Modern Two-Unit
For Sale
$459,900
2426 Millie Ave S, Lehigh Acres, FL 33973
Two matching residences offer updated finishes, private attached garages, and practical layouts for residential occupancy.
Property Size1,166 SF
Price / SF$394.43
Days on Market83
Property Features for 2426 Millie Ave S
General Information
Standard status
Active
Size
1,166 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
2023
Construction
concrete block
Listing Agency:
Starlink Realty, Inc
(213) 448-6602
Listed By:
Stephany Cespedes · License #258037841
Source:
Naplesareapropertysearch
Added: Jun 10
Changed: Aug 31
Last Checked: Aug 30 at 6:09PM
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 Starlink Realty, Inc
Investment Insights
Based on property information with market context.
Completed in 2023, this duplex contains two matching residences, each arranged with three bedrooms, two bathrooms, spacious living areas, and an attached garage. Concrete block construction, a stucco exterior, and ceramic tile flooring provide durable finishes throughout. Each unit includes a refrigerator, microwave, and dishwasher, supporting convenient day-to-day use.
The property is located minutes from SR-82, with access to Fort Myers, shopping, dining, schools, and major commuter routes. No HOA restrictions apply. The two-unit configuration allows the property to serve as a residential income asset or accommodate an owner-occupant arrangement, with one residence available for occupancy while the other generates rental income.
The property is located minutes from SR-82, with access to Fort Myers, shopping, dining, schools, and major commuter routes. No HOA restrictions apply. The two-unit configuration allows the property to serve as a residential income asset or accommodate an owner-occupant arrangement, with one residence available for occupancy while the other generates rental income.
Key Highlights
- Two identical units, each with 3 bedrooms and 2 bathrooms
- Built in 2023 with concrete block construction and stucco exterior
- Ceramic tile flooring and modern interior finishes
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
$15,434
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
3.36%
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%
$308,680
$308.7K
Cap Rate 7%
$220,486
$220.5K
Cap Rate 9%
$171,489
$171.5K
Market Conditions
NOI Build-Up for 1,166 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
$23.1K $19.80/SF
− Vacancy
−$1.0K −$0.89/SF
EGI
$22.0K $18.91/SF
− OpEx
−$6.6K −$5.67/SF
NOI
$15.4K $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%
$308,680
Cap Rate 7%
$220,486
Cap Rate 9%
$171,489
Alternative Uses
Best Use
Multifamily LT 5
$220.5K
$192.9K – $257.2K
NOI $15,434 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$204.3K
$178.8K – $238.4K
NOI $14,302 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$367.0K
$321.1K – $428.2K
NOI $25,689 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
85
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 matching residences offer updated finishes, private attached garages, and practical layouts for residential occupancy.
Where is this duplex located?
The property is located at 2426 Millie Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Two identical units, each with 3 bedrooms and 2 bathrooms; Built in 2023 with concrete block construction and stucco exterior; Ceramic tile flooring and modern interior finishes
