New Construction Duplex with
For Sale
$489,900
4965/4967 Leonard Blvd S, Lehigh Acres, FL 33973
Residential Income, Duplex, LEHIGH ACRES, FL
Property Size2,396 SF
Lot Size0.28 Acres
Price / SF$204.47
Days on Market63
Property Features for 4965/4967 Leonard Blvd S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
RM-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Pets allowed
Yes
Subdivision
LEHIGH ACRES
Lot features
Regular, Regular
Standard status
Active
APN
32-44-26-L4-03006.0110
Size
2,396 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEHIGH ESTATES UNIT 3 BLK 6 PB 15 PG 83 LOT 11
Tax Annual Amount
905
Legal Description
LEHIGH ESTATES UNIT 3 BLK 6 PB 15 PG 83 LOT 11
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Building Details
Year built
2026
Number of units
2
Flooring type
Tile
Building materials
Concrete Block, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Premiere Plus Realty Company
(239) 732-7837
Listed By:
Gio Valencia · License #249525717
(239) 285-9065
Added: Jul 31
Changed: Sep 12
Last Checked: Oct 1 at 8:06PM
MLS# 226025450
Copyright © 2026 Naples Area Board of REALTORS. 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.
Currently under construction, this duplex contains 6 bedrooms and 4 bathrooms across 2,396 square feet. The concrete-block and stucco property is planned with tile flooring, central electric heating and cooling, recessed LED lighting, quartz kitchen and bathroom surfaces, stainless steel appliances, wood cabinetry, custom closet systems, and ventilated pantry shelving. Each unit includes a one-car garage and a dedicated laundry area. Impact-rated doors and windows, sprinkler irrigation, rock landscaping, gutters, and soffits add durable exterior features. The property will have a shingle roof and septic service.
Located at 4965/4967 Leonard Blvd S in Lehigh Acres, the duplex occupies a 0.28-acre lot near shopping, major routes, and everyday conveniences. RM-2 zoning, a 2026 construction year, and included one-year systems and appliance and ten-year structural warranties further define the offering.
Located at 4965/4967 Leonard Blvd S in Lehigh Acres, the duplex occupies a 0.28-acre lot near shopping, major routes, and everyday conveniences. RM-2 zoning, a 2026 construction year, and included one-year systems and appliance and ten-year structural warranties further define the offering.
Key Highlights
- 2,396‑square‑foot duplex with 6 bedrooms and 4 bathrooms
- 0.28‑acre lot in Lehigh Acres, FL 33973
- Each unit includes a one‑car garage and laundry area
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
6.47%
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 6.47%
Second Best
Apartment 5plus
$419.9K
$367.4K – $489.8K
NOI $29,390 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$754.1K
$659.9K – $879.8K
NOI $52,789 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
82
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer modern finishes, private garages, and efficient low-maintenance features in a growing Southwest Florida community.
Where is this duplex located?
The property is located at 4965/4967 Leonard Blvd S Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 2,396‑square‑foot duplex with 6 bedrooms and 4 bathrooms; 0.28‑acre lot in Lehigh Acres, FL 33973; Each unit includes a one‑car garage and laundry area
