Renovated Duplex with New
For Sale
$330,000
Pending
4732/4734 Leonard Boulevard S, Lehigh Acres, FL 33973
ResidentialIncome, Lehigh Acres, FL
Property Size2,352 SF
Lot Size0.29 Acres
Days on Market17
Property Features for 4732/4734 Leonard Boulevard S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RM-2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2
Patio and Porch features
Patio
Pets allowed
Yes
Exterior features
Patio
Subdivision
LEHIGH ACRES
Lot features
Rectangular Lot
Directions
From I-75, take Exit 138 (SR-82) east. Turn right onto Leonard Blvd S and continue south. Follow Leonard Blvd S to 4734 Leonard Blvd S, Lehigh Acres.
Standard status
Pending
APN
05-45-26-L2-06004.0240
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 6 BLK 4 PB 15 PG 86 LOT 24
Tax Annual Amount
3965
Legal Description
LEHIGH ESTATES UNIT 6 BLK 4 PB 15 PG 86 LOT 24
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Well
Building Details
Year built
2001
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Compass Florida LLC
(239) 268-8976
Listed By:
Skirmantas Balciunas · License #258031523
(239) 244-5876
Added: Sep 10
Changed: Sep 22
Last Checked: Sep 26 at 8:06AM
MLS# 2026038176
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This concrete-block duplex contains 2,352 total square feet of living space, divided into two 1,176-square-foot units. Each side has three bedrooms, two bathrooms, tile and vinyl flooring, central heating and cooling, and a patio. One unit has been renovated, while the second is scheduled for comparable renovation before closing. A new shingle roof is also planned before closing.
Built in 2001 on a 0.287-acre lot, the property is served by a well and septic tank and is located in Flood Zone X. Its Lehigh Acres setting provides access to SR-82 and Daniels Parkway, with connections to Fort Myers, shopping, dining, and Southwest Florida International Airport.
Built in 2001 on a 0.287-acre lot, the property is served by a well and septic tank and is located in Flood Zone X. Its Lehigh Acres setting provides access to SR-82 and Daniels Parkway, with connections to Fort Myers, shopping, dining, and Southwest Florida International Airport.
Key Highlights
- Two‑unit duplex with 2,352 total square feet
- Each unit offers 1,176 square feet with 3 bedrooms and 2 bathrooms
- Both units to be renovated before closing
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
$28,850
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
8.74%
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%
$577,000
$577.0K
Cap Rate 7%
$412,143
$412.1K
Cap Rate 9%
$320,556
$320.6K
Market Conditions
NOI Build-Up for 2,352 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
$54.8K $23.28/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$52.5K $22.30/SF
− OpEx
−$23.6K −$10.04/SF
NOI
$28.9K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$577,000
Cap Rate 7%
$412,143
Cap Rate 9%
$320,556
Alternative Uses
Best Use
Multifamily LT 5
$444.7K
$389.2K – $518.9K
NOI $31,132 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$412.1K
$360.6K – $480.8K
NOI $28,850 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$740.3K
$647.7K – $863.7K
NOI $51,819 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
78
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 - Concrete-block duplex with two renovated units, private patios, and central heating and cooling.
Where is this duplex located?
The property is located at 4732/4734 Leonard Boulevard S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,352 total square feet; Each unit offers 1,176 square feet with 3 bedrooms and 2 bathrooms; Both units to be renovated before closing
