New Construction
For Sale
$499,900
350/352 Pullman St, Lehigh Acres, FL 33974
Two-sided residential income property with private garages, updated interiors, and immediate occupancy following issuance of the C.O.
Property Size2,386 SF
Price / SF$209.51
Days on Market113
Property Features for 350/352 Pullman St
General Information
Standard status
Active
Size
2,386 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Amenities
covered front porch
irrigation system
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Realty World-C Bagans 1st
(239) 994-1062
Listed By:
Charles Bonacolta · License #258000584
Source:
Naplesareahomesearch
Added: May 11
Changed: Aug 30
Last Checked: Aug 30 at 6:16PM
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 Realty World-C Bagans 1st
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,386-square-foot duplex contains 6 bedrooms and 4 bathrooms across two residences. Each side includes an oversized single garage with additional storage, a long concrete driveway, and access to extra parking. Covered front porches, landscaping, and an irrigation system supplied by a well add to the exterior improvements.
Interior features include polished porcelain tile, five-inch baseboards, LED lighting, solid surface countertops, stainless steel appliances, breakfast bars, and generous pantry storage. Each primary bedroom has a private ensuite with a tiled walk-in shower and tub area, while the split-bedroom layouts place the primary suites at the rear. The property is on a low-traffic street surrounded by single-family homes, with access to SR 82, I-75, Fort Myers, and Southwest Florida International Airport within minutes. A C.O. has been issued, and no flood insurance is required.
Interior features include polished porcelain tile, five-inch baseboards, LED lighting, solid surface countertops, stainless steel appliances, breakfast bars, and generous pantry storage. Each primary bedroom has a private ensuite with a tiled walk-in shower and tub area, while the split-bedroom layouts place the primary suites at the rear. The property is on a low-traffic street surrounded by single-family homes, with access to SR 82, I-75, Fort Myers, and Southwest Florida International Airport within minutes. A C.O. has been issued, and no flood insurance is required.
Key Highlights
- 6 bedrooms and 4 bathrooms within a 2,386 SF duplex
- Built in 2025 with C.O. issued for immediate occupancy
- Oversized single garages on each side with extra storage
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
$25,388
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
5.08%
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%
$507,760
$507.8K
Cap Rate 7%
$362,686
$362.7K
Cap Rate 9%
$282,089
$282.1K
Market Conditions
NOI Build-Up for 2,386 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
$38.7K $16.20/SF
− Vacancy
−$2.4K −$1.00/SF
EGI
$36.3K $15.20/SF
− OpEx
−$10.9K −$4.56/SF
NOI
$25.4K $10.64/SF
Area
ZIP 33974
Vacancy
6.17%
Lease Rate
$16.20 /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%
$507,760
Cap Rate 7%
$362,686
Cap Rate 9%
$282,089
Alternative Uses
Best Use
Multifamily LT 5
$362.7K
$317.4K – $423.1K
NOI $25,388 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$315.5K
$276.1K – $368.1K
NOI $22,086 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$918.5K
$803.7K – $1.07M
NOI $64,298 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Explore this area
Business Placement
Demographics for 33974, FL
17,233
Population
5,771
Households
3
Avg Household Size
33
Median Age
16%
College-Educated
84%
High-School Grad
22.4 sq mi
ZIP Area
769
Density / Sq Mi
$65,809
Median Household Income
$33,982
Median Earnings
$1,698
Median Rent
$272,800
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-sided residential income property with private garages, updated interiors, and immediate occupancy following issuance of the C.O.
Where is this duplex located?
The property is located at 350/352 Pullman St Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 6 bedrooms and 4 bathrooms within a 2,386 SF duplex; Built in 2025 with C.O. issued for immediate occupancy; Oversized single garages on each side with extra storage
