bedrooms, two dens, and four bathrooms across approximately 1,240 square feet. The property includes patios, block, concrete, and stucco construction, along with carpet and tile flooring. Central heating and central air conditioning are installed, with electric service supporting both systems.
The property is served by a private well and septic tank and has a shingle roof. New exterior paint adds a recent improvement to the building. The sale is offered as-is with the right to inspect. The lot measures 0.287 acres, and the property is located at 2422 Joe Avenue S.
The property is served by a private well and septic tank and has a shingle roof. New exterior paint adds a recent improvement to the building. The sale is offered as-is with the right to inspect. The lot measures 0.287 acres, and the property is located at 2422 Joe Avenue S.
Key Highlights
- Duplex with 4 bedrooms, 2 dens, and 4 bathrooms
- Approximately 1,240 square feet on a 0.287‑acre lot
- Built in 2005 with new exterior paint
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
$16,413
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
5.76%
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%
$328,260
$328.3K
Cap Rate 7%
$234,471
$234.5K
Cap Rate 9%
$182,367
$182.4K
Market Conditions
NOI Build-Up for 1,240 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
$24.6K $19.80/SF
− Vacancy
−$1.1K −$0.89/SF
EGI
$23.4K $18.91/SF
− OpEx
−$7.0K −$5.67/SF
NOI
$16.4K $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%
$328,260
Cap Rate 7%
$234,471
Cap Rate 9%
$182,367
Alternative Uses
Best Use
Multifamily LT 5
$234.5K
$205.2K – $273.6K
NOI $16,413 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$217.3K
$190.1K – $253.5K
NOI $15,210 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$390.3K
$341.5K – $455.3K
NOI $27,320 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
88
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-unit residential property with updated exterior paint, patios, and a mix of carpet and tile flooring.
Where is this duplex located?
The property is located at 2422 Joe Avenue S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Duplex with 4 bedrooms, 2 dens, and 4 bathrooms; Approximately 1,240 square feet on a 0.287‑acre lot; Built in 2005 with new exterior paint
