Duplex with Private
For Sale
$599,000
2924 Wallace Ave S Unit 2926, Lehigh Acres, FL 33973
Each side has open living and dining areas, a flexible room with closet, and a private two-car garage.
Property Size3,004 SF
Price / SF$199.40
Days on Market11
Property Features for 2924 Wallace Ave S Unit 2926
General Information
Standard status
Active
Size
3,004 SF
Property subtype
Multi-Family
Units
Multifamily Units
2
Parking per Unit
2
Building Details
Year Built
2026
Listing Agency:
Terra Realty Services
Listed By:
Anabel Alcantara · License #279579383
(786) 642-1375
Source:
Naplesmarcolistings
Added: Sep 21
Changed: Sep 28
Last Checked: Oct 1 at 12:10PM
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 Terra Realty Services
Investment Insights
Based on property information with market context.
This 2026 new-construction duplex is arranged as two units, each with approximately 2,240 square feet of total area. Both sides feature open-concept kitchen, living, and dining spaces, with quartz countertops, ample cabinetry, and a full-size pantry. A den with a closet provides an additional flexible room in each unit. Each also has a private two-car garage with an impact-rated door, along with impact windows and doors. The property is awaiting its Certificate of Occupancy.
Key Highlights
- Two units, each with approximately 2,240 square feet of total area
- Private two‑car garage on each side, with impact‑rated garage doors
- Impact windows and doors
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
$39,762
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
6.64%
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%
$795,240
$795.2K
Cap Rate 7%
$568,029
$568.0K
Cap Rate 9%
$441,800
$441.8K
Market Conditions
NOI Build-Up for 3,004 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
$59.5K $19.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$56.8K $18.91/SF
− OpEx
−$17.0K −$5.67/SF
NOI
$39.8K $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%
$795,240
Cap Rate 7%
$568,029
Cap Rate 9%
$441,800
Alternative Uses
Best Use
Multifamily LT 5
$568.0K
$497.0K – $662.7K
NOI $39,762 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$526.4K
$460.6K – $614.1K
NOI $36,848 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$945.5K
$827.3K – $1.10M
NOI $66,184 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
539
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Each side has open living and dining areas, a flexible room with closet, and a private two-car garage.
Where is this duplex located?
The property is located at 2924 Wallace Ave S Unit 2926 Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two units, each with approximately 2,240 square feet of total area; Private two‑car garage on each side, with impact‑rated garage doors; Impact windows and doors
