New Construction Duplex with Separate
For Sale
$479,999
4656-4658 28th St SW, Lehigh Acres, FL 33973
Two matching residences offer open living areas, private utility services, tile finishes, and dedicated driveway parking.
Property Size2,396 SF
Price / SF$200.33
Days on Market171
Property Features for 4656-4658 28th St SW
General Information
Standard status
Active
Size
2,396 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR+den/2BA
Multifamily Units
2
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Sellstate 5 Star Realty
(239) 849-6443
Listed By:
Sophia Chen · License #258032900
Source:
Naplesareahomesearch
Added: Mar 14
Changed: Aug 31
Last Checked: Aug 31 at 5:40PM
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 Sellstate 5 Star Realty
Investment Insights
Based on property information with market context.
Completed in 2026, this 2,396-square-foot duplex contains two residences with a matching layout. Each unit provides 2 bedrooms plus 1 den, 2 full bathrooms, and an open-concept living arrangement. Tile flooring extends throughout the interiors, while stainless steel appliances add to the unit finishes. Separate utility services serve each residence, and dedicated driveway parking is included.
The property is located at 4656-4658 28th St SW in Lehigh Acres, Florida 33973. Its duplex configuration supports separate occupancy of the two units, with the flexibility to lease the residences individually or use one as an owner residence while occupying the other as a rental.
The property is located at 4656-4658 28th St SW in Lehigh Acres, Florida 33973. Its duplex configuration supports separate occupancy of the two units, with the flexibility to lease the residences individually or use one as an owner residence while occupying the other as a rental.
Key Highlights
- 2,396‑square‑foot duplex completed in 2026
- Each unit includes 2 bedrooms, 1 den, and 2 full bathrooms
- Open‑concept layouts with tile flooring throughout
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
$31,714
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
6.61%
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%
$634,280
$634.3K
Cap Rate 7%
$453,057
$453.1K
Cap Rate 9%
$352,378
$352.4K
Market Conditions
NOI Build-Up for 2,396 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
$47.4K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.3K $18.91/SF
− OpEx
−$13.6K −$5.67/SF
NOI
$31.7K $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%
$634,280
Cap Rate 7%
$453,057
Cap Rate 9%
$352,378
Alternative Uses
Best Use
Multifamily LT 5
$453.1K
$396.4K – $528.6K
NOI $31,714 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$419.9K
$367.4K – $489.8K
NOI $29,390 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$754.1K
$659.9K – $879.8K
NOI $52,789 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
75
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 open living areas, private utility services, tile finishes, and dedicated driveway parking.
Where is this duplex located?
The property is located at 4656-4658 28th St SW Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $479,999.
What are key features of this property?
This property features: 2,396‑square‑foot duplex completed in 2026; Each unit includes 2 bedrooms, 1 den, and 2 full bathrooms; Open‑concept layouts with tile flooring throughout
