Duplex With New
For Sale
$430,000
2438 Joe Ave S, Lehigh Acres, FL 33973
Two mirrored units offer updated finishes, private garages, and central electric climate control without HOA restrictions.
Property Size1,974 SF
Price / SF$217.83
Days on Market39
Property Features for 2438 Joe Ave S
General Information
Standard status
Active
Size
1,974 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$780
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Hero Real Estate & Co
(239) 281-2265
Listed By:
Kevin McCauley · License #258021397
(239) 281-2265
Source:
Exprealty
Added: Jul 10
Changed: Aug 11
Last Checked: Aug 16 at 12:38PM
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 Hero Real Estate & Co
Investment Insights
Based on property information with market context.
This duplex contains two matching residential units, each configured with two bedrooms and two bathrooms. The interiors include tile flooring, carpet, ceiling fans, refrigerators, washing machines, and central electric climate control. Each unit also has an attached garage. The property was built in 2006, and a new shingle roof was completed in 2025.
Located at 2438 Joe Ave S in Lehigh Acres, the duplex sits near Route 82 and Lee Boulevard. The property has no HOA restrictions. One unit is under professional management with a new lease executed in July, providing an established occupancy arrangement for that side of the property.
Located at 2438 Joe Ave S in Lehigh Acres, the duplex sits near Route 82 and Lee Boulevard. The property has no HOA restrictions. One unit is under professional management with a new lease executed in July, providing an established occupancy arrangement for that side of the property.
Key Highlights
- Two mirrored units, each with 2 bedrooms and 2 bathrooms
- Built in 2006 with a new shingle roof completed in 2025
- Attached garage provided for each unit
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
$26,128
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
6.08%
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%
$522,560
$522.6K
Cap Rate 7%
$373,257
$373.3K
Cap Rate 9%
$290,311
$290.3K
Market Conditions
NOI Build-Up for 1,974 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
$39.1K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.3K $18.91/SF
− OpEx
−$11.2K −$5.67/SF
NOI
$26.1K $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%
$522,560
Cap Rate 7%
$373,257
Cap Rate 9%
$290,311
Alternative Uses
Best Use
Multifamily LT 5
$373.3K
$326.6K – $435.5K
NOI $26,128 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$345.9K
$302.7K – $403.6K
NOI $24,214 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$621.3K
$543.6K – $724.9K
NOI $43,491 @ 7.0% cap · market cap 10.11%
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
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 mirrored units offer updated finishes, private garages, and central electric climate control without HOA restrictions.
Where is this duplex located?
The property is located at 2438 Joe Ave S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Two mirrored units, each with 2 bedrooms and 2 bathrooms; Built in 2006 with a new shingle roof completed in 2025; Attached garage provided for each unit
