Renovated Duplex with Canal-Backed
For Sale
$479,997
4509-4511 28th St SW, Lehigh Acres, FL 33973
Two updated units include private patios, dedicated laundry rooms, and refreshed kitchens and baths.
Property Size2,302 SF
Price / SF$208.51
Days on Market125
Property Features for 4509-4511 28th St SW
General Information
Standard status
Active
Size
2,302 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
private patios
canal view
garage
in-unit laundry
stainless steel appliances
Building Details
Year Built
2004
Listing Agency:
No Nonsense Real Estate PA
(239) 410-5099
Listed By:
Christopher Cioffi · License #3112687
Source:
Swflhousesforsale
Added: Apr 30
Changed: Aug 31
Last Checked: Aug 31 at 5:45PM
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 No Nonsense Real Estate PA
Investment Insights
Based on property information with market context.
This 2,302-square-foot duplex, built in 2004, has been extensively updated inside and out. Improvements include a dimensional shingle roof, two A/C systems, hurricane-impact front doors, upgraded garage doors, updated water heaters, fresh interior and exterior paint, epoxy-finished garage floors, a paver driveway, and rear patios. Each unit has luxury vinyl flooring, a redesigned kitchen with quartz countertops and stainless steel appliances, an updated bathroom, modern lighting and hardware, oversized sliding doors, and a dedicated interior laundry room.
The backyard borders a canal, providing separation behind the property. The duplex is positioned between Daniels Parkway and Lee Boulevard, approximately 3 minutes from Fort Myers, with access to Southwest Florida International Airport, JetBlue Park, and the State Road 82 corridor. The property is not in a flood zone. A sale with tenants in place before closing is subject to negotiation.
The backyard borders a canal, providing separation behind the property. The duplex is positioned between Daniels Parkway and Lee Boulevard, approximately 3 minutes from Fort Myers, with access to Southwest Florida International Airport, JetBlue Park, and the State Road 82 corridor. The property is not in a flood zone. A sale with tenants in place before closing is subject to negotiation.
Key Highlights
- 2,302 SF duplex built in 2004
- Extensive interior and exterior renovations, including two New A/C systems and a New roof
- Each unit includes a redesigned kitchen, updated bathroom, private patio, and dedicated interior laundry room
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
$30,470
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
6.35%
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%
$609,400
$609.4K
Cap Rate 7%
$435,286
$435.3K
Cap Rate 9%
$338,556
$338.6K
Market Conditions
NOI Build-Up for 2,302 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
$45.6K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$43.5K $18.91/SF
− OpEx
−$13.1K −$5.67/SF
NOI
$30.5K $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%
$609,400
Cap Rate 7%
$435,286
Cap Rate 9%
$338,556
Alternative Uses
Best Use
Multifamily LT 5
$435.3K
$380.9K – $507.8K
NOI $30,470 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$403.4K
$353.0K – $470.6K
NOI $28,237 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$724.5K
$634.0K – $845.3K
NOI $50,718 @ 7.0% cap · market cap 10.57%
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
81
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 updated units include private patios, dedicated laundry rooms, and refreshed kitchens and baths.
Where is this duplex located?
The property is located at 4509-4511 28th St SW Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $479,997.
What are key features of this property?
This property features: 2,302 SF duplex built in 2004; Extensive interior and exterior renovations, including two New A/C systems and a New roof; Each unit includes a redesigned kitchen, updated bathroom, private patio, and dedicated interior laundry room
