Duplex with Screened
For Sale
$379,000
5031 Locke Ln, Lehigh Acres, FL 33973
Two updated residences feature open kitchens, tile flooring, private outdoor areas, and convenient in-unit laundry hookups.
Property Size2,166 SF
Price / SF$174.98
Days on Market518
Property Features for 5031 Locke Ln
General Information
Standard status
Active
Size
2,166 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
washer/dryer hookups
private backyard
screened-in lanai
tile flooring
open kitchen
Building Details
Year Built
2003
Buildings
1
Listing Agency:
Zivkovic & Associates
(239) 896-0184
Listed By:
Judy Lock Caballero · License #258030636
Source:
Napleshomesearcher
Added: Apr 2, 2025
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 Zivkovic & Associates
Investment Insights
Based on property information with market context.
Built in 2003, this duplex contains two residences, each with 3 bedrooms and 2 bathrooms. Both units offer an open kitchen arrangement, washer and dryer hookups in the kitchen area, tile flooring, a screened-in lanai, and a private backyard. The property measures 2,166 square feet in total.
Recent improvements include a new roof completed in 2023 and a freshly painted exterior in 2025. The 5029 side received a water heater replacement in 7/2025, while the 5031 side has a new AC system from 3/2025 and a water heater replaced in 8/2026. The property is located at 5031 Locke Ln in Lehigh Acres, Florida 33973.
Recent improvements include a new roof completed in 2023 and a freshly painted exterior in 2025. The 5029 side received a water heater replacement in 7/2025, while the 5031 side has a new AC system from 3/2025 and a water heater replaced in 8/2026. The property is located at 5031 Locke Ln in Lehigh Acres, Florida 33973.
Key Highlights
- Two units, each with 3 bedrooms and 2 bathrooms
- 2,166 SF duplex built in 2003
- Screened‑in lanai and private backyard for each unit
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
$28,670
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
7.56%
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%
$573,400
$573.4K
Cap Rate 7%
$409,571
$409.6K
Cap Rate 9%
$318,556
$318.6K
Market Conditions
NOI Build-Up for 2,166 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
$42.9K $19.80/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$41.0K $18.91/SF
− OpEx
−$12.3K −$5.67/SF
NOI
$28.7K $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%
$573,400
Cap Rate 7%
$409,571
Cap Rate 9%
$318,556
Alternative Uses
Best Use
Multifamily LT 5
$409.6K
$358.4K – $477.8K
NOI $28,670 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$379.6K
$332.1K – $442.8K
NOI $26,569 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$681.7K
$596.5K – $795.4K
NOI $47,721 @ 7.0% cap · market cap 12.59%
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
213
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 residences feature open kitchens, tile flooring, private outdoor areas, and convenient in-unit laundry hookups.
Where is this duplex located?
The property is located at 5031 Locke Ln Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 2 bathrooms; 2,166 SF duplex built in 2003; Screened‑in lanai and private backyard for each unit
